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Global Digital Transformation Market is valued approximately USD 405 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.50 % over the forecast period 2020-2027.
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Digital Transformation uses digital technologies to create new and modify existing business processes, customer experiences and culture to cope with the changing business and market requirements. These software aid organizations in educating and training their internal teams regarding various aspects of their organizations. Moreover, digitally transformed organizations can familiarize to the evolving technological landscape and are able to tackle abrupt shifts in the industry. More importantly, a major part of the market growth is anticipated to be driven by companies investing in mobility, cloud platforms, and big data technologies as part of their development of Digital Experience Platforms (DXP). Moreover, increasing penetration of mobile devices and apps fuels the market growth. As per China daily 40 billion chips were manufactured in the first quarter of 2018 an increase of 15.2% from 2017 and 420 million mobile phones were produced in the same year an increase of 0.5% from the previous year. As per Indian cellular Association (ICA) the annual production of mobile phones in the country increased to 11 million in 2017 from 3 million in 2014. Which makes the country accountable for 11% of the total global mobile phone production. Further, the use of advanced technologies namely, IoT, cloud, mobility, big data and social media has augmented innovation and transformation in business ecosystems driving the market growth. As per Statista, the North American IoT market has grown from USD 140 billion in 2012 to USD 330 billion in 2018. Also, as per the same source, the number of IoT units in Canada in 2013 amounted to 28 million which increased to 114 million units in 2018.However, security and privacy concerns for confidential data impedes the growth of the market over the forecast period of 2020-2027. Although, demand for personalized digital transformation presents a lucrative opportunity for the market.
The regional analysis of global Digital Transformation market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing presence of major market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income and increasing digitalization and penetration of connected devices would create lucrative growth prospects for the Digital Transformation market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Technology:
By Deployment Type:
By Vertical:
By Region:
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