In 2023, digital transformation in capital-intensive industries is accelerating faster than ever. As new technology trends constantly arise and new buzzwords pop up, it's hard to understand what will provide the most significant benefit to your organization. How can you discern which new technology will help you alleviate the common barriers to digital adoption? In this three-part series, we will look at the most important trends in technology that are working to alleviate barriers to digital adoption and help you fully embrace the opportunities of digital transformation.
We’ll dive into six current trends that are shaking up the world of capital-intensive industry and technology.
1. Affordable data capture
From iPhone LiDAR scanners to commercial drones, the market demand for affordable data capture has increased significantly. The drone industry alone continues to explode and is expected to grow to $63.6 billion by 2025. The ease of use and accessibility of data capture is making it even easier for anyone to bring real-world content to the digital world.
2. Data abundance
Humanity is producing more data than ever before, an extraordinary 2.5 quintillion bytes of data every single day. The ability to process large amounts of data and extract actionable insights has revolutionized the way we work. Over 90% of the world’s total data has been generated in the past two years. The advantages associated with visual data cannot be overstated.
3. Cloud-first and cloud-native architecture
Cloud-native architecture and technologies are a strategy to designing, constructing, and operating workloads that are built in the cloud and take full advantage of the cloud computing model. Cloud computing has become a critical business technology with an anticipated market value of over $800B USD by 2025.
4. Data contextualization
Although companies collect more data than ever before, it can become meaningless without proper contextualization. Data contextualization provides immediate visual understanding that reduces the time required to travel to site by up to 50%.
5. Data aggregation
With the volume of data increasing, organizations face the challenges of heavily siloed data, unlinked and outdated data sets, and data loss. Brownfield sites traditionally have multiple disparate, siloed data sources, resulting in numerous cost and time inefficiencies. To combat these challenges, machine learning (ML) has become instrumental in unlocking the value of large, siloed data sets that many large companies struggle to access and act upon.
6. Machine learning (ML)
The global machine learning (ML) market is expected to grow from $21.17 billion in 2022 to $209.91 billion by 2029. Virtual machine learning helps asset owners quickly understand ‘what’s in the field,’ making it easier to identify potential problems before they impact operations and safety.
It’s time for capital-intensive industries to capitalize on these trends to transform the industry for the better. If you’re not sure where to start, VEERUM’s team of industry experts can help. It’s time to harness technology to make data-informed decisions, prioritize the health and safety of our workers, and heighten organizational efficiency.
In our next post of this three- part series, we’ll take a deep dive into the first three of these trends: affordable data capture, data abundance, and cloud-first and cloud-native architecture.
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