Global IoT spending to reach $745 billion in 2019

Absolutely there is no deny in the fact that, digital transformation is clearly the future what we can see, businesses that fail to establish a good digital adoption strategy and bring in inventive digital products and services will soon be left behind.

During the journey the BFSI sector has witnessed a high visibility with various innovations during the digital transformation journey, that helps in scaling for better risk management and customer experience, with a strong believe on today’s innovation is tomorrow’s commodity. Digital transformation is especially important in light of the hyper-connected and constantly changing global marketplace that we live in.

Innovation is absolutely crucial for any business. However, we need to stay away from Buzzwords and we have witnessed on how the world shifts to greater adoption of digital technology in our everyday lives. KPMG reveals its top 10 transformational technologies, are they are:

IoT reigns again in KPMG's top 10 transformational technologies for 2019; but robotic process automation (RPA) made the most significant leap to the number two spot, up from number nine last year -- overtaking AI.

Survey respondents believed the top benefits of RPA are increased profitability, 19%, improved business efficiencies, 16%, and increased market share, 15%.

The news of IoT maintaining its number one spot, in KPMG’s top ten transformational technologies, comes as no surprise considering how broad and far-reaching the technology is. From wearable health monitors to smart homes and cities, everything seems ‘connected’ these days. According to a recent IDC forecast, global IoT spending will reach $745 billion this year, and $1.2 trillion in 2022.

We sat down with some of the key players in RPA: Automation Anywhere, NICE, Blue Prism, UiPath, Kofax, and Another Monda. The survey reveals, RPA made the most promising leap to the second most transformational technology, up from number nine last year – proving that technology companies are investing in software bots to help automate activities across their business.

Artificial intelligence fell one spot to number three, behind RPA and IoT in KPMG’s top transformational technologies.