The global digital transformation market will grow from US $410 billion in 2020 to US $784.00 billion in 2026, at a CAGR of 18.1% during the forecast period.
Digital transformation can be identified as the application of digital techniques like cloud computing, big data, and so on to increase business performance. The need to grow the business, improve operating expenses and business efficiency, and track business activities in real-time is pushing businesses to participate in the digital transformation.
Digital transformation assists companies to limit overall risks and manage disruptions, such as fluctuations, restructuring, and the unexpected geopolitical situations that can result in unpredictable outcomes. In addition, the shift from traditional business models to new digital models facilitates the introduction of more technologically advanced products and services. This has the potential to modernize and assimilate all business functions to enhance the efficiency of the business. It helps organizations streamline operations to save time, effort, and money by replacing traditional processes with automation, thereby reducing user error rates.
Market growth and trends:
Automotive Expected to Have Significant Growth
Market Drivers and Restraints:
Digital transformation is helping organizations improve their brand reputation, customer experience, and customer retention rates through the deployment of software. This software helps organizations to educate and train their internal teams on various aspects of their organizations. In addition, digitally transformed organizations can adapt to the changing technological landscape and cope with sudden changes in the industry. Businesses in this sector are developing robust infrastructure due to the surge in the call, and the implementation of novel technologies and solutions is rising, supplementing the market growth. Due to the rising competition in these sectors, funding in technology is augmented to garner a competitive advantage in the business.
The augmenting penetration of IoT-based products in daily life, rising penetration of mobile devices, and increased dependence on IoT-based products promote the growth in the global digital transformation market. However, factors such as an ICT infrastructure in underdeveloped and developing countries and high threats to data security are hampering the market growth. Also, the rising dependence of the BFSI, retail, and automotive sectors on IoT-based products and solutions is likely to offer promising opportunities for the business. Due to the combination of AI, machine learning, and the deployment of IoT and connected infrastructure, the global market is anticipated to multiply over the calculated period. The primary driver of the digital transformation market is the surge in demand for automation in industries. Automation also entails the integration of several mechanical systems with information technology. The adoption of wireless communication is booming, and the penetration of this technology will develop in the future, resulting in the rate of digital transformation.
Segmentation Analysis
Regional Analysis:
By region, the global market is studied into:
North America is at the forefront of business development across the world, followed by Europe. The Asia Pacific is estimated to record notable CAGR in the coming years due to the rising investments in the digital transformations.
Key players in the market
Major market players are SAP SE, IBM Corporation, Oracle Corporation, Google Inc., Dell EMC, Hewlett Packard Enterprise Co., CA Technologies, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini Group, Apple Inc. and Kellton Tech Solutions Ltd., among others.
We observe that industry players invest massively in research and development activities to increase their market share and guarantee the organic growth of their companies. Furthermore, these players actively participate in the development of new products to improve and expand their existing product and service portfolios, thus offering these companies the possibility of acquiring new customers and validating the technology.
Recent developments:
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Digital Transformation Market, By Solution
6.1.1 Cloud Computing
6.1.2 Big Data
6.1.3 Mobility
6.1.4 Social Media
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Digital Transformation Market, By Services
6.2.1 Training
6.2.2 Maintenance
6.2.3 Advice
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Digital Transformation Market, By Enterprise Size
6.3.1 Small And Medium-Sized Enterprises (SMEs)
6.3.2 Large Companies
6.3.3 Market Size Estimations & Forecasts (2021-2026) 6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Digital Transformation Market, By End-User
6.4.1 BFSI
6.4.2 Telecommunications
6.4.3 Healthcare
6.4.4 Utilities
6.4.5 Retail
6.4.6 Automotive
6.4.7 ICT
6.4.8 Market Size Estimations & Forecasts (2021-2026)
6.4.9 Y-o-Y Growth Rate Analysis
6.4.10 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021-2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Solution
7.2.3 By Services
7.2.4 By Enterprise Size
7.2.5 By End-User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Solution
7.3.3 By Services
7.3.4 By Enterprise Size
7.3.5 By End-User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Solution
7.4.3 By Services
7.4.4 By Enterprise Size
7.4.5 By End-User
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Solution
7.5.3 By Services
7.5.4 By Enterprise Size
7.5.5 By End-User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Solution
7.6.3 By Services
7.6.4 By Enterprise Size
7.6.5 By End-User
8. Key Player Analysis
8.1 SAP SE
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 IBM Corporation
8.3 Oracle Corporation
8.4 Google Inc
8.5 Dell
8.6 Hewlett Packard Enterprise Co
8.7 CA Technologies
8.8 Microsoft Corporation
8.9 Adobe Systems Inc
8.10 Accenture PLC
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
