Digital Transformation Market: Information by Technology (Cloud Computing, AI, IoT),Deployment Mode (Cloud,On-Premises),Organization Size (SMEs),Vertical, and Region — Forecast till 2029

Request Free Sample Report

Report Description

Market Introduction

Digital transformation is the process of adopting digital technologies in order to create new business processes or modify existing ones. This enables enterprises to enhance customer experience and draw a significant number of customers. Moreover, digital transformation enables enterprises to become flexible, agile, and ready to grow, among others. Additionally, digital transformation also provides enterprises to reduce overall infrastructure costs by adopting cloud services or Bring Your Own Devices (BYOD), among others.

Increasing penetration of IoT devices and cloud services, the necessity to improve operational performance to gain benefits in the market, and the growing proliferation of mobile devices and apps are the factors fuelling the market growth. However, security and privacy concern hinders the market growth.

The global digital transformation market was valued at USD 461 billion in 2019, growing at a CAGR of 16.1% during the forecast period.

Digital-Transformation-Market

Increasing Penetration of IoT Devices and Cloud Services

The adoption rate of IoT devices and cloud services is soaring across the globe across various industries vertical due to the incorporation of automation in the manufacturing and warehousing and logistic sector, which created the demand for IoT devices to enhance operational efficiency. Moreover, the growing presence of SMEs across the globe on account of various government initiatives which prefers cloud services due to budget constraints and security concern also leads to the development of the market. For instance, initiatives by the government of India, such as digital India and self-reliant India has further provided an impetus to the penetration of IoT devices and cloud services to meet the increasing demand of consumers. Moreover, the emergence of innovative technologies such as 5G, Artificial Intelligence, and Machine Learning also escalate the demand for IoT devices and cloud services among enterprises.

Segmental Overview

Rising Incidents of Cyberattacks

The cybersecurity segment holds a significant share compared to other segments and is anticipated to witness growth during the forecast period. The growth is attributed to increasing incidents of cyberattacks across the globe. Moreover, the growing penetration of the internet and social media platforms, which bolsters cyber fraud activities, is also one of the factors propelling the growth of the digital transformation market. On the other hand, increasing penetration of smartphones, which eventually leads to more number of digital transactions, are prone to cyberattacks.

Several Benefits Associated with Cloud Technology

The cloud segment holds a dominant position in the digital transformation market and is presumed to grow during the forecast period. The growth is attributed to several benefits associated with the cloud deployment model, including cost-effective solutions, easy deployment, accessibility, and upgradability. Moreover, the large presence of SMEs across the globe, which prefer cloud services due to ease of deployment, accessibility, storage, and security concerns,is fuelling the market growth. Additionally, the flexibility to work from a remote location with cloud services also paves the way for its higher adoption among enterprises.

Increasing Investments in SMEs

The SME segment holds substantial CAGR in the digital transformation market and is presumed to grow during the forecast period, owing to the increasing inflow of investment in innovative technologies such as big data, AI, machine learning, and cloud services, among others. Furthermore, the growing awareness regarding the benefits of digital transformation among enterprises brings in heavy investment in the digital transformation of enterprises. Additionally, favorable government initiatives pave the way for start-ups in various fields such as AI, machine learning, and digital marketing, among others, thereby accelerating market growth.

Digital Transformation in Healthcare Infrastructures to Help Curb the COVID-19 Situation

The healthcare segment holds a higher CAGR compared to other segments and is expected to witness growth during the forecast period. The growth is attributed to the increasing number of patients on account of the surge in disease which creates the necessity for a scalable business model for effective handling of patients. Moreover, the need for accurate decision-making processes is crucial for the healthcare sector. Furthermore, with the current scenario of pandemic COVID-19, the demand for effective solutions for the optimum decision-making process in the healthcare sector is on the rise, thereby likely to boost the adoption rate of digital information exponentially in the coming years. Additionally, increasing investment in R&D on account of the surge in emerging technologies such as AI, Big data, machine learning, among others, is also one of the factors escalating market growth.

Impact of COVID-19

The COVID-19 pandemic adversely impacted all industrial sectors globally. However, the market of digital transformation has witnessed a surge in growth amid pandemic COVID-19 due to the remote working trend across all industrial sectors on account of stringent restrictions norms by the government to curb the pandemic COVID-19. This scenario has bolstered the adoption of cloud services, connected IoT devices, and brought forth remarkable investments in digital transformation. On the other hand, the increasing demand for gaming activities and entertainment amid pandemic COVID-19 has also paved the way for the adoption of digital transformation solutions.

Regional Overview

Presence of Prominet Market Vendors in North America

North America holds the largest market share in digital transformation and is anticipated to witness growth during the period due to the presence of primary vendors, such as Microsoft Corporation, Adobe, and IBM Corporation, among others, offering digital transformation solutions in the region. Moreover, being one of the developed economies, the enterprises in the region invest heavily in emerging technologies such as 5G, big data, AI, and Machine Learning, among others. Furthermore, the early adoption of technology among enterprises to enhance operational performance and improve customers’ engagement is also one of the factors fuelling market growth. Additionally, the presence of a large number of SMEs in the region, which prefer cloud services, also escalates the market growth.

