The IT budgets are undergoing a quantum shift in terms of budgetary allotments which would surprise most of the readers. Big Data and Artificial Intelligence are two platforms that are getting priority over platforms. Global Data conducted research that clearly exhibits the tendency of budget planners to invest more in these modern technological platforms. According to Brad Shimmin, Service Director of GlobalData, IoT and Big Data are getting the requisite recognition which they deserve based on their professional competencies.
New use cases are appearing every day and each exhibits the latest ways in which technology has been matched with a business model. They are also creating newer business opportunities through the utilization of these technologies.
However, industry experts and decision-makers should understand that IoT is not a magical technology that will transform the face of the industry by chipping in with magical solutions. IoT and Big Data will enable massive transformations to existing business models. However, one should not confuse it with a magical tech enabler bringing unexpectedly good results!
The concept of digital twinning has not seen any major industry level adoption with a majority of budgets being utilized for maintaining and developing existing platforms. However, the research and studies conducted by Global Data also show that since 2017, the companies are investing in laying the foundation stone for this digital twin – Big Data and Artificial Intelligence adoption. The foundation structure would ensure that these two nascent technological platforms would have a footstone to expand further and manage greater enterprise level tasks and drive transformation.
On average, 11% increase has been observed for the combined sector of Big Data and IoT. This is a sharp increase. The Big Data platforms have shown an individual increase of 19% in spending. Blockchain technology will also play a pivotal role in transforming the entire complexion of the digital revolution. It will singlehandedly transform the adoption of Big Data and IoT with exponential scalability and fiscal allotments.