Market research firm Gartner says that CIOs need to be aware of the technology like artificial intelligence (AI), machine learning, and the Internet of Things (IoT) to continue in the race.
Enterprise architecture (EA) and technology innovation leaders have important roles to play in the success of CIOs.
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Today, AI is disrupting some of the oldest and disruption-immune verticals like automotive, manufacturing and finance. Investor funding in AI start-ups has increased 10 fold over the past five years.
Indicating further increase in AI popularity, a report from research firm Markets and Markets showed that AI market is expected to be worth $16.06 billion by 2022, growing at a CAGR of 62.9 percent from 2016 to 2022.
Similar boom is expected for IoT, where the market is expected to hit $1.7 trillion by 2020, driven by the acceptance of technology across industry verticals.
Philip Allega, research vice president at Gartner says that EA and technology innovation leaders need to be equipped to manage digital disruptions.
They should bring strategic options, transparency to issues, and enterprise guardrails to new business opportunities.
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Organizations rely on enterprise architects to understand and analyze the impact of emerging and strategic technologies. They are leaders who provide a hands-on approach to defining how digital business platforms deliver value in the modern enterprise.
EA and technology innovation leaders must be familiar with strategic technology trends to deliver new business models and ecosystems.
An important strategic trend is what Gartner calls intelligent digital mesh. “Intelligent” refers to the advances in AI and machine learning that many technologies now leverage. “Digital” is the blurring of the physical and digital worlds, such as robotics, 3D printing, and IoT.
Finally, “mesh” is the exploding number of devices that are connecting everything, and being able to monitor, track, and derive information from data collected by things, people, and businesses.
This revolution over the years has increased the role of CIOs, making them more responsible for their organization’s success. Vani Manian, technical director- APAC, Alepo Technologies says that digitization is not only a trend, but has slowly become a core principle for successful enterprises.
According to an International Data Corporation report, digital transformation initiatives are predicted to more than double from 20 percent to 50 percent by 2020.
Advanced data analytics and cloud computing technologies continue to support these critical new technologies and remain crucial for digital business innovation.
As a result, the cloud and big data are on an impressive growth trajectory. Gartner foresees global public cloud services market to grow 18 percent to 246.8 billion this year. Another report shows that global big data market is expected to hit $123.2 billion by 2025.
Arya MM
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