The digitalization and its implementation in business has changed the operational landscape. Traditional enterprises are transforming themselves into digital labs to integrate digital technology into business applications. Companies are setting up digital labs in the location having large scale of digital skill set. The market for enterprise digital labs is growing at a faster pace due to the digital transformations that are going in developed as well as developing economies for efficient usage of enterprises resources
Traditional enterprises are learning best practices of their industry, learning internal and external data sources, evaluating business, people and technology and analyzing IT requirements so that they can transform their business in to enterprise digital labs. The rising usage of digital technologies in financial transactions, marketing, customer engagement, supply chain management creating demand for the digital lab services.
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The major factor driving Enterprise digital labs market is the availability of digitally native retailers. Digital retailers such as Amazon, Flipkart have changed the business scenario. These companies target their customers and engage them with the help of new service channels. These companies take help from digital technology such as social media, point-of-sales-devices, in-store interaction and mobile apps to connect their customers digitally. This has influenced digital transformation service providers to help other industry verticals in adopting digital business activities.
The restraint for the growth of enterprise digital labs is that can benefits to enterprises that follow all the business practices and are flexible enough to adopt newer technologies coming in the market. For transforming any business digitally, it requires capital investment and proper functioning of organization in terms of business practices. Government organizations have been taking initiatives on digitization to streamline their services and creating more transparency in government
Segmentation on the basis of application areas:
- Customer engagement
- Digital marketing
- Security management
- Compliance management
- Supply chain Optimization
Various industries are adopting these Enterprise Digital Labs services such as BFSI, Healthcare, Retail and Consumer goods, IT and Telecom, Government, Automotive, Oil and gas and others.
There are many companies that are helping enterprises in transforming their business digitally few of them are McKinsey, Swisscom, Zinnov, TCS, and Accenture
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