The global digital transformation market is expected to grow from US$ 445.4 Mn in 2017 to US$ 2,279.4 Mn by 2025 at a CAGR of 24.3% between 2018 and 2025.
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 digital transformation market to expand are providing significant opportunities for the providers of digital transformation to increase the market share in the regions. With the increasing global competition, business are ensuring their digital presence and are efficiently utilizing digital technology to sustain in the market. Organizations in the present era, regardless of their size, are exploiting digital technologies for effective functioning and cost reduction. Also, the implementation of digital solutions is gaining pace across various industries including manufacturing, healthcare, automotive, BFSI, media & entertainment and retail among others. These industries are increasingly benefiting themselves from digital transformation. The report focuses on an in-depth segmentation of digital transformation market based by components, deployment type, and end-user.
Exhibit: Digital Transformation Market- Regional Analysis
North America holds the largest market share in digital transformation market
Currently, North America is dominating the global digital transformation market in terms of installation which in turn boost the demand for digital Transformation. This is due to the reason that the region is highly advanced in terms of technology as well as economy. Also, the region is one of the early adopters of new technology in any market. Therefore, the digital transformation solution has already been adopted by most of the industry verticals in the region and is still increasing with the increase in the number of companies in the region in different verticals.
On-premise is the leading deployment type in digital transformation market
The deployment type of the digital transformation includes cloud and on-premise. In 2017, on-premise holds the largest market share in the digital transformation market. This is due to the reason that many of the company don’t prefer giving their personal data to other organizations for the digital transformation. Also, data of some of the industry vertical such as government and public sector organizations, and BFSI is highly secured and can’t be transferred to any of the outer organizations. Therefore, these industry verticals opt for on-premise digital transformation in which the software and hardware are implemented in the organization and everything is observed and governed under the client organization.
Exhibit: Digital Transformation Market by Geography
Market initiative was observed as the most adopted strategy in global digital transformation market. Few of the recent strategies by some of the players in digital transformation market landscape are listed below-
2018: Accenture expanded its footprint in Zurich, Switzerland for permitting its clients to foster co-creation their Digital Transformation Agendas. This hub will aid its clients to meet the demand via Accenture Studios which will predict, design and generate products and services by enabling the transform and impact of customer’s journey.
2018: Adobe Systems Inc. and Microsoft Corp. extended their partnership into China, to have global accessibility of Adobe Experience Cloud. In addition, the companies work jointly with global brands and help them to visualize and implement integrated solutions.
2018: Capgemini’s subsidiary Lyons Consulting Group announced its commitment with Hickory Farms. Lyons Consulting will provide marketing cloud services which include data science, campaign development, and core platform set up among others to enhance the quality of customer data of Hickory Farms.
Global Digital Transformation Market Segmentation
By Deployment Type