Rapid technological advancements worldwide and the growing adoption of cutting-edge technologies across several end-use industries have positioned the tech sector for significant growth and profitability in the foreseeable years.
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Businesses across several industries increasingly leverage emerging digital technologies to lower costs by reducing manual labor, streamlining operations, and boosting efficiency. In recent years, the integration of data analytics, cloud, AI, IoT, ML, and other advanced technologies have risen to transform traditional processes and enhance customer experiences.
According to a report by Grand View Research, the global cloud computing market size is projected to reach $1.55 trillion, growing at a CAGR of 14.1% from 2023 to 2030.
Further, the adoption of AI and its impact on businesses and industries is at a turning point globally. The latest annual McKinsey Global Survey on the current state of AI confirms the rapid growth of generative AI tools. Less than a year after most of these tools debuted, one-third of survey respondents reported using generative AI regularly for at least one business function.
While reported overall AI adoption remains steady at nearly 55%, more than two-thirds of organizations plan to increase their AI investments.
With the influx of consumer generative AI programs like OpenAI’s ChatGPT, the generative AI market is expected to explode, growing to $1.30 trillion by 2032 from a market size of just $40 billion last year, as per a report by Bloomberg Intelligence (BI). Research finds that the emerging industry could expand at a CAGR of 42% over the next ten years.
The emergence of smart devices, the rising number of e-commerce platforms, and rapid technological advancements have boosted the demand for cybersecurity products and services. The global cyber security market is expected to grow at a CAGR of 12.3%, reaching $500.70 billion by 2030.
Amid rapid digital transformation worldwide, the demand for IT services is…
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