Digital Transformation Market by Technology (Big Data and Analytics, Industrial Robotics, Internet of Things, 3D Printing/Additive Manufacturing, Machine learning & Artificial Intelligence, Advanced Human Machine Interface, and Others), by End User (Retail, Government and Public Sector, Healthcare, Manufacturing, IT and Telecom, Banking and Financial Services, and Others), by Industry Size (Small and Medium size, Large Size), by Region Forecasts 2017 To 2027

Date : Jul 2021

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Report ID : 15

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Category : Information Technology

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Report Format:  PDF EXCEL PPT WORD

The Global Digital Transformation Market was valued at US$ 340.0 bn in 2020 is expected to reach US$ 1409.4 bn by 2027, with a growing CAGR of 22.7% during the forecast period (2020-2027).

Digital transformation is defined as the integration of digital technology in all areas of the business starting from thinking of an idea, planning, executing, and analyzing customer feedback. This provides a different way of delivering values to the customer. It is also a cultural change that is required in every organization to stand in the competitive world of business. Digital technology also helps to leverage new values and services to the stakeholders, innovation and helps to acquire the capabilities for rapid adoption of new changing circumstances. Digital transformation dominates the business context, government aspects, and public sector agencies and organizations.

Digital Transformation Market

Increasing digital transformation in business functions helps to serve customer preferences and enhance operational efficiency which directly affect the growth of digital transformation market during the forecast period.  Emergence of mobile devices and new advanced Apps are accelerating the growth of the market. Further it includes the penetration of internet of things and adoption of cloud services which can boost the growth of digital transformation market in different industries.

The Global Digital Transformation Market Segmentation:

By Technology

  • Big Data and Analytics
  • Industrial Robotics
  •  Internet of Things (IoT)
  •  3D Printing/Additive Manufacturing
  •  Machine learning & Artificial Intelligence
  •  Advanced Human Machine Interface
  •  Other

By End User

  • Retail
  • Government and Public Sector
  • Healthcare
  • Manufacturing
  • IT and Telecom
  • Banking and Financial Services
  • Others

By Industry Size

  • Small and Medium
  • Large

By Geographical Region

  • North America
  • Europe
  • Asia- Pacific
  • South America
  • Middle East & Africa

Based on technology, internet of things accounted for the maximum share in the market and is expected to increase more during the forecast period.

Digital transformation is segmented on the basis of technology which include, internet of things, robotics, machine learnings and artificial intelligence, and big data analyst. Internet of Things (IoT) is expected to dominate the market during the forecast period. Many industries across the globe have started adopting internet of things for their services.

Other segments such as artificial intelligence, big data analyst, robotics is expected to witness strong growth during the forecast period.

Based on end user, banking and financial segment accounted for the largest share in the digital transformation market in 2020.

Digital transformation used in different industries such as banking and financial services, healthcare, supply chain, manufacturing, telecommunication, IT, education, and media. Banking and financial services are expected to dominate the market in the coming years. This is because huge usage of technology in financing and banking. Banking and financial companies are continuously hunting for customer-centric approach and working rigorous for meeting their needs and providing them seamless services with the help of technology.

On other hand, healthcare sector is expected to grow at the highest CAGR during the forecast period. Increase in patients number created need for the adoption of new business model for effective patient care and data storage.

Based on industry size, large industry size is expected to lead the global digital transformation market.

Based on industry size, digital transformation market is differentiated into small & medium size industry and large size industry, out of which, large size industry is expected to dominate the market. Large size industry helps in creating need for digitalization and providing cost cutting solution. This helps large industries to invest heavily in different portfolio products.

Based on geographical region, North America is expected to hold maximum market share in global market, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

North America held the largest market share in 2020 due to immense technology hub present in this region and high adoption of digital transformation by investors. Asia Pacific is projected to grow at te highest rate during the forecast period.

Company Profiles and Competitive Intelligence

The key players operating in the market are:

  • Microsoft,
  • SAP
  • Cognizant
  • Adobe
  • Dell EMC
  • IBM
  • Google
  • Marlabs Inc.
  • Accenture
  • Broadcom
  • Equinix
  • Oracle
  • HPE
  • HCL Technologies
  • Tibco software

The report also provides in-depth analysis of digital transformation market dynamics such as drivers, restraints opportunities and challenges

Drivers

  • Increase in Demand for the Use of Digital Technology in Certain Industries like Education
  • Digitalizing Organizational Business Functions to Serve the Changing Customer Preferences and Enhance the Operational Efficiency
  • Penetration of Mobile Devices and Apps to Enhance the Growth of Digital Transformation

Restraints

  • People Becoming Reliant on Technology
  • Concern of Privacy and Security of Industrial Data

Opportunities

  • Increase in Advances in Digital Technology
  • Rising Demand for Personalized Digital Transformation

Challenges

  • Increase in Competitors and New Entrant in Digital Transformation Sector
  • Issues Related to IT Modernization and Digital Transformation

COVID-19 Impact on the Digital Transformation Market Analysis

Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety.  Covid-19 outbreak stood to be beneficial for software companies in certain ways.  This pandemic provided new business opportunities to the companies for digital transformation market. During these pandemic times, where, there are restrictions on movement, social gathering and events, this technology helped to stay connected with people and now running the world. Many corporate jobs, educations, programmes are conducted with the help of digital technology. These led to increase in demand for internet in urban as well as in rural areas.