Growing Smartphone and Internet Penetration Among Leading Economies in Asia-Pacific

Asia-Pacific is the fastest-growing region in digital transformation and is expected to witness traction during the forecast period. The growth is attributed to the increasing awareness of benefits among the enterprises of cloud services and technological shifts. Moreover, growing investment in developing economies across industry verticals, such as the automobile and IT sector, to enhance the customer experience and improve efficiency and productivity is also one of the factors propelling the market growth. Besides, the growing internet and smartphone penetration rate in developing economies such as China, India, and Indonesia, among others, also boost the digital transformation market growth.

Key Players

The key players in the global digital transformation market haveadopted organic as well as inorganic growth strategies that include; partnerships and collaborations, product launches, mergers, and acquisitions to expand its geographical reach. Some of the prominent vendors are;HPE (the U.S.), HCL Technologies (India), Tibco software (the U.S.), Alcor Solutions (the U.S.), Smartstream (UK), Yash Technologies (the U.S.), Interfacing (Canada), Microsoft (the U.S.), SAP (Germany), Cognizant (the U.S.), Adobe (the U.S.), Dell EMC (the U.S.), IBM (the U.S.), Google (the U.S.), Marlabs (the U.S.), Accenture (Ireland), Broadcom (the U.S.), Equinix (the U.S.), Oracle (the U.S.), Kissflow (India), Emudhra (India), Process Maker (the U.S.), Process Street (the U.S.), Happiest Minds (India), Scoro (UK), Brillio (the U.S.), Aexonic Technologies (the U.S.).

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

Frequently Asked Questions (FAQs)

The global digital transformation market was valued at USD 461 billion in 2019, growing at a CAGR of 16.1% during the forecast period.
Increasing penetration of IoT devices and cloud services, growing proliferation of mobile devices and apps are the key factors expected to drive Digital Transformation Market during the forecast period.
North America is expected to hold the highest market share in Digital Transformation Market.
HPE, HCL Technologies, Tibco Software, Alcor Solutions, Smartstream, Yash Technologies, Interfacing, Microsoft, SAP, Cognizant, Adobe, Dell EMC, IBM, Google are the top players in Digital Transformation Market.
In 2019 Global Digital Transformation Market was valued at USD 461 billion.
Cloud Segment is expected to be the leading segment in Digital Transformation Market during the forecast period.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.

Market Introduction

Digital transformation is the process of adopting digital technologies in order to create new business processes or modify existing ones. This enables enterprises to enhance customer experience and draw a significant number of customers. Moreover, digital transformation enables enterprises to become flexible, agile, and ready to grow, among others. Additionally, digital transformation also provides enterprises to reduce overall infrastructure costs by adopting cloud services or Bring Your Own Devices (BYOD), among others.

Increasing penetration of IoT devices and cloud services, the necessity to improve operational performance to gain benefits in the market, and the growing proliferation of mobile devices and apps are the factors fuelling the market growth. However, security and privacy concern hinders the market growth.

The global digital transformation market was valued at USD 461 billion in 2019, growing at a CAGR of 16.1% during the forecast period.

Digital-Transformation-Market

Increasing Penetration of IoT Devices and Cloud Services

The adoption rate of IoT devices and cloud services is soaring across the globe across various industries vertical due to the incorporation of automation in the manufacturing and warehousing and logistic sector, which created the demand for IoT devices to enhance operational efficiency. Moreover, the growing presence of SMEs across the globe on account of various government initiatives which prefers cloud services due to budget constraints and security concern also leads to the development of the market. For instance, initiatives by the government of India, such as digital India and self-reliant India has further provided an impetus to the penetration of IoT devices and cloud services to meet the increasing demand of consumers. Moreover, the emergence of innovative technologies such as 5G, Artificial Intelligence, and Machine Learning also escalate the demand for IoT devices and cloud services among enterprises.

Segmental Overview

Rising Incidents of Cyberattacks

The cybersecurity segment holds a significant share compared to other segments and is anticipated to witness growth during the forecast period. The growth is attributed to increasing incidents of cyberattacks across the globe. Moreover, the growing penetration of the internet and social media platforms, which bolsters cyber fraud activities, is also one of the factors propelling the growth of the digital transformation market. On the other hand, increasing penetration of smartphones, which eventually leads to more number of digital transactions, are prone to cyberattacks.

Several Benefits Associated with Cloud Technology

The cloud segment holds a dominant position in the digital transformation market and is presumed to grow during the forecast period. The growth is attributed to several benefits associated with the cloud deployment model, including cost-effective solutions, easy deployment, accessibility, and upgradability. Moreover, the large presence of SMEs across the globe, which prefer cloud services due to ease of deployment, accessibility, storage, and security concerns,is fuelling the market growth. Additionally, the flexibility to work from a remote location with cloud services also paves the way for its higher adoption among enterprises.

