According to the new research report published by The Insight Partners, titled “Digital Transformation Market– Global Analysis and Forecasts to 2025”, the global digital transformation market is expected to reach US$ 2,279.4 Mn in 2025, registering a CAGR of 24.3% during the forecast period 2018-2025.
Digital transformation is the change associated with the application of the digital technology in all the aspects of the human society. This enables new types of innovations and creativity in specific domains rather than simply enhancing and supporting traditional methods. Currently, digital transformation is being highly adopted by different industry verticals in all the regions. Especially, in North America, the adoption or shifting of the industry verticals towards digital transformation is very high as compared to every other region.
Digital transformation solutions helping the companies to reach out to large masses is one of the major factor that will drive the growth of the market. Also, constantly evolving customer experiences encourage the companies to adopt digital solutions. However, issues related to the security and privacy affects the adoption of the digital solutions by major industry verticals. Moreover, factors such as Space for implementation across SMEs provides significant opportunity to the players in the value chain, and Increasing adoption of digital solutions by different industry verticals offers huge scope to the market to expand is expected to generate remarkable opportunities to the industry players in the future.
The global market for digital transformation has been segmented on the basis of component, which include solution and services. Solution segment is further divided into mobility, big data & analytics, artificial intelligence, IoT, and others, and the services segment is further divided into professional services and managed services. On the basis of deployment type, the market is categorized into cloud and on-premise deployment. On the basis of end-user, the market is categorized into BFSI, healthcare, education, retail, IT & Telecom, logistics & transportation, manufacturing, and others.
Key findings of the study:
Geographically, the market is currently dominated by North America and Asia Pacific and the market is expected to be in favor of North America during the forecasted period.
In 2017, North America and Asia Pacific together held more than two third of the overall digital transformation market.
North America region is dominated the global digital transformation market in 2017 and is expected to have more than one-third of the market share in the year 2025. Furthermore, being a technologically advanced region, North America highly invests in new technologies and innovations for its companies to be ahead in the competition.
Asia Pacific is the second biggest market in the digital Transformation market, compelled by government initiatives for digital technology.
Manufacturing end-user is the leading sector in the digital transformation market by end-user in the year 2017 with percentage of 29.6% and is expected to continue its dominance during the forecast period.
The key companies profiled in this report include IBM Corporation, Accenture PLC, SAP SE, Microsoft Corporation, Oracle Corporation, Capgemini SE, Adobe Systems Inc., Google Inc., Dell Inc., and Cognizant Technology Solutions Corporation.
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