According to the current analysis of Reports and Data, the global digital transformation market was valued at USD 469.71 Billion in 2020 and is expected to reach USD 1,560.53 Billion by 2028, at a CAGR of 16.1%. The study provides an overall insight into the factors responsible for the growth in the Digital Transformation market. Owing to rising urbanization and digitalization across the world, organizations are switching towards using technology driving solutions to match the rapid pace of business growth and implementation of techniques in today’s scenario. Parallel growth of end user Industries like BFSI and Healthcare sectors is expected to drive the digital transformation market. Furthermore, digital transformation has helped organizations in expanding customer base through better interactions and swifter customer support services.
The growth of digital transformation market is expected to be restrained because of low awareness regarding use of digital transformation and stigma against using IOT and Cloud services owing to its vulnerability and possibility of leak of data. It is anticipated that extensive research and development funded by various companies and governments would help in overcoming this challenge and convert it into an opportunity for the market to thrive upon. The paramount importance of confidentiality and secrecy in the operation of many government and private companies is expected to grow the size of the digital transformation market. The digital transformation solutions have different applications in the several end-user industries. The manufacturing end-user industry offers the most opportunities in the digital transformation market. The manufacturing end-user has many different processes involved in their day-to-day operations. The solutions enable the transformation of the conventional practices digitally using automation, analytics, machine learning, and cloud computing technologies. There are several vendors offering the digital transformation solution in the market. These companies have adopted different growth strategies for increasing their geographical footprint and enhance their digital transformation products and services.
Further key findings from the report suggest
- Digital transformation market is growing at a CAGR of 3% in Asia Pacific followed by North America and Europe.
- The artificial intelligence segment is forecasted to have the fastest growth rate due to the increasing implementation of AI and ML in different end-user industries
- The Big Data segment has the largest market share of 28% in the market. The large scale generation of data and the ability to generate actionable insights from the data is the major factor for the adoption of big data technologies in the industries and enterprises
- The workforce transformation segment is estimated to have the largest market size of USD 83.8 Billion in 2018. The enterprises are adopting digital transformation solutions to make the workforce more efficient leveraging the automation and analytics solutions for daily operations
- Large Enterprises invest heavily in having on premises deployment of digital transformation as it helps them in having total control over the confidential data collected through these sensors. Dedicated servers help in installation of a network of customized digital transformation which suit the demand of the organization perfectly.
- Due to modernization, rising standards of living and increasing per capita GDP, people are shifting towards using more and more technologically advanced electronic devices in their homes and as wearables as well, helping the digital transformation market grow.
- Governments are investing in digital transformation to help modernize and secure the state-run services, which generate a large amount of revenue. Furthermore, biometrics are also used by Governments to maintain secrecy and confidentiality in internal affairs and workings.
- The companies in the digital transformation market have adopted various strategies such as partnerships, mergers and acquisition, and business expansions to maintain a competitive edge in the market and compliment their existing solutions
Key participants in the market research study IBM Corporation, Microsoft Corporation, SAP, Dell EMC, Google, Accenture PLC, CA Technologies, Cognizant, Adobe Systems, Oracle Corporation, Hewlett Packard Enterprise, HCL Technologies, TIBCO Software, Marlabs, and Equinix.