New York, US, July 08, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Digital Transformation Market information by Technology, by Deployment, by Organization Size and Vertical – forecast to 2027” the market was valued at USD 250.65 Billion in 2018 and is expected to reach USD 817.05 Billion by 2025 growing at a CAGR of 18.87%
Dominant Key Players on Digital Transformation Market Covered Are:
- IBM Corporation (US)
- Accenture Plc (Ireland)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Google (US)
- Dell EMC (US)
- Cisco Systems Inc. (US)
- Oracle Corporation (US)
- Marlabs (US)
- Tibco Software Inc (US)
- Hewlett Packard Enterprise (US)
- Cognizant (US)
- Equinix Inc. (US)
- Rockwell Automation Inc. (US)
- CA Technologies (US)
- Salesforce.com Inc. (US)
- HCL Technologies (India)
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Market USP exclusively encompassed:
Digital Transformation Market Drivers
Rapid Growth of Mobile Devices and Apps
The rising use of mobile devices and apps has transformed many facets of modern life. This, in turn, has paved the way for the digitization of several verticals. Organizations and enterprises all around the world are digitally changing their traditional brick-and-mortar operations into online operations. Furthermore, the emergence of modern technologies such as AI, Ml, RPA, and IoT has increased the importance of mobile applications, which will contribute to the expansion of digital transformation.
Digitalizing Organizational Business Activities to Meet Changing Customer Expectations and Improve Operational Efficiency
The application of advanced technologies such as cloud, IoT, big data and analytics, mobility, and social media has resulted in innovation and transformation, supporting growth in the business ecosystem. Digital technologies have transformed the legacy approach to business into a modern approach. To achieve a competitive advantage, enterprises require a quick, precise, and real-time response from big data analysis in order to generate new products and services, improve existing ones, and develop whole new business models. Enterprises have begun to integrate big data with business intelligence in order to collect real-time information, gain actionable insights, understand customer requirements, and improve overall productivity growth. Customers frequently rate enterprises mainly in terms of digital customer experience since the deployment of modern technology provides limitless options. The majority of businesses are implementing digital transformation practices that are primarily focused on digital interactions with their customers. This aspect has increased demand for digital transformation solutions across a variety of industry verticals.
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Segmentation of Market Covered in the Research:
The global digital transformation market has been segmented on the basis of technology, deployment, organization size, and vertical.
By technology, the global digital transformation market has been segmented into cloud computing, internet of things (IoT), big data & analytics, artificial intelligence (AI), blockchain, and others.
By deployment, the global digital transformation market has been segmented into on-premise and on-cloud.
By organization size, the global digital transformation market has been segmented into small and medium-sized enterprises and large enterprises.
By vertical, the global digital transformation market has been categorized into BFSI, government, healthcare, IT and telecommunication, retail, education, and media & entertainment, among others.
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Digital Transformation Market Regional Analysis
North America to Dominate the Global Market
North America dominates the worldwide digital transformation market. The region is an early adopter of technology and is home to the bulk of the significant businesses in this market. The United States has the most significant market share of any country, owing to factors such as highly qualified expertise and research and development skills aimed at providing solutions and services, among others.
Europe to Follow North America
In terms of market share in the worldwide digital transformation market, Europe is following North America. The increasing acceptance of cloud-based solutions, the expansion of Industry 4.0, and the widespread use of mobile devices in the workplace are some of the factors driving the market growth.
APAC to Grow at Fastest Rate
During the forecast period, Asia Pacific is expected to be the fastest-growing region. Government initiatives to boost digitization and increased company adoption of cloud platforms are projected to increase demand for digital transformation in the region.
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COVID-19 Impact on the Global Digital Transformation Market
Amid the COVID-19 pandemic, cloud and internet technologies are keeping our world running. With social distancing in place, businesses across all industries are operating remotely, and consumers are entirely reliant on online services for both critical and non-essential requirements. The demand for powerful cloud infrastructure is skyrocketing in order to make this virtual world as real, efficient, and influential as possible. While everyone remains at home, cloud computing has made entertainment and gaming more convenient than ever.
Visitors' access to enterprises might be readily converted to blockchain and Bluetooth Low Energy (BLE)-based access control systems during the COVID-19 pandemic scenario. The visitor/guest would be invited using an app, and upon accepting the invitation, a unique access key would be generated, and transactions would be secured using blockchain. The visitor should be able to enter the office/society premise easily using the same access key, and a BLE enabled device. A distributed technology, such as blockchain, not only provides a more secure method of implementing access control systems, but it is also less expensive than a cloud-based back-end server-based solution. Blockchain technology facilitates access to and tracking visitors' health records, particularly in the context of the COVID-19 scenario.
Industry News
In May 2021, IBM corporation announced advances in artificial intelligence (AI), hybrid cloud, and quantum computing. The innovations emphasize IBM's role in assisting clients and partners in accelerating digital transformations, returning to work smarter, and developing strategic ecosystems that may create better business outcomes.
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