RPA uses AI and machine learning to super-charge industrial-scale digital transformations
The term digital transformation-defined as technology that fundamentally changes how companies deliver value to customers-has become a household term recently and for a good reason. A wave of new technologies and services such as artificial intelligence, machine learning, augmented and virtual reality, blockchain, cloud, software-as-a-service, edge computing, Internet of Things, among others, are upending business processes and customer relations. And the fifth generation of mobile communications, or 5G, is just around the corner, which is expected to supercharge them all.
We have seen a dramatic transformation in both life and work in recent years as a result of new technology, from smartphones to the Internet of Things, with the prospect of bringing an additional 20 billion connected things online by 2020, according to Gartner.
IDC forecasts that the worldwide IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020, with a compound annual growth rate of 16.9%. This growth will be dominated by the manufacture of devices, and investment in connectivity and IT services. IDC also predicts purpose-built platforms, application software, and as-a-service offerings will capture a larger percentage of the market by 2020. While the IoT managed services market is estimated to grow from USD 21.85 billion in 2016 to USD 79.60 billion by 2021, at a compound annual growth rate of 29.5% during the period 2016–2021, according to a research by MarketsandMarkets research firm.