The global digital transformation market accounted for a value of 264.8 billion in 2019. The global digital transformation market is projected to register growth at a CAGR of 14.5% during the forecast period.
COVID-19 has impacted all the businesses over the globe. The corona virus outbreak has caused lockdown across the globe due to which all the businesses has to shutdown and adopt new tradition of work from home. In order to adapt to work from home all the organizations are digitally transforming. Thus digital transformation market is expected to showcase growth during the forecast period because of COVID-19.
For more details, visit: Global Digital Transformation Market By Organization Size (Small & Medium-Sized Enterprises, Large Enterprises), By Deployment Model (Cloud, On-Premises), By End User ( Retail, BFSI, Others), By Region–Forecast & Opportunities to 2026
The technological advancement is increasing across the globe. The use of technologies such as mobility, cloud, IoT, social media big data and analytics are increasing worldwide. There is a lot of innovation transformation happened in this sector which is attributing growth in the business ecosystem. Thus, this is estimated to drive growth in this sector.
On the basis of organization size, the digital transformation market is segmented into small & medium-sized enterprises (SMEs) and large enterprises. The SMEs segment is estimated to register growth at highest CAGR during the forecast period. The digital transformations have highly impacted the IT ecosystems and SMEs across the world. SMEs have realized the importance of innovative technologies such as sensors, social media, mobile, cloud and big data and they are adopting all these technologies to expand and improve their business. This is likely to drive growth in digital transformation market during the forecast period.
On the basis on deployment model, the digital transformation market is segmented into on-premises and cloud. The cloud deployment segment is expected to register growth at highest CAGR during the forecast period. The digital transformation solutions deployment on the cloud has enabled users to access solutions from their mobile devices or from desktops. It has many advantages such as low deployment cost, easy deployment and easy upgradeability & accessibility. All these features made it more preferred and adopted by small & large organizations along with individual users. These factors are likely to drive growth in cloud deployment segment in digital transformation market during the forecast period.
On the basis of end-user, the digital transformation market is segmented into healthcare, BFSI, government, it & telecom, manufacturing, retail and others. The healthcare segment is projected to register growth at highest CAGR of XX% during the forecast period. The demand for digitization and electronic equipments is increasing across the world in healthcare services. The adoption of this electronic equipments leads to increase in work efficiency and accuracy in patience data. This growing need and demand is likely to drive growth in healthcare segment in digital transformation market during the forecast period.
The Asia-Pacific region is projected to register growth at highest CAGR during the forecast period in the digital transformation market. This region is now becoming a new hotspot in the digital transformation market due to various reasons such as rising investments in this market and many digital industries are setting their foot in this region. All this factors are expected to drive growth in Asia-pacific region.
The key market players in digital transformation market are SAP, Microsoft, Adobe, Cognizant, Dell EMC, IBM, Google, Accenture, Oracle, Equinix, Tibco software, Process Street, Scoro, Happiest Mind, Aexonic and Broadcom. All the key market players in this sector are focusing on bringing new technological innovations and technological advanced features in the market. The partnerships, mergers and collaboration are expected to take place by various industries in coming years.
- What are the expected industry trends over the next three to five years?
- Which of the digital transformation deployment model is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?