The global digital transformation market size is projected to grow at a CAGR of 16.5% during the forecast period
The global digital transformation market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. The digital transformation industry is driven increasing penetration of IoT and adoption of cloud services. However, the increasing penetration of mobile devices and apps further contributes to the growth of the digital transformation market.
AI segment to grow at a higher CAGR during the forecast period
The digital transformation market based on technology is segmented into cloud computing, AI, big data and analytics, mobility/social media, cybersecurity, IoT, and others. The AI segment is expected to grow at a rapid pace during the forecast period. AI has greatly enhanced the level of customer satisfaction in the digital transformation market. AI technology is benefiting organizations by more number of returning customers and increased follow-up sales. Increased productivity and improved customer satisfaction are the key factors driving the AI technology.
Education industry vertical to grow at the highest CAGR during the forecast period
The digital transformation market by verticalhas been segmented intobanking, financial services, and insurance (BFSI), healthcare, IT and telecom, education, retail, media and entertainment, manufacturing, government, and others (transportation and logistics, and travel and hospitality).The rapid adoption of the internet and Bring Your Own Device (BYOD) trend in the education industry have led to the growth of the digital transformation market across the globe in this vertical.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR of 20.7% during the forecast period. Due to ongoing digital transformation in various industries, including retail, education, and transportation and logistics, the requirement for advanced technologies is increasing in this region. Moreover, as mobile infrastructures are improving in the APAC region, the mobile workforce and BYOD trend are also gaining momentum. These trends are expected to lead to the increased adoption of digital transformation solutions, thus fueling the growth of the APAC digital transformation market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the digital transformation market
- By Company: Tier I:52%, Tier II:31%, and Tier III:17%
- By Designation: C-Level Executives:36%, Directors:24%, and Others:40%
- By Region: North America: 30%, Asia Pacific (APAC): 24%, Europe: 36%, Middle East and Africa (MEA): 5%, and Latin America: 5%
The report includes the study of the key players offering digital transformation solutions and services. It profiles major vendors in the global digital transformation market. The major vendors are Microsoft (US), SAP (Germany), Cognizant (US), Adobe(US), Dell EMC (US), IBM(US), Google (US), Marlabs (US), Accenture (Ireland), Broadcom (US), Equinix (US), Oracle(US), HPE (US), HCL Technologies (India), Tibco software (US), Alcor Solutions (US), Smartstream (UK), Yash Technologies (US), Interfacing (Canada), Kissflow (India), Emudhra (India), Process Maker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Brillio (US), AexonicTechnologies (US). It further includes an in-depth competitive analysis of key players in the digital transformation market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the digital transformation market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment model, organization size, application, industry verticals, and region.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall digital transformation market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.