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.
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.
By Technology
By End User
By Industry Size
By Geographical Region
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:
The report also provides in-depth analysis of digital transformation market dynamics such as drivers, restraints opportunities and challenges
Drivers
Restraints
Opportunities
Challenges
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
The unique insights provided by this report also includes the following:
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