In lockdown period, where every shop remained closed, people got completely dependent on online shopping and services for day-to-day needs. Technology is dominating the real world and trying to make virtual world as real. This increases the demand for robust cloud infrastructure. In this corona times, Cloud computing became a mode of entertainment and gaming for its seamless service. On the contrary, due to lockdown, many industries had shuttered down their manufacturing sites and hampered the workforce unit. Hence, Covid-19 outbreak has witnessed mixed impact on digital transformation industry.

The report also provides in-depth analysis of key trends in the digital transformation market

Sr. No. Trends Impact
1 Due to Covid-19 lockdown, the manufacturing units of various industries were shut down Negative
2 Covid-19 outbreak led to increase in demand for use of technology and internet in different industries such as education, healthcare, entertainment & media, and banking & finance Positive

The report also provides in-depth analysis of recent news developments and investments

  •  In May 2021, IBM launched Watson Orchestrate, which is an interactive AI based capability designed in order to increase the personal productivity of all business professionals by helping them to save up to 50% of their time to focus on more strategic work.
  • In April 2021, EY announced the launch of IBM TechHub@EY, in order to strengthen capabilities of IBM hybrid cloud technology which would help to accelerate client's digital transformation and competitive digital advantage.
  • In October 2020, Accenture and ServiceNow joined together to launch global business unit for digital transformation projects, which would focus on customers self-service mode and remote work programs.

The unique insights provided by this report also includes the following:

  • In-depth value chain analysis
  • Opportunity mapping
  • Sector snapshot
  • Key Players Positioning Matrix
  • Regulatory scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market trends
  • Covid-19 impact analysis
  • Product comparison
  • Pre & Post COVID 19 impacts on Digital Transformation Market
  • Competitive Landscape

Frequently Asked Questions (FAQs)

Who are the key players in the digital transformation industry?

Few key players include, but not limit up to: Microsoft, IBM, SAP, Cognizant, Adobe, Dell EMC, Google, Marlabs Inc., Accenture, Broadcom, Equinix, Oracle, HCL Technologies, Tibco software, Alcor Solutions, Smartstream, Yash Technologies, HPE, Interfacing, Kissflow, Emudhra, Process Maker, Process Street, Happiest Minds, Scoro, Brillio, and Aexonic Technologies.

What is the estimated market growth rate of digital transformation industry?

The digital transformation market is estimated to grow at a compound annual growth rate (CAGR) of 22.7% during 2021-2027

What is the share of North America in digital transformation market?

In the base year 2020, North America accounted for more than 30% share in the digital transformation market.

How big the global digital transformation markets?

The global digital transformation market was valued at US $ 340.0 Bn in 2020 and is anticipated to reach US$ 1409.4 Bn by 2027.

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  1. Introduction
    1. Product Outline
    2. What Is Digital Transformation
    3. Different Types of Digital Transformation
    4. Supply Chain Analysis
    5. Covid -19 Impact
    6. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    7. Technology Overview
  2. Regulatory Landscape for Digital Transformation
    1. Regulations and Standards
  3. Digital Transformation by Technology
    1. Big Data and Analytics
    2. Industrial Robotics
    3.  Internet of Things
    4. 3d Printing/Additive Manufacturing
    5. Machine learning & Artificial Intelligence
    6.  Advanced Human Machine Interface
    7. Others
  4. Digital Transformation Market by End User
    1. Retail
    2. Government and Public Sector
    3. Healthcare
    4. Manufacturing
    5.  IT & Telecom
    6.  Banking and Financial Services
    7. Others
  5. Digital Transformation Market by Industry Size
    1. Small and Medium
    2. Large
  6. Regional Analysis
    1. North America
      1. US
      2. Canada
    2. Europe
      1. Germany
      2. UK
      3. France 
      4. Spain
      5. Netherlands
      6. Rest of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. Rest of Asia Pacific
    4. Middle East and Africa
    5. South America
  7. Key Strategic Insights
  8. New Raw Material Sources
    1. New Applications
    2. Emerging Technologies
    3. Opportunity Mapping
    4. Critical Success Factors
    5. Environmental Impact and Sustainability Issues
    6. Consumer Preferences
  9. Key Market Trends / Recent Developments
  10. Competitive Scenario
    1. Mergers and Acquisitions
    2. Investments
    3. Joint Ventures
    4. New Product Launches
    5. Strength of Product Portfolio
    6. Ranking of Key Players
    7. Presence of Players by Geographies
  11. KEY GLOBAL PLAYERS
    1. Microsoft
    2. SAP
    3. Cognizant
    4. Adobe
    5. Dell EMC
    6. IBM
    7. Google
    8. Marlabs
    9. Accenture
    10. Broadcom
    11. Equinix
    12. Oracle
    13.  HPE
    14. HCL Technologies

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