Global digital transformation market is expected to rise from its initial estimated value of USD 299.30 billion in 2018 to an estimated value of USD 1223.97 billion by 2026, registering a CAGR of 19.25% in the forecast period of 2019-2026. Increasing adoption of cloud platform is the major factor for the growth of this market.
Market Definition: Global Digital Transformation Market
Digital transformation is the use of digital technology in different areas of business to solve problems. It also changes a way, that how a business operate and deliver values to the customers. It also helps the organization to compete better in the market by making changes as per the new technologies. Digital transformation helps the company to reach to the large masses easily.
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- Increasing demand for mobile phones is driving the market.
- Growth in usage of IoT based products and solutions in businesses and various organisations
- Increasing privacy and security concern among population is restraining market.
- Lack of skilled and trained professionals.
Key Developments in the Market:
- In November 2018, Oracle announced the launch of their new customer innovation centre which is mainly focused on digital transformation for the public sector in Brazil. This mainly focuses on transport, security and health and involves technologies including artificial intelligence, Internet of Things (IoT) and blockchain. The main aim of the company is to promote this idea in all the sectors of government.
- In December 2018, Australia has published a Digital Transformation Strategy whose main motive is to create a digital identity system for users so that they can easily access all the government services digitally by 2025. Eligibility for different services and payments reminders can be easily known through this new service.
Major Market Competitors/Players
Few of the major competitors currently working in the digital transformation market are Cognizant, Dell Inc., Microsoft, Adobe, Accenture, Capgemini, IBM Corporation, Oracle, Google, Hewlett Packard Enterprise Development LP, Broadcom., EMC Corporation., PwC, Deloitte, COGNEX CORPORATION, SAP SE, Deloitte, Siemens, PwC, COGNEX CORPORATION.
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Global digital transformation market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of digital transformation market for global, Europe, North America, Asia Pacific and South America.
Segmentation: Global Digital Transformation Market
- By Component
- Cloud Computing
- Big Data & Analytics
- Disruptive Technology
- Internet of Things (IoT)
- Blockchain Technology
- Artificial Intelligence (AI)
- Social Media
- Professional Services
- System Integration
- By Deployment Type
- By End User
- Small & Medium Businesses (SMBS)
- By Vertical
- Banking Financial Services & Insurance (BFSI)
- Telecommunication & IT
- Retail & Consumer Goods
- Media & Entertainment
- By Services
- By Technology
- Industrial Robotics
- Internet of Things
- 3d Printing/Additive Manufacturing
- Advanced Human Machine Interface (HMI)
- Big Data and Analytics
- Machine Learning and Artificial Intelligence
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
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