Research report presented by UnivDatos, Emphasis on Component [Solutions (Cloud Computing, Big Data & Analytics, Mobility, Disruptive Technology, Social Media); Services (Professional Services, System Integration)]; by Deployment Type (On-Premises, Cloud); by End-User (Large Enterprises, Small and Medium Enterprises); Industry Verticals (BFSI, Government, Healthcare, Telecom & IT, Automotive, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Other industry) and Geographical analysis (key regions and countries).
As per the research report, Global Digital Transformation Market is expected to reach the market valuation of US$ 3,693.8 billion by 2026 expanding at a reasonable CAGR of 16.06% during the forecast period (2021-2026) from US$ 1,180 billion in 2019.
Wireless internet, tablets, e-commerce, and wearable devices are only a few examples of advances made possible by the global digital revolution over the last decade. These advancements have become widespread in developing markets and are becoming more visible in developing markets. Many of the technology that industries now deem to be emerging, such as artificial intelligence and deep learning, would be ubiquitous faster than they would expect. Digitalization is causing large-scale and sweeping changes across many areas of industry, opening up unprecedented possibilities for value development and capturing but still posing a significant risk. New technology's exponential advancements are reshaping culture.
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According to an IDC report, two-thirds of the CEOs of the Global 2000 firms expect to change their attention from conventional, offline strategies to new digital strategies to increase consumer service, with approximately 34% expecting to completely embrace digital transformation within a year. The net global investment on digital transformation was around US$ 1 trillion in 2018, and it is expected to reach over US$ 2 trillion by 2022. Development opportunities fuel the majority of digital transitions, which are accompanied by increased pricing demand and new regulatory requirements. Companies who have a substantial return on their digital assets spend 33% more on infrastructure, systems, operating models, and ways of functioning that will help them achieve digital dominance. The digital transformation efforts of higher-maturity organisations are on average twice as large as those of lower-maturity organisations (maturity is defined as the level of benefit derived from digital transformation efforts). Digital transformation is a top-down initiative, often guided by the C-vision. suite's Digital transformation projects are most commonly owned or sponsored by CIOs and CEOs (28 percent and 23 percent, respectively).
Insights Presented in the Report
“Amongst component, Solution segment holds the major share”
The market is segmented into Solution and Services based on component sort. Solutions led the industry in 2019, with a share of 78.3 percent, and is projected to continue to do so over the forecast period, owing to process automation that saves time, improves operating performance, and lowers costs.
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“Amongst solution type, cloud computing sub-segment dominated the market in 2019”
Cloud computing, big data and analytics, mobility, disruptive technology, and social media are all subcategories of the solution segment. Cloud computing led the industry in 2019, with a 38.4 percent share, and is projected to continue to do so in the prediction timeframe. During the projected timeframe, however, disruptive technology is expected to have the highest CAGR (2021-2026).
“Amongst service type, Solution segment is expected to dominate the market during the analyzed period”
Professional services and system integration are two subsegments of the operation category. Professional services led the industry in 2019 with an 81.8 percent share, and this domination is projected to continue over the forecast period. During the study period, however, system integration is expected to have the highest CAGR. The nuances of various enterprise processes and systems are replaced by a simple-to-use, streamlined environment thanks to an interconnected system. A modernised IT ecosystem offers limitless benefits, from allowing workers to waste less time on mundane data entry to allowing them to sleep soundly at night due to improved levels of protection.
“Amongst deployment type, cloud dominated the market in 2019”
The industry is divided into two types of deployments: on-premises and cloud. Cloud led the industry in 2019, accounting for 58.9% of market sales share. Businesses need cost and labour performance, elasticity, mobility, and scalability as they continue to transition their operations to a digital environment. All of these functions are available in the cloud. Businesses who use cloud infrastructure and digital transformation see significant development and productivity gains. It allows them to remain relevant and succeed in a changing environment. During the forecast era, however, the on-premises segment is expected to grow at the fastest pace.
“Amongst end-user, large enterprises are expected to dominate the market during the analyzed period”
The business is divided into big businesses and small and medium enterprises based on the end-user. Big enterprises had the largest market share of 61.7 percent in 2019 and are projected to continue to dominate the digital transformation market over the forecast period. During the forecast period 2021-2026, however, the Small and Medium Enterprises Digital Transformation Market is projected to expand at the fastest pace.
“Amongst industry verticals, Banking Financial Services & Insurance dominated the market in 2019”
Banking, financial services & insurance (BFSI), healthcare, telecom & IT, automobile, education, retail & consumer products, media & entertainment, manufacturing, government, among others make up the digital transformation sector. In the BFSI industry, digital transformation aids in the speed, security, simplicity, and error-free processing of financial transactions. BFSI led the industry in 2019, accounting for 25.2 percent of total sales. During the projected period, however, the healthcare segment is expected to have the highest CAGR.
“Asia-Pacific represents one of the largest markets of Digital Transformation market”
A systematic research was performed for various regions around the globe, including North America (US, Canada, Mexico, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Rest of Latin America), and MEA (United Arab Emirates, Kingdom of Saudi Arabia, Qatar, South Africa, Rest of MEA) to gain a greater understanding of the business dynamics of the digital transformation market. Due to the region's emergence as a mature and digitally ready boil down to culture, Asia-Pacific dominated the industry and produced revenue of US$ 427 billion in 2019. It appears that, at long last, the world's business culture, especially in the Asia Pacific region, is about to pay off. Asia Pacific is primed to become the digital leader, thanks to a genuine fascination with fulfilling consumer demands and investments in technology, resources, and alliances.
The Digital Transformation Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
- Digital Transformation Market Worth US$ 3,693.8 billion - UnivDatos Industry Analysis- by Size, Share, Growth, Trends, and Forecast 2021-2026
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