ID: MRFR/ICT/7213-HCR | February 2021 | Region: Global | 111 pages
Digital Transformation 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% during the forecast period 2019–2025. The increasing number of mobile devices, increasing IT spending to deploy digital solutions by business, and developing advanced communication and networking infrastructure are some of the key factors driving market growth. However, the lack of skill set required to develop and deploy the digital technologies and stringent regulations of the ICT sector are some of the factors restraining the market.
Some of the use cases: Data Privacy & governance, IT transformation, and Governance, Risk & Compliance among others.
Global Digital Transformation Market, 2018–2025 (USD Billion)
Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, MRFR Analysis
The Prominent Players active in the Digital Transformation Market are IBM Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Google (US), Dell EMC (US), Accenture Plc (Ireland), Cisco Systems, Inc. (US), Oracle Corporation (US), Tibco Software Inc (US), Hewlett Packard Enterprise (US), Cognizant (US), Marlabs (US), Equinix Inc. (US), CA Technologies (US), Rockwell Automation Inc. (US), Salesforce.com, Inc. (US) and HCL Technologies (India).
Digital transformation is the process of integrating digital technologies into the business operations which are related to their products and services, customers, workforce optimization, infrastructure, and financial operations. These digital technologies are cloud computing, big data analytics, artificial intelligence, IoT, blockchain, and others. According to the World Economic Forum, the digitalization value would reach USD 100 trillion over the next six years owing to high growth in data traffic, online users, connected objects, and cloud computing technologies across the globe.
The Global Digital Transformation Market has been segmented on the basis of Technology, Deployment, Organization Size, Vertical, and Region.
By Technology, the digital transformation market has been segmented into cloud computing, big data & analytics, artificial intelligence (AI), internet of things (IoT), blockchain, and others.
By Deployment, the digital transformation market has been segmented into on-premise and on-cloud.
By Organization Size, the digital transformation market has been segmented into small and medium-sized enterprises and large enterprises.
By Vertical, the digital transformation market has been categorized into BFSI, healthcare, IT and telecommunication, government, retail, education, and media & entertainment among others.
By Region, the digital transformation market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Market Research Future (MRFR) study has covered the following countries in the regional analysis of the digital transformation market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Benelux, and Italy in Europe. China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines in Asia-Pacific. Saudi Arabia, Israel, Turkey, and South Africa in the Middle East & Africa. Brazil, Peru, Chile, and Argentina in South America.
The global digital transformation market is currently dominated by North America. The region is an early adopter of technology and also holds the presence of a majority of key players operating in this market. The US, among all the countries, accounts for the largest market share owing to factors such as highly skilled expertise and research and development capabilities which aims at developing solutions and services among others.
Europe is following North America in terms of market share in the global digital transformation market. Increasing adoption of cloud-based solutions, growth of industry 4.0, and high adoption of mobile devices at workplaces are some of the driving factors for the market growth. Asia-Pacific is projected to be the fastest-growing region during the forecast period. Government initiatives supporting digitalization and increasing adoption of cloud platforms by enterprises is expected to elevate the demand for digital transformation in the region.
Frequently Asked Questions (FAQ) :
The digital transformation market is expected to reach a signficant market value of USD 817.05 million by 2025.
The global digital transformation market is maturing at a whopping 18.87% CAGR over the review period of 2019 to 2025.
A few significant players of the global digital transformation market are Cognizant (US), Marlabs (US), CA Technologies (US), Equinix Inc. (US), Rockwell Automation Inc. (US), among others.
The IoT segment is expected to drive market growth over the review period.
The on-cloud segment is likely to witness the highest demand in the digital transformation market.
The North American region is expected to witness the maximum growth.