The global digital transformation market is expected to exhibit a robust 18.87% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The global digital transformation market was valued at USD 250.65 billion in 2018 and is expected to reach a valuation of USD 817.05 billion by 2025, according to the report. The report presents a detailed analysis of the global digital transformation market by profiling the market’s historical growth trajectory. The current statistics of the global digital transformation market are also analyzed in the report. This gives analysts a solid base for making studied projections for the market’s future over the forecast period. The major players operating in the global digital transformation market are also profiled in the report. The impact of the COVID-19 pandemic on the global digital transformation market is also assessed in the report.
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Digital transformation is the process of making enterprise activities and products suitable for the digital age. The increasing use of mobile phones and web-based channels for purchasing and communicating has made digital transformation necessary for enterprises in a wide range of end use sectors. Due to the easy availability of cheap mobile phones, even consumers in emerging areas now own cell phones. This has led to massive digitalization of resources from various enterprises. The increasing demand for digital communication, in particular, is likely to be a major driver for the global digital transformation market over the forecast period. Digital communication has become important for consumers as they can communicate conveniently from their smartphone. This has led to many enterprises spending significant amounts on IT resources to provide digital communication channels for their consumers.
The need to develop advanced communication and networking infrastructure in emerging regions is likely to be a major driver for the global digital transformation market over the forecast period. Many governments in emerging regions are spending considerable amounts on updating telecom infrastructure and constructing new, digital-ready infrastructure. This is likely to be a major driver for the global digital transformation market over the forecast period. The increasing deployment of 5G communication channels and the increasing demand for high-speed broadband from consumers in emerging countries is likely to remain a major driver for the global digital transformation market over the forecast period.
Competitive Leaderboard:
Leading players in the global digital transformation market include HCL Technologies, Salesforce.com Inc., Rockwell Automation Inc., CA Technologies, Equinix Inc., Marlabs, Cognizant, Hewlett Packard Enterprise, Tibco Software Inc., Oracle Corporation, Cisco Systems Inc., Accenture plc, Dell EMC, Google, SAP SE, Microsoft Corporation, and IBM Corporation.
In December 2019, KPMG and Microsoft signed a five-year agreement. As part of this agreement, KPMG is going to transform its workplace with digital solutions provided by Microsoft such as its 365 suite of cloud-based solutions.
In December 2019, Rockwell automation introduced its first digital transformation experience center in Gurgaon, India. This center is integrated with key technology platforms for IT-OT convergence and is all set to provide consulting services to its customers for technology platforms such as network cybersecurity, industrial data center, machine learning, augmented reality, and virtual reality.
In November 2019, Microsoft Corporation and Nokia collaborated to integrate digital technology into their communication and network solutions.
In September 2019, Mahindra and Mahindra announced a partnership with Salesforce.com to incorporate digital technologies into its value chain which includes sales, service, and marketing departments.
Segmentation:
The global digital transformation market is segmented on the basis of technology, deployment, organization size, end use vertical, and region.
By technology, the global digital transformation market is segmented into cloud computing, big data and analytics, artificial intelligence, Internet of Things, blockchain, and others.
By deployment, the global digital transformation market is segmented into cloud and on-premise.
By organization size, the global digital transformation market is segmented into large enterprises and small and midsized enterprises.
By end use vertical, the global digital transformation market is segmented into BFSI, healthcare, IT and telecommunications, government, retail, education, media and entertainment, and others.
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Regional Analysis:
North America is the dominant regional market for digital transformation technologies and is likely to retain its position over the forecast period due to the growing demand for digital transformation technologies in the region and the presence of several leading players in the region.
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