Digital Transformation Market:
Growth opportunities in the digital transformation market look promising over the next six years. This is mainly due to the rising adoption of digital technologies, growing penetration of social media, and better customer experience.
Digital Transformation Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the prominent drivers contributing to the growth of the digital transformation market include swift industrialization, surging demand for industrial automation, accelerating penetration of smartphones and social media platforms, rising labor value, along with the expanding B22B and B2C application of e-commerce. Moreover, the augmenting acquisition of these technologies, which include cloud computing, Artificial Intelligence, Machine Learning (ML), social media, robotics, Internet of Things (IoT), and robotics among business corporations, will further boost the market size.
In accordance with The World Bank, approximately 51% of the world’s population used the internet through games machines, digital TV, mobile phones, computers, and personal digital assistant. However, the growing concerns about privacy and safety involved with critical enterprise data and the escalating cyber-attacks and data breaches will obstruct the market size. However, as per the digital transformation market analysis, the complications involved with the implementation, along with an inadequately skilled labour workforce, will hamper the market growth.
End-Use Segment Drivers
Based on the end-use industry, retail is predicted to witness a higher CAGR over the forecast period. This is because of the increasing acceptance of IoT, big analytics, and automation in this sector. As per the United Nations Conference on Trade and Development, e-commerce sales amounted to $25.6 trillion in 2018, with a rise of 8 % from the last year. This is likely to supplement the market growth.
Regional Drivers
Based on regional coverage, Asia Pacific is projected to expand at a faster CAGR over the forecast period. This is primarily attributed to the growing internet coupled with the fuelling adoption of these technologies like robotics, cloud computing in retail, BFSI, artificial intelligence, and telecommunication. Moreover, the India Brand Equity Foundation (IBEF) stated that the online impalement of retail is likely to reach 10.7% by 2024 versus 4.7% in 2019 and the e-commerce business in India to $99 billion by 2024, propelling at a CAGR of 27% over 2019, thereby raising the digital transformation market size.
Digital Transformation Market’s leading Manufacturers:
- HubSpot Inc.
- SAS Institute Inc.
- Adobe, Inc.
- Microsoft Corporation
- International Business Machines Corporation
- Alphabet Inc.
- SAP SE
- Cognizant Technology Solutions Corporation
- Oracle Corporation
Digital Transformation Market Segmentation:
Segmentation by Technology
- Cloud Computing
- Artificial Intelligence
- Big Data and Analytics
- Mobility/Social Media
- Cybersecurity
- Internet of Things
- Others
Segmentation by End-Use Industry
- Automotive
- Food & Beverages
- Information Technology
- Telecommunication
- BFSI
- Retail
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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