Soaring Digital Services Revenue Predicted by 2029: Endava Report
AI projected to boost digital services revenue by 44% for Endava by 2029
In a groundbreaking study, Endava, a leading tech services company, forecasts an impressive 44% jump in digital services revenue, raising the bar from 34% to a whopping 49% of total business revenue by 2029. This expansion comes as no surprise, as the world pushes for operational efficiency and modernizing digital infrastructure becomes a critical goal for scalability and cost-effectiveness.
The report unearths some intriguing insights. Globally, a staggering 48% of organisations already consider themselves digital powerhouses. However, the future belongs to those unafraid to fully embrace AI. As companies move from simply constructing digital roots to scaling them, AI and machine learning (ML) technologies will spur innovation at an unprecedented pace.
According to the data, overpricing of digital infrastructures is primarily due to the exorbitant costs of prolonging outdated systems. This glaring issue highlights the urgent need for organizations to overhaul their IT operations and strive for efficiency. In the next phase of digital transformation, AI is set to act as a key catalyst, helping businesses minimize the time and costs of automation and intelligence-based projects, all while fostering innovation on a grand scale.
The report warns that digital transformation is an ongoing process without a finite end goal. AI stands poised to command the next chapter of this journey, making AI integration a make-or-break factor for businesses that risk being left behind in the dust. Failure to embrace AI can lead to competitive disadvantages such as delayed time-to-market, less vibrant product portfolios, and a weaker position in respective market sectors.
Unsurprisingly, AI has become the holy grail of business strategies, with 60% of CEOs prioritizing AI deployment. The growing importance of AI lies at the very core of organizational growth and adaptation in the modern digital era.
The study also spotlights another pressing issue: the significant demand for skilled professionals to address IT skill gaps within organizations. A talent shortage looms large on the horizon for many businesses, with 44% expressing concern over their inability to tackle large-scale digital projects in-house. External IT service providers are viewed as vital allies in navigating these challenges, paving the way for future growth.
With the pandemic pushing enterprises toward digital acceleration, the focus now lies on scaling technology, business operations, and data management to accommodate the exploding digital economy's demands. Data-driven business models are gaining traction, with a focus on delivering personalized customer experiences and driving continuous innovation.
The future of digital transformation champions the concept of "AI Everywhere," where AI will be seamlessly integrated into every facet of business operations. Essential priorities for organizations include building intelligent architectures, data-centric platforms, and affordable digital infrastructure for AI workloads. Human capital management assumes importance as well, with businesses prioritizing talent acquisition and reskilling initiatives, while exercising vigilance to conform to regulatory standards and foster stakeholder trust.
In a nutshell, Endava's research underscores the need for businesses to ally their digital strategies with market dynamics. In the AI-driven future, those equipped with AI, data, and modern infrastructure will be best-positioned to drive the next wave of digital innovation.
Let's dig a little deeper into Endava:
Technology isn't just a tool. It's a purpose.
For over two decades, Endava has harnessed the power of technology to bring about meaningful change and make a lasting positive impact on people's lives - be it their livelihood, their businesses, or their communities.
Working side by side with top names, Endava crafts custom strategies, products, and solutions designed for unique needs, regardless of industry, region, or scale. By blending world-class engineering, in-depth industry expertise, and a people-centric mindset, Endava collaborates with its clients to develop technological solutions spurring innovation and transforming businesses. The company supports businesses with bespoke solutions across multiple industries, including finance, insurance, tech, media, telecom, retail, supply chain, healthcare, automotive, and travel.
Equipped with agile, multidisciplinary teams, Endava guides its clients on their digital transformation journey, pioneering the creation of dynamic platforms and intelligent digital experiences that drive growth.
For more information, visit www.endava.com.
This article is a press release.
- Endava, a tech services company, integrates technology, such as artificial-intelligence (AI), to underscore the company's purpose of bringing meaningful change and spurring innovation in various industries, including finance, insurance, tech, and retail.
- As AI becomes the holy grail of business strategies, Endava, listed on the NYSE, assists organizations in their AI integration to minimize the time and costs of automation and intelligence-based projects, thereby fostering growth.
- In a rapidly digitalizing world, Endava leverages its expertise in AI and machine learning to help businesses modernize their digital infrastructure, enabling them to navigate the ongoing process of digital transformation and maintain a competitive edge in the AI-driven future.
