The Global Digital Transformation Market has been estimated to value at USD 589.7 million in 2021 and is projected to grow at a CAGR of 15.6% during the forecast period. Digital transformation is the use of digital technology in numerous areas of the business to improve business processes and increase value for customers. It also modifies a way how businesses convey and work values to clients. It also assists a business to deal better in the market by making changes as sustained by the new technologies. Digital transformation supports the corporation to reach the large masses effortlessly.
The increasing digitalization of organizational business functions to serve changing client needs and improving operational efficiency are expected to drive the digital transformation market during the forecast period. The increase in penetration of the internet of things (IoT) and acceptance of cloud services along with acceptance of online services and blockchain during the COVID-19 outbreak are also expected to fuel the market growth.
Growing needs to increase operational performance and rising usage of mobile devices, smartphones, and applications supporting digitization are also driving the digital transformation market. On the other hand, increasing privacy and security concerns for confidential information and lack of skilled personnel are estimated to be the key restraints for the digital transformation market during the forecast period.
Similarly, the high demand for personalized digital transformation, rising focus on partnerships between departments, and increasing adoption of disruptive technologies, like machine learning, big data, and artificial intelligence, are expected to provide new opportunities to the digital transformation market during the forecast period.
The QMI team is closely analyzing the impact of COVID-19 on the digital transformation market. The significant rise in awareness about the increasing need for digital transformation across several industries is expected to create new developmental opportunities for the market. Organizations are constantly realizing the advantages of digital transformation, mainly in the remote work scenario that involves a business to allow the workforce to seamlessly associated, learn, and carry out organizational functions across various remote locations. This is projected to drive the market during the pandemic and the forecast period.
TABLE 1: GLOBAL DIGITAL TRANSFORMATION MARKET OVERALL SNAPSHOT
The digital transformation market is segmented based on component, deployment organization size, vertical, technology, and region.
FIGURE 1: GLOBAL DIGITAL TRANSFORMATION MARKET SEGMENTATION
Global Digital Transformation Market, by Component
Based on components, the digital transformation market is segmented into solutions and services. The solution segment holds the highest market share in 2021 and is expected to remain the highest growing market during the forecast period. The segment growth can be attributed to the rapidly emerging technological landscape that involves businesses timely upgrade their systems to uphold an inexpensive edge.
Global Digital Transformation Market, by Technology
Based on technology, the digital transformation market is segmented into cloud computing, artificial intelligence, big data and analytics, social media, cybersecurity, the internet of things, and others. The cloud computing segment is the fastest-growing segment in 2021 and is estimated to remain the fastest-growing segment during the forecast period. The factors attributed to segment growth include easy deployment, easy accessibility and upgradability, and low deployment cost.
Global Digital Transformation Market, by Deployment
Based on deployment, the digital transformation market is segmented into on-premise and cloud. The on-premises segment holds the largest market share in 2021 and is estimated to remain the largest during the forecast period. The factors attributed to the segment growth include ease of customizability during their execution.
On-premise solutions offer high-end data security and simplify easy compliance with numerous government rules. The on-premise deployment also offers large organizations better control over private data. On-premise deployment allows organizations to connect a customized network of digital transformation that meets the organization’s requirements accurately and efficiently.
Global Digital Transformation Market, by Organization Size
Based on organization size, the digital transformation market is segmented into small and medium enterprises (SME) and large enterprises.
The large enterprise segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period. Large enterprises include digital transformation solutions on account of the advantages, such as ease of system integration and implementation, cost efficiencies, flexibility, and data privacy. Large enterprises can speed up digital transformation, have a strong economic capability, and execute comprehensive digital strategy across procedures actively. All these factors are expected to drive the segment growth during the forecast period.
Global Digital Transformation Market, by Vertical
Based on vertical, the digital transformation market is segmented into banking, financial services, and insurance (BFSI), and telecommunication, government and defense, education, manufacturing, healthcare, retail, and others. The BFSI segment is the fastest-growing segment in 2021 and is expected to remain the fastest-growing segment during the forecast period. The segment growth can be due to extensive usage of technology in the banking, financial services, and insurance sectors. They consistently thrive on a customer-centric approach to meet their customer needs and provide them with seamless customer service leveraging technology.
The healthcare segment is estimated to grow as the fastest-growing segment during the forecast period. The growth of the segment is attributed increasing demand for electronic data across operation channels and patient outreach to accelerate the acceptance of digital transformation in the healthcare sector.
The growing volume of patient data has led to the growth of accessible business models to facilitate effective patient handling. These models are anticipated to assist new business policies and help mitigate risks related to the price of executing the same. This is projected to assist as a promising development factor for the healthcare segment. Additionally, digital transformation across the healthcare sector allows better decision-making and improves patient involvement.
