Global Global Digital Transformation Market size was valued at US$ 336.14 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 23.6% through 2021 to 2027, reaching nearly US$ 1,481.32 Bn.
Digital Transformation Market Overview:
The Global Digital Transformation Market Businesses do not choose to shift because it is costly and hazardous. When a company fails to evolve, it must undergo transformation. For a variety of reasons, businesses may be drawn to digital transformation. But, without a doubt, the most compelling argument is that they must compete to survive and develop in this massive market. To satisfy changing company and market requirements, digital transformation is required to establish new or adapt existing business processes, culture, and customer experiences. It goes beyond standard sales, marketing, and customer service functions. The way you think about and interact with customers is where digital transformation begins and finishes. With digital transformation, businesses are taking a step back and rethinking everything they do, from internal processes to online and in-person client interactions.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Digital Transformation Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Digital Transformation Market segments which include products, applications, and competitor analysis.
Digital transformation is the integration of digital technology into all aspects of a company, resulting in fundamental changes in how the company operates and how it provides value to customers. It entails a complete rethinking of how an organisation might leverage updated technology to develop new goods, services, revenue streams, and business models in order to outperform competitors. Various organisations have implemented digital business, and in the next years, digital transformation is expected to become the norm. Furthermore, the majority of prominent enterprises are putting up efforts to integrate current digital initiatives into their operations and generate money from digital activities.
An increase in demand for the creation of Internet of Things (IoT) based products and data rich solutions by various commercial organisations and industries, as well as an increase in the use of mobile devices and applications, are among the major factors driving the market. Furthermore, there is a growing desire for organisational business operations to be digitalized in order to meet changing client expectations and improve operational efficiency. Furthermore, increased cloud platform use, smart city projects, and the use of real-time applications all over the world are likely to propel the global digital transformation market forward throughout the forecast period.
On the other hand, rising public concerns about security and privacy, a scarcity of qualified and competent experts, and weak ICT infrastructure in emerging countries are likely to restrain the worldwide digital transformation market's expansion throughout the forecast period.
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Segmentation:
The market is divided into two categories: on-premises and cloud. By 2027, the cloud deployment sector is estimated to have the greatest market share of %. In 2019, cloud deployment had a 60 percent market share, and this dominance is likely to continue through the forecast period of 2021-2027. Data and information can be accessed from anywhere at any time with a cloud deployment option. It also incorporates pay-per-use, which is cost-effective for an organisation. As a result of these advantages, businesses are rapidly adopting cloud deployment. During the forecast period 2021-2027, these are the key factors driving the growth of this category in the global market.
The market is divided into two categories: large enterprises and small businesses. During the projection period 2021-2027, the small and medium enterprise (SME) segment is predicted to increase at a CAGR of percent. In 2019, the small and medium enterprise sector held a 55 percent market share, and this dominance is likely to continue during the projection period. Companies have been pushed to invest heavily in order to expand and maintain their present positions in a highly competitive market as knowledge of the benefits of digitization has grown. Through the installation of software and automations, digital transformation assists SMEs in boosting their brand's reputation, customer experience, and client retention ratios. Furthermore, digitally transformed SMEs are better prepared to adapt to changing technical landscapes and deal with unexpected industry upheavals.
BFSI, Telecom IT, Automotive, Education, Retail Consumer Goods, Media Entertainment, Manufacturing, Government, Aviation Defense, Transportation, and Other are the different segments of the market. During the projection period 2021-2027, the BFSI segment is expected to increase at a CAGR of percent. In 2020, the BFSI sector had the biggest market share of 27%, and an increasing demand for digital transformation in BFSI is likely to boost this segment's growth in the global market over the forecast period 2021-2027.
Key Players:
• Google
• Oracle
• Microsoft
• IBM
• Cognizant
• Dell EMC
• Adobe Systems Inc.
• Accenture
• Atos Origin
• Hewlett-Peckard
• MSG Systems
• Capgemini
• SAP SE
• CA Technologies
• Kellton Tech Solutions Ltd
• iOLAP
• Telstra Global
• Fujitsu Global
• Philips
• Itizzimo
• Softstone
• Stratford Managers Corporation
• TCS
• Infosys
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the Digital Transformation Market presented in the MMR report. Local development plans are often affected by the performance of Digital Transformation market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Digital Transformation market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the Digital Transformation Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Digital Transformation Market report
- What was the market size of Digital Transformation Market in 2020 and forecast up to 2027?
- Which is the largest regional Digital Transformation Market?
- What are the major trends followed in Digital Transformation Market across different regions?
- Who is the key Digital Transformation Market companies leading the market?
- What are the key strategies adopted by the leading Digital Transformation Market companies in market?
- Unique data points of this report
- Statistics on Digital Transformation Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Digital Transformation Market for various end-use.
- Notable developments going on in Digital Transformation Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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