Increasing Investments in SMEs

The SME segment holds substantial CAGR in the digital transformation market and is presumed to grow during the forecast period, owing to the increasing inflow of investment in innovative technologies such as big data, AI, machine learning, and cloud services, among others. Furthermore, the growing awareness regarding the benefits of digital transformation among enterprises brings in heavy investment in the digital transformation of enterprises. Additionally, favorable government initiatives pave the way for start-ups in various fields such as AI, machine learning, and digital marketing, among others, thereby accelerating market growth.

Digital Transformation in Healthcare Infrastructures to Help Curb the COVID-19 Situation

The healthcare segment holds a higher CAGR compared to other segments and is expected to witness growth during the forecast period. The growth is attributed to the increasing number of patients on account of the surge in disease which creates the necessity for a scalable business model for effective handling of patients. Moreover, the need for accurate decision-making processes is crucial for the healthcare sector. Furthermore, with the current scenario of pandemic COVID-19, the demand for effective solutions for the optimum decision-making process in the healthcare sector is on the rise, thereby likely to boost the adoption rate of digital information exponentially in the coming years. Additionally, increasing investment in R&D on account of the surge in emerging technologies such as AI, Big data, machine learning, among others, is also one of the factors escalating market growth.

Impact of COVID-19

The COVID-19 pandemic adversely impacted all industrial sectors globally. However, the market of digital transformation has witnessed a surge in growth amid pandemic COVID-19 due to the remote working trend across all industrial sectors on account of stringent restrictions norms by the government to curb the pandemic COVID-19. This scenario has bolstered the adoption of cloud services, connected IoT devices, and brought forth remarkable investments in digital transformation. On the other hand, the increasing demand for gaming activities and entertainment amid pandemic COVID-19 has also paved the way for the adoption of digital transformation solutions.

Regional Overview

Presence of Prominet Market Vendors in North America

North America holds the largest market share in digital transformation and is anticipated to witness growth during the period due to the presence of primary vendors, such as Microsoft Corporation, Adobe, and IBM Corporation, among others, offering digital transformation solutions in the region. Moreover, being one of the developed economies, the enterprises in the region invest heavily in emerging technologies such as 5G, big data, AI, and Machine Learning, among others. Furthermore, the early adoption of technology among enterprises to enhance operational performance and improve customers’ engagement is also one of the factors fuelling market growth. Additionally, the presence of a large number of SMEs in the region, which prefer cloud services, also escalates the market growth.

Growing Smartphone and Internet Penetration Among Leading Economies in Asia-Pacific

Asia-Pacific is the fastest-growing region in digital transformation and is expected to witness traction during the forecast period. The growth is attributed to the increasing awareness of benefits among the enterprises of cloud services and technological shifts. Moreover, growing investment in developing economies across industry verticals, such as the automobile and IT sector, to enhance the customer experience and improve efficiency and productivity is also one of the factors propelling the market growth. Besides, the growing internet and smartphone penetration rate in developing economies such as China, India, and Indonesia, among others, also boost the digital transformation market growth.

Key Players

The key players in the global digital transformation market haveadopted organic as well as inorganic growth strategies that include; partnerships and collaborations, product launches, mergers, and acquisitions to expand its geographical reach. Some of the prominent vendors are;HPE (the U.S.), HCL Technologies (India), Tibco software (the U.S.), Alcor Solutions (the U.S.), Smartstream (UK), Yash Technologies (the U.S.), Interfacing (Canada), Microsoft (the U.S.), SAP (Germany), Cognizant (the U.S.), Adobe (the U.S.), Dell EMC (the U.S.), IBM (the U.S.), Google (the U.S.), Marlabs (the U.S.), Accenture (Ireland), Broadcom (the U.S.), Equinix (the U.S.), Oracle (the U.S.), Kissflow (India), Emudhra (India), Process Maker (the U.S.), Process Street (the U.S.), Happiest Minds (India), Scoro (UK), Brillio (the U.S.), Aexonic Technologies (the U.S.).

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

Frequently Asked Questions (FAQs)

The global digital transformation market was valued at USD 461 billion in 2019, growing at a CAGR of 16.1% during the forecast period.
Increasing penetration of IoT devices and cloud services, growing proliferation of mobile devices and apps are the key factors expected to drive Digital Transformation Market during the forecast period.
North America is expected to hold the highest market share in Digital Transformation Market.
HPE, HCL Technologies, Tibco Software, Alcor Solutions, Smartstream, Yash Technologies, Interfacing, Microsoft, SAP, Cognizant, Adobe, Dell EMC, IBM, Google are the top players in Digital Transformation Market.
In 2019 Global Digital Transformation Market was valued at USD 461 billion.
Cloud Segment is expected to be the leading segment in Digital Transformation Market during the forecast period.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Table of Content Download Sample

Copyright . All rights Reserved By Straits Research