According to a new report available on Radiant Insights, Inc.the global digital transformation market is expected to reach around USD 800 billion by 2025. High adoption of Internet of Things (IoT) is anticipated to boost the market over the forecast period (from 2014 to 2025). In addition, growing demand for the introduction of novel solutions that can engage employees and customers in data integration, process, IT, and business can further fuel the growth. Enhanced operational flexibility and end-to-end customer experience optimization are other factors that can positively impact the global market in the near future.
The global market for digital transformation is categorized into scope, deployments, enterprise sizes, end-use, and regions. On the basis of scope, the segments are bifurcated into solutions and services. Solutions are further divided into mobility, analytics, cloud computing, social media, and others. Professional services and implementation & integration are the key service types.
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Solutions led may keep leading the overall market on account of demand during the forecast period. Services on the other hand, may register the maximum CAGR around 20% till 2025. Analytics held the largest market share in terms of demand in 2016. However, social media may witness the fastest CAGR over 21% in the near future. Professional services may register substantial CAGR around 20% over the forecast period.
According to deployment, the digital transformation market is bifurcated into hosted and on-premise. Hosted deployment is expected to gain impressive share in the forthcoming years. Advantages such as lower cost, better security, and convenience can propel the demand. Large-scale customization of products & services and increased organizational flexibility can further support the market expansion.
Large enterprises and Small & Medium Enterprises (SME) are the major enterprise sizes. SME is anticipated to grow at an approximately 21% CAGR over the forecast years. Growing focus on cloud computing and reduced device prices can impel this growth. Major end-use segments are banking, financial services, and insurance (BFSI), healthcare, government, IT & telecom, retail, manufacturing, and others. Healthcare may showcase an estimated CAGR around 20% till 2025.
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Geographically, the market is categorized into Europe, North America, Latin America, Middle East & Africa (MEA), and Asia Pacific. North America held the biggest market share in 2016. APAC on the other hand, is expected to record the highest CAGR during the forecast period. Increasing demand for the innovative applications of IoT can drive the regional demand in the years to come.
Some of the major players operating in the global digital transformation market include Hewlett-Packard Enterprise Co. Adobe Systems Inc. Kellton Tech Solutions Ltd. CA Technologies Oracle Corp.IBM Corp. and Apple Inc.
GE unveiled three novel solutions, at an event held in Europe on June 13, 2017. The company declared incorporation of its ServiceMax FSM (Field Service Management) solution & APM (Asset Performance Management) portfolio that can reduce costs and transform service operations among other services. GE Ventures introduced Avitas Systems, a novel venture that can offer inspection services with data analytics, Artificial Intelligence (AI), and Advanced Robotics (AR). GE Power launched Predix-powered digital utility that can connect operations data & real-time machine with energy trading.
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