Global Digital Transformation Market, by Region
Based on region, the digital transformation market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America holds the largest regional market in 2021 and is expected to remain the largest market during the forecast period. The factors attributed to the regional market include excessive usage of various online payment processes in the retail segment and high saturation of internet services. The presence of major market companies engaged in digital transformation solutions in North America is expected to propel the regional market growth during the forecast period.
Furthermore, advanced robotic solutions and high demand for software on account of extensive technology saturation across the manufacturing, retail, and automotive industries in U.S. and Canada are also anticipated to drive the regional market growth during the forecast period.
On the other hand, Asia Pacific is anticipated to develop as the largest and the fastest-growing market during the forecast period on account of growing number of SMEs and the increasing service sector in the region.
TABLE 2: GLOBAL DIGITAL TRANSFORMATION MARKET OVERVIEW
FIGURE 3: GLOBAL DIGITAL TRANSFORMATION MARKET (USD MILLION), 2021-2030
Recent Developments in the Global Digital transformation Market
- April 2021 - Adobe Systems Inc. partnered with FedEx, for the integration of Adobe Commerce with ShopRunner, a top eCommerce platform and a subordinate of FedEx Services. The incorporation will give Adobe merchants access to FedEx post-purchase logistics intelligence, which will assist them to propel the demand, gain customer insights, and reduce cost.
- June 2021 - Deutsche Bank associated with Oracle Corporation to revolutionize its database technology and boost its digital transformation. Oracle will support Deutsche Bank to upgrade its current database systems and migrate the bulk of its Oracle Database estate to Oracle Exadata Cloud Customer, an on-premises deployment choice of the Oracle Exadata Cloud Service to support applications that also will not move to the public cloud or may in the future.
- April 2020- Adobe formed a Government Rapid Response Program to support governments maintain constancy and continuity for their staff and other key investors.
- March 2019- Accenture announces of acquisition Enterprise System Partners (ESP) (Ireland), manufacturing and consulting services provider for the life sciences industry, to support Accenture's life sciences customers digitize and transform manufacturing processes. ESP would join Accenture Industry X.0, which supports customers master the digital reinvention of industry, strengthening Accenture's capabilities to transform manufacturing for biotech, pharmaceutical, and medical device clients worldwide.
What Does This Report Provide?
This report provides a detailed understanding of the global digital transformation market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global digital transformation market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
- Cloud Computing
- Artificial Intelligence
- Big Data and Analytics
- Social Media
- Internet of Things
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- Banking, Financial Services, and Insurance
- IT and Telecommunication
- Government and Defense
North America Digital Transformation Market
- North America, by Country
- North America, by Component
- North America, by Technology
- North America, by Organization Size
- North America, by Vertical
- North America, by Deployment
Europe Digital Transformation Market
- Europe, by Country
- Rest of Europe
- Europe, by Component
- Europe, by Technology
- Europe, by Organization Size
- Europe, by Vertical
- Europe, by Deployment
Asia Pacific Digital Transformation Market
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Technology
- Asia Pacific, by Organization Size
- Asia Pacific, by Vertical
- Asia Pacific, by Deployment
Middle East and Africa Digital Transformation Market
- Middle East and Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Component
- Middle East and Africa, by Technology
- Middle East and Africa, by Organization Size
- Middle East and Africa, by Vertical
- Middle East and Africa, by Deployment
South America Digital Transformation Market
- South America, by Country
- Rest of South America
- South America, by Component
- South America, by Technology
- South America, by Organization Size
- South America, by Vertical
- South America, by Deployment
Major Companies: In this report, the major companies studied are: IBM Corporation, Google LLC, Accenture, Broadcom (CA Technologies), Equinix, Microsoft Corporation, SAP SE, Cognizant, Adobe Systems, Dell EMC, HPE, Oracle Corporation, HCL Technologies, Tibco Software, Happiest Minds, and Alcor Solution.
Objectives of this Report:
- To estimate the market size for the digital transformation market on a regional and global basis
- To identify major segments in the sodium-ion batteries market and evaluate their market shares and demand
- To provide a competitive scenario for the market with major developments observed by the key companies in the historic years
- To evaluate the key factors governing the dynamics of the digital transformation market with their potential gravity during the forecast period
- To evaluate the leading company-wise pricing analysis for the mentioned applications
Key Questioned Answered in the Study:
- What are major growth drivers and market trends that are impacting the global digital transformation market?
- What is the market size both in terms of value and volume for the global digital transformation market?
- Who are the leading market players and who are the new market players that operate in the global market with an estimated market share?
- What are the future investment pockets and opportunities in the global digital transformation market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume
- Impact of COVID-19 on the global digital transformation market
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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