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The landscapes of custom software development outsourcing have witnessed rapid changes and technology trends due to the emergence of many technology disruptions. The new normal belongs to robotics, the industrial internet of things (IIoT), quantum computing, Blockchain, next-level process automation and virtualisation. To unlock the business potential in the digital age triggered by the global COVID-19 crisis, many forward-thinking organisations are happily embracing these emerging technology trends because they know the right technology unlocks the capability to disrupt and gain a competitive advantage.
The quick adoption of the relevant cutting-edge technology plays a vital role in pushing an organisation's digital transformation journey ahead. It also helps yield results faster, gain new heights of rapid innovation and accelerate operational performance while preparing the businesses for the next normal. Furthermore, the emerging technologies enable enterprises to reduce barriers to digital disruptions, unleash business agility and unlocks a roadmap to excellence.
Let's delve deeper into the top digital technology trends dominating the bespoke software development landscapes:
As per the reports published by McKinsey, by the year 2025, more than 50 billion devices will be connected to the industrial internet of things (IIoT) and expected to generate approximately 79 Zbytes of data annually. The technology helps the development team to automate repetitive tasks, optimise digital transformation objectives, generate real-time machine data, increase connectivity, enhance the customer experience and enable greater operational efficiency across the development process.
Do you know Quantum Computing will break through as mainstream technology as per McKinsey by the year 2035, and $1tn+ will be the expected value generated by quantum computing applications. It will dramatically transform the future of bespoke software development services because it brings disruption by using qubits and gates.
By 2027, McKinsey also predicted that Blockchain would be the key business driver and expected to share 10% of global gross domestic product (GDP) by 2027. The cross-industry Blockchain-based solutions are gaining momentum in a B2B ecosystem, mainly marine insurance agencies, automobile companies, banks and insurance companies that are fast to pick up the Blockchain technology for fraud detection.
Artificial Intelligence + Machine Learning:
Both Artificial Intelligence (AI) and Machine Learning (ML) are already ruling the software technology industry. Predictably, they will continue to revolutionise the technology strategy for many sectors because of their innovative capabilities of natural language processing, machine vision and speech technology that play a vital role in rapid development cycles.
The demand for Cloud Computing is rising as the lingering effects of the COVID-19 crisis. With a critical focus on increased scalability, business continuity and cost efficiency, the majority of organisations are counting on Cloud technology for now and in the long term. The business-critical solutions like software as a service (SaaS) at a 16 per cent growth rate ($117.8 billion), infrastructure services (IaaS) at a 26.9 per cent growth rate ($65.3 billion) and application infrastructure services (PaaS) are expected to notice a boom at a higher 26.6 per cent growth rate ($55.5 billion) as per the Gartner predictions.
Some Important Key Lessons To Accelerate Bespoke Software Development Performance:
Everything has changed since the global COVID-19 pandemic hit the globe. The time ahead needs specific strategies to recover and thrive the next normal. Given below are some key lessons from industry experts to spark a wave of innovation.
- Balancing corporate strategy and technology strategy is essential to thrive in the next normal. Businesses must strike a good balance between their current technology capabilities and corporate strategy in order to reap benefits from the future possibilities while winning over uncertainties. That's where strategic technology platforms come into the limelight. Such platforms are infused with the awesomeness of advanced analytics, automation, and Artificial Intelligence that enable an organisation to make strategic decisions and improve operational efficiency while automating time-consuming processes.
- Modernizing technology is critical for business success. In today's age of digital disruption, the future belongs to organisations that rely on the right mix of advanced technologies, continuous development (CI/CD) practices, and code management tools for bespoke software development. This approach helps to improve front-end experiences, create high organizational agility, and unlocks the next level of performance.
- Data privacy and security capabilities are on top priority. Many companies fail to understand that security is the utmost requirement in the bespoke software development process instead of relying on manual compliance processes. As we all know, the next normal is entirely different. To deal with any unexpected catastrophes, companies heading towards bespoke software development services must be vigilant. They must strengthen the security quotient, especially regarding the data architecture and platforms, consolidated data pipelines, low-to-no duplication of databases, common data models and data governance processes to handle GDPR requests.
The above discussed digital technology trends undeniably add to the new equation of digital business success, ensure excellent delivery and accelerate technology innovation for many forward-thinking businesses seeking sustained outcomes.