Right partnerships will be at the forefront of innovation

Pandemic has changed the style of every sector. There has been a digital revolution that is adapted by every industry. Connections, conversations and even commerce have shifted to online. Today eight of ten companies are tech and digital companies.

The recent advent of 5G and other innovations in the tech industry is paving the way and helping many sectors to grow by giving quick services due to easy accessibility and availability solutions. 96%of companies are either already or considering co-creation with vendors to develop new digital products and services for sustainability and efficiency.

65% of global GDP will be digitized by 2022, creating challenges and opportunities. 61% of partners believe that COVID-19 was a driver for their customers’ digital transformation. IDC is predicting $6.8 trillion of direct investments in digital transformation from 2020 to 2023. With 65% of GDP predicted to be digitized by 2022, partners can move faster and stay ahead of the curve by co-innovating and developing cutting-edge solutions fit for the new digital and electric future.

The biggest opportunities lie in the construction industry due to greater investment in making buildings smart. Commercial buildings account for a significant proportion of overall energy use and emissions production, thus significant savings of up to 30% can be made by reducing energy wastage.

IoT is a growing market, which has only increased since the beginning of the pandemic. Research from IDC has found that the energy sector is planning on investing the most in this technology (90%), far beyond the investments planned by the manufacturing sector (80%) and retail and wholesale (75%). The main challenges that these sectors face are all very similar: costs, complexity of deployment and security.

This shows that companies are thinking about IoT solutions as part of their overall business strategy in order to harness the data and intelligence gathered by network monitoring to drive 360-degree business outcomes. Organizations are increasingly looking to combine forces to innovate and co-create, as the market moves to open, interoperable, digital and simplified systems and ways of doing business.

Deepak Sahu, President & CEO, VARINDIA