Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) — The global digital transformation market is expected to gain impetus from the emergence of industrial automation in a wide range of industries. Robots are able to control several core industrial processes efficiently. Fortune Business Insights™ published this information in a new report, titled, “Digital Transformation Market, 2021-2028.” The report further states that market size was USD 737.88 billion in 2020 and is projected to reach USD 3,546.80 billion by 2028, exhibiting a CAGR of 22.1% during the forecast period. The expansion of the automotive industry worldwide would result in the rising implementation of industrial robotics. The International Federation of Robotics (IFR), for instance, declared that in 2017, around 2.1 million stand-alone automotive and industrial robots were installed worldwide.
COVID-19 Pandemic: Shutdown of Manufacturing Facilities to Obstruct Growth
The COVID-19 pandemic has affected the economic scenario across the globe on account of the nationwide lockdown measures. In the first quarter of 2020, the digital transformation industry exhibited a mixed impact owing to the gradual slowdown. Several companies have shut down their manufacturing facilities. But, the industry will gradually gain traction as more companies are adopting unique technologies, such as industrial robots and clouds. We are offering accurate research reports to help you better understand the current scenario.
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Fortune Business Insights™ says BFSI Segment Procured a Share of 26.0% in 2019
We have divided the market into technology, enterprise size, deployment model, industry vertical, and region. Based on technology, the market is segregated into cloud computing, big data and analytics, social media/mobility services, robotics, artificial intelligence (AI), internet of things (IoT), and others. In terms of enterprise size, it is bifurcated into large enterprises and small and medium sized enterprises (SMEs). By deployment model, it is classified as on-premises and cloud. Lastly, by industry vertical, it is segmented into banking, financial services and insurance (BFSI), manufacturing, IT and telecommunications, retail and consumer goods, healthcare, transportation and logistics, media and entertainment, government, and others. In 2019, the BFSI segment generated 26.0% in terms of the digital transformation market share because of the increasing need to meet the changing customer demand.
This report includes in-depth information associated with change in material usage, new product launches, and technological advancements. It provides digital transformation industry dynamics based on various factors, such as opportunities, challenges, drivers, hindrances, and dynamics. At the same time, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
Drivers & Restraints-
Increasing Adoption of Cloud Computing & Big Data to Favor Growth
Several enterprises are slowly entering into a new customer engagement era stoked by the evolving regulatory environment and rapid technological changes. In this era, digital technologies are considered to be essential. Hence, these companies are adopting artificial intelligence, cloud computing, and big data technologies to bolster the organizational growth. They are striving to change conventional business models to modern strategies. However, the increasing risks of security breaches and cyber-attacks may hinder the digital transformation market growth in the near future.
Rising Penetration of Internet to Accelerate Growth in North America
Geographically, North America generated USD 234.73 billion in 2020. It is expected to remain at the forefront fueled by the increasing penetration of the internet in a wide range of industry verticals, such as manufacturing, retail, and healthcare. On the other hand, Europe is anticipated to grow significantly on account of the rapid digitalization in economies and societies. In Asia Pacific, the digital transformation industry is likely to grow remarkably attributable to the need to automate labor-intensive tasks by using robots in China.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Key Players Aim to Fulfil Demand by Introducing State-of-the-art Solutions
The global market possesses a large number of companies that are majorly focusing on launching innovative solutions to cater to the specific requirements of users. Below are the two latest industry developments:
- October 2020: Oracle launched its Oracle Cloud Observability and Management Platform. This would aid customers to remove the cost, risk, and complexity associated with managing on-premises and multi cloud environments.
- February 2019: SAP SE introduced SAP Leonardo Internet of Things (IoT) capabilities. These would drive and generate digital transformation for Industry 4.0 and Industrial IoT. The company also unveiled cloud-to-cloud interoperability with Microsoft Azure IoT Hub.
A list of all the prominent digital transformation service providers operating in the market:
- Amazon Web Services (Washington, United States)
- Oracle Corporation (California, United States)
- Microsoft Corporation (Mexico, United States)
- VMware, Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- IBM Corporation (New York, United States)
- Salesforce.com Inc. (California, United States)
- HCL Technologies Limited (Noida, India)
- Wipro Limited (Bengaluru, India)
- Accenture plc (Dublin, Ireland)
- Cisco Systems, Inc. (California, United States)
- Teradata Corporation (California, United States)
- Cloudera, Inc. (California, United States)
- Tableau Software (Washington, United States)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Apple Inc. (California, United States)
- NVIDIA Corporation (California, United States)
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Table Of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Digital Transformation Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
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