The Digital Transformation market is expected to grow at a CAGR of 14.9 % to reach US$ 1,692.40 in 2030.
The market is mainly driven by various new innovations in businesses, dynamic nature of customer’s choice, growing popularity of mobile devices & apps, high acceptance of IoT by users, and growing use of the cloud platform.
Digital transformation is the usage of digital technologies such social media, cloud computing, mobility and analytics to improve the business process. The continuous requirement of digital evolution for business growth to help in overall business efficiency and reduction of operational cost and at the same time keep a live track on business activities are some of the factors compelling businesses to be a part of the digital transformation. Digital transformation is the final outcome for a company, after use of software applications and various digital technologies.
The digital transformation market growth is also due to its ability to reach bigger audience and provide better customer experience. The number of manufactures v/s consumers is high and hence businesses face tough competition. Hence apart from product quality, the customer experience is another factor influencing business growth. However, factors related to security and privacy impact the use of digital solutions by most industry verticals. Furthermore, factors like space for implementation across all types of SMEs has led to chances for the members of the value chain, and growing use of digital solutions has led to huge scope for the market to grow and expand. With the growing demand, companies are in search of new ways to create a robust infrastructure. Digital transformation market growth is also due to the fact, that companies in various sectors are working along with digital transformation market leaders to develop in-house solutions as per their business requirement.
The market requirement for AI, machine learning and Industry Automation is growing at a considerable pace and is predicted to keep growing in the near future. These systems help to regularize the process at the same time ensure that there is reduction of waste, effortless waste and speed of production to give businesses the competitive edge.
The digital transformation services market size is segmented by component, deployment, and end-user and based on geography. Based on components it is divided into solution and services. The solution segment is further segmented into big data and analytics, mobility, IOT and artificial intelligence. Digital transformation services market size is subdivided into professional services and managed services.
On the type of deployment the digital transformation market is divided cloud and on-premise deployment. The end user segmented can be categorized into healthcare, BFSI, retail, education, IT and telecom, manufacturing and many others. The geographic division is North America, Europe, Asia-Pacific (APAC), South America (SA) and Middle East and Africa (MEA).
The key players in digital transformation market growth are companies SAP AG (Germany), Oracle Corporation (U.S. office), Dell EMC (U.S.), CA Technologies (U.S.), IBM Corporation (U.S.Office), Google, Inc. (U.S.), Adobe Systems (U.S.), Hewlett-Packard (HP) (U.S.) and many other companies.
The Global Digital Transformation Market has been segmented as below:
- By Component:
- Solution (Big data and analytics, Mobility, IOT and Artificial Intelligence)
- Services (Professional services and Managed services)
- By type of deployment:
- By end-user:
- IT and Telecom
- By geography:
- North America
- Asia-Pacific (APAC)
- South America (SA)
- Middle East and Africa (MEA).
What to expect from the upcoming report on ‘Digital transformation Market’:
- Future prospects and current trends of the Digital transformation market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations across the world
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market