According to a new market research report “Digital Transformation Market by Technology (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity, AI, and IoT), Deployment Type, Organization Size, Vertical (BFSI, Retail, Education), and Region – Global Forecast to 2026″ published by MarketsandMarkets, the digital transformation market size to grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of digital transformation technologies and services.
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Digital transformation is the outcome of changes that occur with the application of digital technologies. The use of digital transformation across business and organizational activities, processes, competencies, and business models leverages the changes and opportunities of a mix of digital technologies and their impact on society. Digital transformation helps enterprises improve the customer experience, optimize the workforce, enhance the operational activities, and transform the products and services of the organization. The evolution of digital technologies, such as cloud computing, big data and analytics, mobility/social media, blockchain, Artificial Intelligence (AI), Internet of Things (IoT), robotics, and cybersecurity, has created the need for digitalization across several industries. These technologies are used by enterprises to improve or add more features to their traditional business processes while also helping enhance customer relationships.
The cloud computing technology to hold the largest market size during the forecast period
Cloud computing offers enterprises several benefits, such as pay-as-use, faster time-to-market, and on-demand elastic infrastructure. Cloud computing helps enterprises use remote servers hosted on the internet to store, manage, and process critical data. The increasing volume of data generation in websites and mobile apps, the rising focus on delivering customer-centric applications for driving customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are some of the factors driving the growth of the emerging technologies. Major factors such as data security, faster Disaster Recovery (DR), and meeting compliance requirements are driving the growth of cloud computing services. The need to mitigate risks, achieve scalability and flexibility to move and store data, reduce storage and infrastructure complexities, and increase business efficiency are leading to the growth of the cloud computing market.
BFSI vertical to have the largest market size during the forecast period
The digital transformation market by vertical has been categorized into banking, financial services, and insurance, retail and eCommerce, media and entertainment, IT and telecom, healthcare and life sciences, government and defense, manufacturing, and education. The BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing usage of mobile devices to access banking services is driving the adoption of digital transformation solutions in the BFSI vertical.
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APAC to hold higher CAGR during the forecast period
The digital transformation market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the digital transformation market.
The major vendors in the global digital transformation market include Microsoft(US), IBM(US), SAP(Germany), Oracle(US), Google(US), Cognizant(US), HPE(US), Adobe(US), Accenture(Ireland), HCL Technologies(India), Broadcom(US), Equinix(US), Dell(US), Tibco(US) and Marlabs(US).
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