As per the research report, 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.
Over the past decade, the global digital revolution has yielded numerous advancements including wireless internet, smartphones, e-commerce, and wearable technology. These innovations have become commonplace throughout the developed world and are increasingly visible in emerging markets. Digital transformation is happening at a rapid pace, and sooner than organizations might think, many of the technologies that companies currently consider to be emerging, such as artificial intelligence and machine learning, would be pervasive. Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk. The rapid advances in digital technology are redefining the society.
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According to the study conducted by IDC, two-thirds of the global 2000 companies’ CEO are anticipated to shift their focus from traditional, offline strategies to modern digital strategies to improve the customer experience with approximately 34% of the organizations believing to fully adopt digital transformation within a year. In 2018, the net global spending on the digital transformation was approximately US$ 1 trillion and is anticipated to increase to over US$ 2 trillion by 2022. Most of the digital transformations are driven by growth opportunities, followed by increased competitive pressure and new regulatory standards. Companies that get significant value on their digital investments invest 33% more than other companies in technology, processes, operating models, and the ways of working that will drive their digital supremacy. On average, higher-maturity organizations’ digital transformation efforts are twice as broad as those at lower-maturity organizations (maturity is defined as the level of benefit derived from digital transformation efforts). Digital transformation is a top-down initiative, often led with a vision from the C-suite. CIOs and CEOs are most often reported as owning or sponsoring digital transformation initiatives – 28% and 23%, respectively.
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 facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst component, Solution segment holds the major share”
Based on component type, the market is fragmented into Solution, and Services. Solutions dominated the market with a share of 78.3% in 2019 and is expected to maintain its dominance during the forecast period owing to the automation of the processes that cuts down time, increases efficiency in operational processes and minimizing costs.
“Amongst solution type, cloud computing sub-segment dominated the market in 2019”
The solution segment is further subdivided into cloud computing, big data and analytics, mobility, disruptive technology and social media. Cloud computing dominated the market with a share of 38.4% in 2019 and is expected to maintain its dominance during the forecast period. However, Disruptive technology is anticipated to witness highest CAGR during the forecast period (2021-2026).
“Amongst service type, Solution segment is expected to dominate the market during the analyzed period”
Service segment is bifurcated into professional services and system integration subsegments. Professional services dominated the market with a share of 81.8% in 2019 and is expected to maintain its dominance during the forecast period. However, system integration is anticipated to witness highest CAGR during the analyzed period. Through an integrated infrastructure, the complexities of different business processes and applications are gone, instead replaced by a simple-to-use, unified environment. From allowing employees to spend less time on mundane data entry to sleeping safely at night due to better levels of security, a modernized IT environment provide endless rewards.
“Amongst deployment type, cloud dominated the market in 2019”
Based on the deployment type, the market is segmented into on-premises and cloud. In 2019, cloud accounted for 58.9% of market revenue share and dominated the market. As businesses begin to adapt their processes to a digital space, they require cost and work efficiency, elasticity agility and scalability. The cloud provides all these features. Businesses that implement cloud computing and digital transformation report enormous growth and improved efficiency. It enables them to stay relevant and thrive in a dynamic ecosystem. However, on-premises segment in anticipated to witness highest CAGR during the forecast period.
“Amongst end-user, large enterprises are expected to dominate the market during the analyzed period”
Based on the end-user, the market is fragmented into large enterprise and small and medium enterprises. In 2019, the large enterprise accounted for the maximum market share with 61.7% and is expected to be the leading segment of the digital transformation market during the forecast period. However, Small and Medium Enterprises Digital Transformation Market is expected to witness highest CAGR growth during the forecast period 2021-2026.
“Amongst industry verticals, Banking Financial Services & Insurance dominated the market in 2019”
Based on the industry vertical, the digital transformation market is fragmented banking, financial services & insurance (BFSI), healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. In the BFSI industry, digital transformation helps to make financial transactions speedy, secure, simple, and error-free. In 2019, BFSI accounted for 25.2% of market revenue share and dominated the market. However, healthcare segment in anticipated to witness highest CAGR during the forecast period.
“Asia-Pacific represents one of the largest markets of Digital Transformation market”
For a better understanding of the market dynamics of the digital transformation market, a detailed analysis was conducted for different regions across the globe 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 (United Arab Emirates, Kingdom of Saudi Arabia, Qatar, South Africa, Rest of MEA) has been conducted. Asia-Pacific dominated the market and generated revenue of US$ 427 billion in 2019 owing to the emergence of the region as mature and digitally ready 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 on meeting customer needs and by investing in technology, people and partnerships, Asia Pacific is poised to take its place as the digital leader.
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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