December 10, 2020
According to the report titled ‘Global Digital Transformation Market Size study, by Technology (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity, Artificial Intelligence), Deployment Type (On-premises, Cloud), Vertical (BFSI, Retail, Education, Healthcare, IT and telecom, Media and Entertainment, Manufacturing, Government, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global digital transformation market was remunerated at USD 405 billion in 2019 and is anticipated to expand at 16.5% CAGR during 2020-2027.
Increasing popularity of mobile devices and apps is primarily driving the growth of global digital transformation market. According to Indian Cellular Association (ICA), the yearly mobile phone production in the country was 3 million in 2014, which reached 11 million in 2017, accounting for 11% of global mobile phone production.
Notably, digital transformation refers to utilization of digital technologies to create new and alter existing business processes, client experience as well as culture to meet shifting business scenario. The software helps organizations educate and train the internal team members regarding several aspects of the firm.
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Besides, digitally transformed organizations are adaptable to evolving technologies and can handle abrupt shifts in the industry. Investment by companies in technologies such as big data, cloud platforms, and mobility to develop Digital Experience Platforms (DXP) is stimulating global digital transformation industry expansion.
Transformation and innovation in business ecosystems have been witnessed on account of usage of advanced technologies including cloud, IoT, social media, and Big Data, thereby impelling the market growth. As per Statista, North American IoT industry was valued at USD 140 billion in 2012 and rose to USD 330 billion in 2018. Also, there were 28 million IoT units in Canada in 2013, which increased to 114 million units in 2018.
On the downside, security and privacy concerns regarding confidential data will hamper global digital transformation industry remuneration over the predicted timeline.
As per the geographical terrain, worldwide digital transformation market sphere is categorized into Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America currently holds a significant market share and is predicted to record a considerable growth over the forecast period, creditable to growing concentration of major industry partakers in the region.
On the other hand, Asia Pacific digital transformation industry is slated to amass modest gains by the year 2027, owing to widespread penetration of connected devices, rapid digitalization, and rising disposable income.
Renowned contenders in global digital transformation market are Broadcom Inc., Accenture plc, Marlabs Inc., Google LLC, IBM Corporation, Dell EMC, Adobe Inc., Cognizant Corporation, SAP SE, and Microsoft Corporation.