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According to a new report released by Activate Consulting, the global technology and media spend will balloon to $2.5 trillion by 2025. This analysis comes as 2021 netted a spend of more than $2 trillion.
The report indicates that one of the major drivers of this tech boom will be data solutions and enterprise automation. According to the report, “Activate Technology and Media Outlook for 2022,” a set of new companies are paving the way for the future, delivering infrastructure, tools, and applications that will enable all enterprises to operate and innovate as if they were major technology companies.
Businesses and consumers can expect to see accelerated development of customer experiences, better (faster, less bureaucratic) employee experiences, improved intelligence and decision-making, and improved operational and financial efficiency as a result. Technology like autonomy (self-driving cars, home automation), voice recognition, AR/VR, gaming and more will enable end-user experiences while enterprises will become more productive in their marketing effectiveness, IT service management, cross-planning and forecasting, and more.
New data startups are spurring the next era of innovation. They’re focusing on leveraging data and information, improving end-user experience, and improving storage and connectivity — all of which will drive the business-to-business and business-to-consumer experiences of the future.
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According to the report, more than 80% of the companies driving this innovation are U.S.-based, half of which are headquartered in the Bay Area. They’re growing fast thanks to large venture capital infusions – and many of these startup companies have scaled at an unprecedented pace. Fifteen of them have raised more than $1 billion since their launch.
In order for the next generation of companies to reach their full potential, the report indicates they must zero in on three specific areas of focus: strategy and transformation, go-to-market pricing, as well as their sales and marketing approach.
Read the full report by Activate Consulting.