Global Digital Transformation Market
Global digital transformation market report provide a comprehensive outlook on digital transformation worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global digital transformation market gives historical, current and future market size (US$ Mn) on the basis of technology, deployment model, organization size, industry vertical, and geography. This study analyses the global digital transformation market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Digital Transformation Market:
It is estimated that the global market for digital transformation will rise from US$ 502.6 billion in 2019 to US$ 1,080.4 billion by 2026, at a CAGR of 16.5%. The growth of the global market for digital transformation is mainly driven by factors such as ever-growing internet users & smart devices, rising technological advances, and digitization initiatives by the government. In addition, untapped opportunities to boost sales performance, customer demand to streamline business processes, and take advantage of consumer trends are also leading to the growth of the global market for digital transformation. However, the greatest hindrance to business growth is the high cost of change and the lack of infrastructure.
Promising government initiatives & policies towards digitization in developing nations fuels the growth of the global digital transformation market:
People now expect more personalized, linked encounters with the government in the modern world, which makes the task of digital transformation even more important. The use of digital government channels allows leaders to achieve established goals in line with the effectiveness of serving people. Digital payments (BHIM), AADHAAR and direct benefit transfer, e-education (SWAYAM), e-health, digital farming, and digitization of internal law enforcement agencies , for example, are government initiatives in India that facilitate digital transformation in the country, among others. In addition, by creating co-creation sites for access to more than 3,000 government datasets and launching more than 110 mobile applications for its people, the Singapore government is also undertaking initiatives. One of the main factors expected to drive the growth of the global digital transformation in the coming years is government inclination to adopt technologies & policies supporting digitization, especially in developing countries.
North America dominates the market share during the forecast period:
The largest market share in the global market for digital transformation is expected to be held by North America. Due to growing investments in the digitalization phase across potential economies, the region is becoming a new hotspot in the digital transformation industry. North America is a highly transparent digital transformation marketplace. Companies’ indispensable requirements to turn their conventional business operations into digital and the rapid adoption of mobile devices, IoT solutions and cloud technologies have led to the increasing adoption in this area of digital transformation solutions.
Key players profile in global digital transformation market include-
- Dell EMC
- In February 2019, Microsoft collaborated with Telecom Egypt, to extend its global cloud network to Egypt. Telecom Egypt will provide low-latency connectivity into and across Egypt to help enhance performance and increase reliability for customers of Microsoft services.
- In February 2019, SAP launched SAP Leonardo Internet of Things (IoT), the all-encompassing technology that generates and drives digital transformation for Industrial IoT and Industry 4.0.
- In March 2019, Accenture acquired Enterprise System Partners (ESP), to help Accenture’s life sciences clients digitize and transform manufacturing operations.
Key findings of report:
- Global digital transformation market expanding at significant CAGR over 2020 to 2026 owing to ever-growing internet users & smart devices, rising technological advances, and digitization initiatives by the government.
- North America accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Cloud Computing
- Big Data and Analytics
- Mobility/Social Media
- Cyber security
- Large Enterprise
- Banking, Financial Services, and Insurance (BFSI)
- IT and telecom
- Media and Entertainment
- Rest of Europe
- Australia & New Zealand
- Rest of APAC
- Rest of Latin America
- GCC Countries
- South Africa
- Rest of MEA