Pune, India, Aug. 09, 2021 (GLOBE NEWSWIRE) — The Global Digital Transformation Market Size has been estimated to value at USD 589.7 million in 2021 and is projected to grow at a CAGR of 15.6% during the forecast period. Digital transformation is the use of digital technology in numerous areas of the business to decide errors. It also modified a way for how businesses convey and work values to the clients. It also assists the business to deal better in the market by making changes as sustained by the new technologies. Digital transformation supports the corporation to reach the large masses effortlessly.
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Increasing digitalization of organizational business functions to serve changing client needs and improving operational efficiency are expected to drive the digital transformation market during the forecast period. The increasing in penetration of internet of things (IoT) and acceptance of cloud services along with acceptance of online services and blockchain during the COVID-19 outbreak are also expected to fuel the market growth.
Increasing need to increase operational performance and increasing usage of mobile devices, smartphones, and applications supporting digitization are also driving the digital transformation market. On the other hand, increasing privacy and security concerns for confidential information and lack of skilled personnel are estimated to be the key restraints for the digital transformation market during the forecast period.
Global Digital Transformation Market, by Component
Based on component, the digital transformation market is segmented into solution and services. The solution segment holds the highest market share in 2021 and is expected to remain the highest growing market during the forecast period. The segment growth can be attributed to the rapidly emerging technological landscape that involves businesses timely upgrade their systems to uphold an inexpensive edge.
Global Digital Transformation Market, by Technology
Based on technology, the digital transformation market is segmented into cloud computing, artificial intelligence, big data & analytics, social media, cybersecurity, internet of things, and others.
Based on technology, the digital transformation market is segmented into cloud computing, artificial intelligence, big data and analytics, social media, cybersecurity, internet of things, and others. The cloud computing segment is the fastest-growing segment in 2021 and is estimated to remain the fastest-growing segment during the forecast period. The factors attributed to segment growth include easy deployment, easy accessibility and upgradability, and low deployment cost.
Global Digital Transformation Market, by Deployment
Based on deployment, the digital transformation market is segmented into on-premise and cloud. The on-premises segment holds the largest market share in 2021 and is estimated to remain the largest during the forecast period. The factors attributed to the segment growth include ease of customizability during their execution.
On-premise solutions offer high-end data security and simplify easy compliance with numerous government rules. The on-premise deployment also offers large organizations better control over private data. On-premise deployment allows organizations to connect a customized network of digital transformation that meets the organization’s requirements accurately and efficiently.
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Global Digital Transformation Market, by Organization Size
Based on organization size, the digital transformation market is segmented into Small and Medium Enterprises (SME), and large enterprises.
The large enterprise segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period. Large enterprises include digital transformation solutions on account of the advantages, such as ease of system integration and implementation, cost efficiencies, flexibility, and data privacy. Large enterprises can speed up digital transformation, have strong economic capability, and execute comprehensive digital strategy across procedures actively. All these factors are expected to drive the segment growth during the forecast period.
Global Digital Transformation Market, by Vertical
Based on vertical, the digital transformation market is segmented into banking, financial services, and insurance (BFSI), and telecommunication, government and defense, education, manufacturing, healthcare, retail, and others. The BFSI segment is the fastest growing segment in 2021 and is expected to remain the fastest growing segment during the forecast period. The segment growth can be due to extensive usage of technology in banking, financial services, and insurance sectors. They consistently thrive for a customer-centric approach to meet their customer needs and provide them with seamless customer service leveraging technology.
The healthcare segment is estimated to grow as a fastest growing segment during the forecast period. The growth of segment is attributed increasing demand for electronic data across operation channels and patient outreach to accelerate the acceptance of digital transformation in the healthcare sector.
The growing volume of patient data has led to the growth of accessible business models to facilitate effective patient handling. These models are anticipated to assist new business policies and help mitigate risks related with the price of executing the same. This is projected to assist as a promising development factor for the healthcare segment. Additionally, digital transformation across the healthcare sector allows better decision-making and improves the patient involvement.
Global Digital Transformation Market, by Region
Based on region, the digital transformation market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America holds the largest regional market in 2021 and is expected to remain the largest market during the forecast period. The factors attributed to the regional market include excessive usage of various online payment processes in the retail segment and high saturation of internet services. The presence of major market companies engaged in digital transformation solutions in North America is expected to propel the regional market growth during the forecast period.
Furthermore, advanced robotic solutions, and high demand for software on account of extensive technology saturation across the manufacturing, retail, and automotive industries in U.S. and Canada are also anticipated to drive the regional market growth during the forecast period.
Some Recent Developments in the Global Digital Transformation Market:
- April 2021 – Adobe Systems Inc. partnered with FedEx, for the integration of Adobe Commerce with ShopRunner, a top eCommerce platform and a subordinate of FedEx Services. The incorporation will give Adobe merchants access to FedEx post-purchase logistics intelligence, which will assist them to propel the demand, gain customer insights, and reduce cost.
- June 2021 – Deutsche Bank associated with Oracle Corporation to revolutionize its database technology and boost its digital transformation. Oracle will support Deutsche Bank to upgrade its current database systems and migrate the bulk of its Oracle Database estate to Oracle Exadata Cloud Customer, an on-premises deployment choice of the Oracle Exadata Cloud Service to support applications that also will not move to the public cloud or may in the future.
COVID-19 Impact on Global Digital Transformation Market
The QMI team is closely analyzing the impact of COVID-19 on the digital transformation market. The significant rise in awareness about the increasing need for digital transformation across several industries is expected to create new developmental opportunities for the market. Organizations are constantly realizing the advantages of digital transformation, mainly in the remote work scenario that involves a business to allow the workforce to seamlessly associated, learn, and carry out organizational functions across various remote locations. This is projected to drive the market during the pandemic and the forecast period.
Some Major Findings of the Global Digital Transformation Market Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global sodium-ion batteries market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global digital transformation market, which include IBM Corporation, Google LLC, Accenture, Broadcom (CA Technologies), Equinix, Microsoft Corporation, SAP SE, Cognizant, Adobe Systems, Dell EMC, HPE, Oracle Corporation, HCL Technologies, Tibco Software, Happiest Minds, and Alcor Solution.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market
- Impact of COVID-19 on the global digital transformation market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Digital transformation Market, By Component (Solution, Services), Technology, (Cloud Computing, Artificial Intelligence, Big Data and Analytics, Social Media, Cybersecurity, Internet of Things, Others), Deployment (On-Premise, Cloud), Organization Size, (Small and Medium Enterprises, Large Enterprises), Vertical (Banking, Financial Services, and Insurance, IT and Telecommunication, Government and Defense, Education, Manufacturing, Healthcare, Retail, Others), and Region, (North America, Europe, Asia Pacific, Middle East & Africa, South America) – Market Size and Forecasting to 2030” in-depth analysis along with the table of contents (ToC).
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