Global Digital Transformation Market is expected to reach the market valuation of US$ 3,693.8 billion by 2026 expanding at a reasonable CAGR of 16.06% during the forecast period (2021-2026) from US$ 1,180 billion in 2019. Digital transformation is imperative for all businesses, from the small to the enterprise. A business may take on digital transformation for several reasons. Shifting from traditional to new digitalized business models facilitates the introduction of more technologically advanced products and services.
As digital technologies dramatically reshape industry after industry, many companies are pursuing large-scale change efforts to capture the benefits of these trends or simply to keep up with competitors. The various factors driving the digital transformation market include the digitalizing business functions, rapid proliferation of mobile devices and apps, and increasing penetration of IoT, and the adoption of cloud services. However, security and privacy concerns for confidential data, issues related to IT modernization are expected to hinder the growth of the digital transformation market.
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Companies move twice as fast on digital transformation when there is a shared understanding among senior leaders, strategists, and the organization as a whole of the digital path ahead. Digital transformation and customer experience go hand in hand. 70% of companies either have a digital transformation strategy in place or are working on one. Most digital transformations are driven by growth opportunities, followed by increased competitive pressure and new regulatory standards. Executives believe the top benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%), and the ability to meet customer expectations (35%). 60% of companies that have undergone a digital transformation have created new business models. Also, 55% of startups have adopted a digital business strategy, compared to 38% of traditional companies.
Solution and services are the two major components involved in the digital transformation. The solutions segment is further subdivided into cloud computing, big data and analytics, mobility, disruptive technology, and social media. Moreover, the Service segment is divided into professional services and system integration. The cloud computing sub-segment dominated the solution segment market in 2019 accounting for 38.4% and is anticipated to maintain its dominance during the forecast period. Cloud computing offers the essential computing resources, infrastructure, and platforms on the go, saving the organization from the cost, time, and hassles of investing in different IT resources.
Based on the deployment type, the market is segmented into on-premise and cloud. In 2019, cloud accounted for 58.9% of market revenue share and dominated the market as it offers a unique platform where an organization can quickly build, test, and deploy apps on different platforms during the transformational phase without setting up complex infrastructure. However, the on-premise segment is expected to witness the highest CAGR of 17.37% during the forecast period.
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The major end-users of digital transformation include large enterprises and small & medium enterprises. The large enterprises dominated the market and generated revenue of US$ 727.8 billion in 2019. However, the small & medium enterprises segment is expected to witness the highest CAGR of 17.5% during the forecast period. The digital transformation has a growing impact on Small to Medium-sized Enterprises (SME) business and IT ecosystems and offers new and prolific opportunities to participate in the global economy. Several enterprise applications providers, technology, and infrastructure vendors have realized and capitalized on the power of innovative technologies like cloud, big data, mobile, social, sensors, and others assuming the next-generation solutions are being developed with the connection to these services.
The digital transformation is implemented in various industry verticals such as banking, financial services & insurance (BFSI), healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. The BFSI segment dominated the market in 2019 and is anticipated to maintain its dominance throughout the analyzed period as customer understanding has enhanced with the digital transformation, and businesses are taking great advantage of more emerging technologies such as AR and VR for improving the customer touchpoints. However, healthcare is expected to witness the highest CAGR of 19.07% during the forecast period. During the 2020 pandemic, there was a 15% increase in the use of digital tools for health support by consumers. Also, 37% of consumers are very likely to use telehealth in the future.
Additionally, the report provides detailed initiatives that are being taken in the field of digital transformation. The market is classified into distinct regions including North America (US, Canada, Mexico, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Rest of Latin America) and MEA (the United Arab Emirates, Kingdom of Saudi Arabia, Qatar, South Africa, Rest of MEA). Asia-Pacific generated maximum revenue of US$ 427 billion in 2019 owing to the emergence of the region as mature and digitally ready to boil down to culture. It seems that, finally, business culture across the world but particularly in the Asia Pacific region is about to pay dividends. With what seems a genuine obsession with meeting customer needs and by investing in technology, people, and partnerships, Asia Pacific is poised to take its place as the digital leader. However, Europe is expected to witness the highest CAGR growth of 29.78% during the forecast period 2021-2026.
IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation, and Google Inc are some of the prominent players operating in the global digital transformation market. Several M&A’s along with partnerships have been undertaken by these players to develop digital transformation.
The Digital Transformation Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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