The digital transformation market is projected to grow from USD 290.0 billion in 2018 to USD 665.0 billion by 2023, at a CAGR of 18.1% from 2018 to 2023
NEW YORK, April 16, 2019 /PRNewswire/ -- Digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency, the rapid proliferation of mobile devices and apps, and increasing penetration of IoT and adoption of cloud services are some of the factors driving the market.
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The digital transformation market is projected to grow from USD 290.0 billion in 2018 to USD 665.0 billion by 2023, at a CAGR of 18.1% from 2018 to 2023. Digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency, the rapid proliferation of mobile devices and apps, increasing penetration of IoT and adoption of cloud services, and the need to improve operational performance to gain competitive benefits in the market are projected to drive the growth of the market across the globe. However, security and privacy concerns for confidential data is expected to restrict the growth of the market across the globe.
Based on technology, the artificial intelligence segment is expected to lead the market during the forecast period.
The technology segment is projected to lead the digital transformation market during the forecast period.The emergence of AI has transformed how data is collected and analyzed.
The technology builds data models automatically in digital forms. AI also collects data from multiple sources and uses the information as a knowledge store, which can help business in several ways, such as identify and analyze buying patterns and trends or predict needs of consumers to boost customer experience.
Based on deployment type, the cloud segment is expected to lead the digital transformation market in 2018.
The cloud segment is expected to lead the digital transformation market in 2018.The deployment of digital transformation solutions on the cloud enables users to access solutions from their desktops or any mobile devices.
Key advantages of this deployment type include easy deployment, low deployment cost, and easy upgradeability and accessibility.Furthermore, it helps reduce IT budgets and financial risks, while increasing flexibility.
Therefore, small organizations and individual users generally prefer cloud digital transformation solutions.
The retail vertical to lead the digital transformation market in 2018.
Retail is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks.Some of the factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations, which, in turn, lead to the retention of existing customers and new customer acquisitions.
Presently, retailers use the web, e-commerce, and various applications to retain and attract their customers digitally. Digital transformation requires seamless integration of customer services, merchandising, pricing, inventory, and supply chain processes to enable shoppers to save time and maximize convenience.
The Asia Pacific (APAC) digital transformation market is projected to grow at the highest CAGR during the forecast period
The APAC digital transformation market is projected to grow at the highest CAGR during the forecast period.This growth is primarily driven by the high rate of adoption of digital technologies, especially in economies such as Australia, India, China, Japan, and Singapore.
Digital transformation solutions are being adopted by companies to improve and streamline business processes and facilitate informed business decision-making.Companies across verticals are taking initiatives to upsurge their IT infrastructure, thus leading to the adoption of cutting-edge technologies by these companies as well as their customers.
The rising number of mobile device users, increasing the use of social media analytics, and growing online commerce are some of the factors expected to fuel the growth of the digital transformation market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the digital transformation market.
• By Company Type: Tier 1 – 52%, Tier 2 – 31%, and Tier 3 – 17%
• By Designation: C-level – 36%, Directors – 24%, and Others – 40%
• By Region: North America – 30%, Europe – 24%, Asia Pacific – 36%, MEA – 5%, and Latin America– 5%
Major vendors of digital transformation solutions and services include IBM Corporation (US), Microsoft Corporation (US), SAP (Germany), Dell EMC (US), Google (US), Accenture PLC (Ireland), CA Technologies (US), Cognizant (US), Adobe Systems (US), Oracle Corporation (US), Hewlett Packard Enterprise (US), HCL Technologies (India), TIBCO Software (US), Marlabs (US), and Equinix (US). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
Research coverage
The market study covers the digital transformation market across different segments.It aims at estimating the market size and the growth potential of this market across different segments based on by technology, business function, deployment type, vertical, and region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall digital transformation market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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