NEW YORK, March 05, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, India digital transformation market is expected to reach $710.0 billion by 2024, registering a CAGR of 74.7%, during the forecast period. The growth in the market can be attributed to increasing adoption of internet of things (IoT) and surging manufacturing industry in the country.
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Based on offering, the India digital transformation market is categorized into solutions and services. Among these, services expected to be the fastest growing category in the market. Service sector is on high growth trajectory driven by digital initiatives of the government, attracting highest FDI inflows as well as availability of highly skilled and low-cost manpower. Various government initiatives such as Smart Cities and Digital India are creating high growth opportunities giving further push to the service sectors namely communication, healthcare, technology, energy, banking, and others. Owing to these factors, services category is forecasted to register exponential growth during the period 2019-2024.
Based on solution, the India digital transformation market is categorized into cloud, IoT, big data, artificial intelligence (AI), mobility, social media, and others, wherein ‘others’ include blockchain, machine learning, chatbots, augmented reality/virtual reality (AR/VR), and eSignature. Among these, AI is expected to be among the fastest growing categories during the forecast period.
Indian businesses as well as the government has been witnessing multiple use cases of AI in recent years, with digital assistants, cab aggregators, targeted advertisements, biometric recognition and online recommendation engines being the most common applications. Organizations have started realizing the efficiencies and growth opportunities of digital transformation solutions. Similarly, government bodies are increasingly employing AI-powered applications such as image and speech recognition, and robotics to bolster defense equipment and techniques. Hence, with increasing use of AI by government bodies, the market for AI is expected to be fastest growing solution type in the forecast period.
Browse report overview with 49 tables and 53 figures spread through 150 pages and detailed TOC on "India Digital Transformation Market" at: https://www.psmarketresearch.com/market-analysis/india-digital-transformation-market
Based on region, India digital transformation market is categorized into North, South, East, and West regions. Among these, Eastern region, particularly North-East is exhibiting steady implementation of Digital India initiative. The e-governance capacity building program works by enhancing skills of government officers in the state to lead, support, and manage the projects under e-governance projects in their respective state governments. This in turn, is providing a major boost to the digital transformation market in the region.
Increasing adoption of IoT in India is a key factor driving India digital transformation market. IoT helps to build smart products through new functionality, reliability, greater product capabilities, and product utilization. Indian companies are considering IoT to be a strategic tool for business scalability, and is helping businesses to generate new and innovative user experiences. As a result, companies are moving toward digital transformation.
The intensity of rivalry in India digital transformation market is moderate. The key players in the market such as International business machine (IBM) corporation, Infosys Ltd., and Kellton Tech Solutions Ltd. are focusing on mergers and acquisitions to increase their product portfolios and their market share in the country.
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Some of the key players operating in India digital transformation market includes Wipro Limited, Kellton Tech Solutions Ltd., Sasken Technologies Ltd., Cognizant Technology Solutions Corporation, Clarion Technologies, Inc., Datamatics Global Services Limited, Mindtree Limited, Tech Mahindra Limited, Accenture plc, Dell Technologies Inc., Cisco Systems Inc., International Business Machines (IBM) Corporation, Microsoft Corporation, Tata Consultancy Services Limited, Infosys Limited., and HCL Technologies Limited.
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