The Digital Transformation Market is anticipated to reach US$ 411.97 Bn in 2021, expanding at a CAGR of 19.3% from 2017 to 2025.
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Digital transformation is the profound transformation of business and organizational activities, processes, competencies and models. This is to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and organized way, considering present and future shifts in mind.
It uses digital technologies such as social media, mobility, analytics, and more. These technologies may be used by enterprises to improve or add more features to their traditional business processes and also maintain customer relationships.
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Digital transformation is the outcome of changes that occur with the application of advanced digital technologies. In terms of revenue, the Digital Transformation Market is anticipated to reach US$ 411.97 Bn in 2021, expanding at a CAGR of 19.3% from 2017 to 2025.
The Global Digital Transformation Market is enhanced by factors such as:
- Growing demand for the adoption of the Internet of Things (IoT) across industries.
- Technological advancements in digital electronics.
- Increasing adoption of the cloud platform.
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Based on component, the growth of the solution segment can be ascribed to the rapidly evolving technological landscape that requires organizations to keep updating their systems with the most recent innovation. On the other hand, the adoption of digital transformation solutions involves the need for services such as training and support, hence, driving the growth of the service segment over the forecast period.
Technological evolutions ranging from cloud, big data & analytics, artificial intelligence and mobility to the IoT and more recent emerging technological realities are empowering influences of digital transformation and accelerators of innovation and transformation.
On the basis of deployment type, the global market is bifurcated into on-premise and cloud. Cloud based strategies aid in refining cost structures and setting up a control center for coordinating and arranging several components of the supply chain.
A control tower system captures transportation data and processes it for providing enhanced visibility and facilitating better decision-making, efficiency, and services. Besides, the phenomenal growth of the on-premise segment is accredited to the fact that this method offers increased flexibility and empowers large-scale customization of products and services for organizations.
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In terms of end user, the remarkable growth of the SMBs segment can be attributed to aspects such as the reduced cost of devices and increased focus on cloud computing, thus making it much more convenient for SMBs to streamline their businesses. The growing awareness about the benefits of digitalization has led companies to invest significantly in order to expand and sustain their existing positions in a highly competitive market.
Additionally, rapid advancements in the cloud technology and the introduction of cutting-edge technologies such as artificial intelligence, Internet of Things (IoT), and advanced data analytics, among others have made it possible for SMBs to adopt them.
Geographically, North America is estimated to dominate the global market during the forecast period owing to increasing penetration of internet and the accelerated use of different type of online payment modes, particularly in the retail sector. Conversely, Asia Pacific is alleged to emerge as the fastest growing region over the study period, owing to the increasing number of SMBs and the expanding service sector.
Some of the significant players functioning in the Global Digital Transformation Market include Accenture PLC, Adobe Systems Incorporated, CA Technologies, Capgemini, Cognizant, Dell Emc, Google Inc., Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE and so on.
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