WAYNE, PA and DALLAS, FEBRUARY 17, 2022 — Excellarate, the global technology services and solutions company known for its value in product engineering with domain expertise in finance, insurance, and healthcare, released its first Industry Trends Report, highlighting key themes that industry leaders expect to shape technology in 2022 and beyond.
The report includes insights from over 500 technology executives, industry leaders, decision-makers and influencers across the globe. Along with industry-agnostic enterprises, Excellarate surveyed companies across three primary domains – financial services and wealth management, healthcare and life sciences, and insurance. This report covers technology initiatives that will drive business value, potential challenges for business leaders, focus areas where technology investments will flow and new types of opportunities to arise throughout the year.
“As we enter the third year of the COVID-19 pandemic, the technology landscape has changed substantially,” said Excellarate CEO Nick Sharma. “Excellarate’s 2022 Industry Trends Report not only shows trends and challenges for this year but how it will be the year when technology makes deeper inroads — even in industries with low exposure to IT and technology advancements.”
Healthcare and Life Sciences
As the COVID-19 pandemic continues, keeping patient information secure will be a top priority as cybersecurity measures and cloud security will be the top value driver in 2022 (12%). More and more executives are using the cloud by moving non-healthcare related functions like human resources, accounting and more, making it the second-highest value driver (11%). Artificial intelligence is also an important value driver and will help in making sense of large amounts of unstructured data that both providers and payers need to deal with (11%).
Other key findings include:
Healthcare decision-makers foresee the greatest challenge to be using AI/ML to get actionable insights from data (11%).
The key priority for healthcare executives is integrating wearable data with standard healthcare data (19%).
Financial Services and Wealth Management
Since financial services companies are known to be early adopters of cutting-edge technology, it’s not surprising that the report showed that AI Ops is the most critical value driver (13%). In recent years, AI has matured and can now be deployed in production environments to deliver actionable insights. Not surprisingly, AI operations are closely followed by cloud migrations and automation (12%) and cybersecurity measures and secured infrastructure (11%).
Other key findings include:
- For the financial services sector, the biggest challenge in 2022 is outdated digital transformation initiatives, causing technical debt (15%).
- The use of AI and ML for gathering actionable insights is the top area of technology investments for the financial services industry in 2022 (12%).
- Making sense of data using new-age technology like AI and ML remains the greatest success factor for financial services providers (17%).
Insurance
Approximately 100 million Americans have had their personally identifiable information stolen from insurance providers, resulting in industry respondents’ mitigating cybersecurity risks as the top business value driver (13%). Data for critical business operations such as customer acquisition and personalized services will be another top value driver in 2022 (12%). Cloud migration and automation are also top value drivers for the insurance industry (11%).
Other key findings include:
- The greatest challenge insurance decision-makers face is finding ways to improve operational efficiency and curtail rising costs (21%).
- Moving to the cloud is the most extensive area of technology investment in 2022 for insurance executives (15%).
- Similar to the healthcare and life science sector, insurance providers are use new-age technology to draw value-providing insights from their vast data reserves, which is the top competitive success factor (19%).
Enterprise Tech
Using the cloud for its scalability, cost advantages, security measures and ease of use has made it more mainstream, which is why enterprise tech leaders said their business’ top value driver is cloud migration and automation (11%). A close second value driver for enterprise tech is artificial intelligence operations since AI algorithms require valid data in suitable formats to work correctly (10%). Much of AIOps is now cloud-based algorithm training, further expanding the value of the cloud in 2022.
Other key findings include:
- Skills that can adapt existing applications for migration to the cloud and skills that can develop cloud-native applications are the most significant gap for enterprise tech in 2022 (20%).
- Enterprise tech executives said the most critical process and product challenge is enhancing team collaboration and productivity as we enter the third year of remote work (23%).
- Technical debt is the top challenge facing enterprise tech leaders (25%).
To learn more about Excellarate or to download the full report, please visit https://dev.excellarate.com/whitepapers/tech-trends-projections-2022/.
About Excellarate
Excellarate is a global technology services and solutions company with more than 20 years of domain expertise within health, insurance, financial and enterprise technologies. The company is a trusted partner of over 250 clients, including Change Healthcare, Ad Giants, Alchemy Systems, and Centric Software, to accelerate innovation and achieve business agility. Excellarate’s strategic technology and solution partners include Azure, GoogleCloud, Appian and Salesforce to help drive digital transformation for its clients. Backed by Chicago-based Frontenac with over 1,000 engineers across North America and India, Excellarate provides a dual-shore delivery model that empowers clients to drive innovation and accelerate time-to-market. For more information on Excellarate and its client success stories, please visit www.excellarate.com.
CONTACT:
Samantha Miller
BLASTmedia for Excellarate
317.806.1900 x 161
samantha@BLASTmedia.com
