BANGALORE, India, April 8, 2020 /PRNewswire/ -- Digital transformation is the process of using emerging technology to develop or change business processes, culture, and consumer experiences to meet the changing business and market needs. Thus, leading to fundamental changes in how companies function and how they give value to their clients. Technologies such as Cloud Computing, Internet-of-Things (IoT), Big Data and Artificial Intelligence (AI) are paving the way for smart business transformations.
Based on type, the Digital transformation market can be classified into Artificial Intelligence, Internet of things, Cloud-Based and others. Among them, the Cloud-Based segment is expected to dominate the market with a share of 49.38%
In 2019, the global Digital Transformation market size was valued at USD 330.6 Million and is projected to hit USD 784.9 Million by the end of 2026, with a CAGR of 13.0 percent in 2021-2026.
Digital transformation supports organizations in mitigating risks and handling disruptions such as marketplace fluctuation, corporate restructuring, and geopolitical environment. The transition from traditional business models to modern digitized business models also promotes the development of more technologically advanced products and services.
This report focuses on the status of the global digital transition, future projections, opportunities for growth, key markets, and key players. The objective of the study is to present the progress of the digital transformation in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
TRENDS INFLUENCING THE GLOBAL DIGITAL TRANSFORMATION MARKET SIZE
Mobile devices and apps have revolutionized many aspects of modern life. This has, in turn, paved the way for the digitization of different industry verticals. Organizations and businesses across the world are digitally transforming their traditional brick-and-mortar businesses into online businesses. This increasing penetration of mobile devices is expected to increase the digital transformation market size during the forecast period.
The increased demand for industrial automation is the primary driver for the growth of digital transformation market size. Furthermore, the market is expected to experience rapid growth over the forecast period due to the convergence of AI, machine learning, and rapid deployment of IoT and connected infrastructures.
Increasing consumer buying power and the need to fulfill consumer standards, which in turn contribute to established customer retention and new customer acquisitions, are the major factors behind the digital transformation of the retail sector. The retail sector is expected to lead the digital transformation market during the forecast period. Digital transformation for a retail industry includes the integration of customer care, merchandising, pricing, procurement, and supply chain processes to save time and optimizing convenience for shoppers.
REGION WISE GLOBAL DIGITAL TRANSFORMATION SHARE ANALYSIS
North America is expected to dominate the global digital transformation market. This can be attributed to growing internet penetration and the increased usage of various types of online payment modes.
Rapid technological developments, increasing awareness about the advantages of transitioning to the cloud are some of the factors that compel SMBs in the Asia Pacific region to transform their business. This surge in digital transformation from the SMBs in the Asia Pacific region is expected to increase the region's market share.
DIGITAL TRANSFORMATION MARKET SEGMENTATIONS
DIGITAL TRANSFORMATION MARKET SEGMENT BY REGIONS/COUNTRIES, THIS REPORT COVERS
The global digital transformation services market size is estimated at USD 215.3 Billion in 2019 and is projected to hit USD 690.9 Billion by the end of 2025, rising at a 21.45 percent CAGR between 2019 and 2025.
The growing convergence of marketing and technology, in many industries, is changing the business environment. Digital transformation services help the business to realign their business processes and technologies to obtain a competitive edge in the market.
The report studies the demand for digital transformation services using various methodologies to provide reliable and in-depth industry knowledge. Based on global revenue, the digital transformation service market report lists the major players in the key regions and their market share. It also outlines their strategic developments in recent years, investments in product innovation and leadership changes to remain ahead in the market.
Digital transformation is the transition associated with digital technology's implementation in all facets of human society. It encourages different forms of inventions and ingenuity in particular fields rather than merely improving existing approaches and promoting them.
The global digital business transformation market size is estimated at USD 280.6 Billion in 2019 and is projected to hit USD 693.6 Billion by the end of 2025, rising at a CAGR of 16.28 percent from 2019 to 2025.
This study focuses on the status of the global digital business transformation market, future projections, growth prospects, key industry, and key players. The aim of this study is to address the progress of Digital Business Transformation in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
Digital Transformation in Healthcare Market Report
Digital transformation in the healthcare market involves the incorporation of digital technology into all facets of how a healthcare sector deals with customers, healthcare providers, and regulators.
The report provides a detailed regional overview of the global digital transition healthcare market, covering major regions, including North America, Europe, China, Japan, South Korea, and India. Report buyers can access verified and accurate industry estimates, including revenue-related projections for the overall size of the global healthcare digital transformation sector.
Digital transformation in Banking, Financial Services and Insurance Market Report
This report focuses on the global digital transformation of the status of banking, financial services and insurance, future projections, growth prospects, key markets, and key players. The objective of the report is to address the digital transformation in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America in banking, financial services, and insurance growth.
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