COVID-19 is Likely to Make Significant Impact in the Adoption of Digital Transformation Market and is Anticipated to Witness Growth during the Forecast Period

Over the last few months, on account of pandemic COVID-19 the digital transformation market has witnessed exponential growth in the adoption among enterprises. For instance, according to IDC 96% of the U.K  firm belives that the COVID-19 pandemic has led to increasing adoption of digitization. This enables increasing demand for remote working among manufacturing, professional services, and retail among others. Also, according to digital media technology report, 97% worldwide belives pandemic COVID-19 has speed up digitization among enterprises. This further enhances the demand for innovative technologies to improve efficiency and remote working capabilities.

The global digital transformation market is emerging market and is presumed to grow during the forecast period. The global digital market was valued USD 461 Billion in 2019 and is presumed to grow at a CAGR 16.1% during the forecast period. The growth is attributed to rapid surge in demand for IoT connected devices and cloud services. Furthermore, necessity to improve operational demand is also one of the factors propelling the market growth.

Moreover, the growing proliferation of mobile devices and apps also adds to the growth of the digital transformation market. However, security and privacy concern hinder market growth.

Key Highlights

• By technology, cyber security holds higher CAGR and is presumed to grow during the forecast period. The growth is attributed to growing cyber attack globally.
• By deployment mode, cloud segment holds dominant position in digital transformation and is expected to gain growth during the forecast period on account of broad offering of cloud segment.
• By organization size, SMEs holds higher CAGR and is presumed to grow during the forecast period on account of increasing government initiatives in developing economies.
• By vertical, healthcare segment holds dominant position and is expected to witness growth during the forecast period on account of increasing demand for scalable business models for effective handling of patients.
• By region, North America holds higher CAGR and is presumed to grow during the forecast period on account of the presence of major vendors offering digital transformation.
• Asia-Pacific is the fastest region in digital transformation and is expected to grow during the forecast period on account of increasing investment in developing economies.

Key Players

• HPE (US)
• HCL Technologies (India)
• Tibco Software (US)
• Alcor Solutions (US)
• Smartstream (UK)
• Yash Technologies (US)
• Interfacing (Canada)
• Microsoft (US)
• SAP (Germany)

Digital Transformation Market: Segmentation

By Technology

• Cloud Computing
• AI
• Big Data and Analytics
• Mobility/Social Media
• Cybersecurity,
• IoT
• Others

By Deployment Mode

• Cloud
• On-premises

By Organization Size

• Large enterprises
• SMEs

By  Vertical

• Banking, Financial Services, and Insurance (BFSI),
• Healthcare
• IT and telecom
• Education
• Retail
• Media and Entertainment
• Manufacturing
• Government
• Others

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• The U.K.
• Italy
• France
• Spain
• Germany
• The Rest of Europe

The Middle East and Africa (MEA)

• Saudi Arabia
• Egypt
• South Africa
• The Rest of MEA

Asia-Pacific

• India
• China
• Japan
• Australia
• South Korea
• The Rest of Asia-Pacific

South America

• Columbia
• Brazil
• Chile
• Peru
• Argentina
• The Rest of South America