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Digital Transformation Market Growth, Trends 2028 | Industry Report

Digital Transformation Market Analysis Report By Type, By Deployment, By Enterprise Size, By End Use And Segment Forecasts From 2021 To 2028

Report ID: MN17617402  |  Published: July 2021  |  No of Pages: 110
Format: Electronic (PDF)  |  Industry: Technology  |  Publisher: Grand View Research

Synopsis

The global digital transformation market was prized by USD 336.14 billion in 2020. It is estimated to witness a 23.6% CAGR from 2021 to 2028.

Drivers

The digital transformation makes it possible the businesses to enhance their customer preservation percentage, operational accomplishment, brand status, and customer experience. Besides, digitally altered businesses can professionally become accustomed to the altering technical background and are capable to tackle the unexpected changes in the business, particularly the one presently made, as a result of the Covid-19 pandemic.

US digital transformation market

Moreover, the rising insistence on industrial computerization is one of the important drivers of the market for digital transformation. The increasing acceptance of wireless communication plus additional sophisticated technologies, through several businesses as well as verticals, is anticipated to impel the speed of digital transformation.

The rising usage of smartphones, mobile apparatuses, and their functions through business procedures and subdivisions is, furthermore, endorsing digitization. It is estimated to power the digital transformation market, during the forecast period.

Restraints

Small otherwise a total need of budgetary allotment plus appropriate preparation for the acceptance of digitization are the most important challenges, that industry and enterprises cope with, whilst putting into practice, digital transformation. Finally, this causes a greater implementation period and the termination of the project. This may perhaps, openly influence the development of the market.

The necessity of enormous capital with the need for a financial plan is the important factor that impacts the determination of the organizations, to put into operation the digital transformation program. Ultimately, that hampers the expansion of the market.

Effect of Covid-19

The outbreak of the Covid-19 pandemic has, considerably, influenced the dealings through several nations, all over the world. In 2020, the most important challenge for the international market was to make sure the stability of the business, along with the work-from-home strategy, standards of social distancing, lockdowns, and additional functional challenges.

The non-accessibility of digital approaches, apparatuses, or infrastructure aggravated the challenges for several businesses, those that were needed to abruptly drive their functions online or facilitate human resources, to work distantly from their homes.

On the other hand, the situation initiated a considerable rise in alertness regarding the urgent necessity for the digital transformation, through the majority of businesses and assisted in the opening, some development opportunities for the market.

The businesses are, gradually more, recognizing the paybacks of digital transformation, particularly in the distant work situations which necessitate a business to permit the employees to flawlessly study, team up, and perform organizational work, through isolated places. This is likely to impel the market growth, throughout the forecast period.

Enterprise Size Insight

In 2020, the large enterprise sector held the principal revenue share of more than 59.0% and dominated the digital transformation market. Large enterprises put into practice, digital transformation solutions, because of the benefits, like suppleness, effortlessness of system incorporation & execution, the confidentiality of the information, and price efficiencies.

Because of the strong financial potential, large enterprises can speed up the digital transformation and carry out a completely digital approach through the procedures in an effective way. Additionally, large enterprises do not confront several restraints, in the period of budget allotment. These factors are anticipated to impel the enlargement of the segment, for the period of the forecast.

The Small & Medium Enterprise (SME) sector is likely to record the greatest CAGR, during the forecast period. Issues like the augmented spotlight on cloud computing in addition to abridged prices of mobile apparatuses are creating it, very much appropriate for the small & medium enterprises, to modernize their businesses and rise physically.

Deployment Insight

The on-premises sector held above 59.0% revenue share, in 2020, and dominated the digital transformation market. Several businesses, choosing on-premise solutions due to the easiness of customizability presented at some stage in their execution. On-premise solutions provide high-level data safety; along with bringing about, trouble-free fulfillment, through a variety of government rules.

On the other hand, the hosted division is likely to direct the international market, recording the highest, above 27.0% CAGR, during the forecast period. This can be credited to the huge development in technologies for information sharing, as well as the rising usage of mobile apparatuses.

End-Use Insight

The BFSI section held the maximum, more than 27.0% revenue share and led the digital transformation market, in 2020. It is expected to stay dominant, all through the forecast period. On the other hand, the healthcare division is anticipated to observe the highest CAGR, during the forecast period.

Europe digital transformation market

The rising demand for electronic information, through business networks and patient outreach, is expected to speed up the acceptance of digital transformation in the healthcare division. The retail sector is observing a growing acceptance of rising and pioneering technologies, like digital stores, social networks, cloud computing, DevOps, and big data analytics.

The issues like the increasing necessity for customer centricity as well as the growing hopes of the customers are powering the demand for digital transformation in the retail segment.

Type Insight

In 2020, the solution sector held the biggest; more than 68.0% revenue share of the market. It will stay leading, right through the forecast period. In the conditions of solutions, the market is subdivided into social media, cloud computing, mobility, analytics, plus others. The enlargement of the sector can be accredited to the fast-rising technical background, which needs businesses to well-timed upgrading of their systems to uphold a viable advantage.

The service sector is expected to record the highest CAGR, during the projected period. Additionally, the service sector is subdivided into proficient services as well as completion & incorporation. The acceptance of digital transformation solutions brings about the necessity for services, like teaching and backing that, additionally, impel the expansion of the sector.

Regional Insight

Due to the greater infiltration of internet services as well as extensive use of a range of online payment techniques in the retail sector, North America held, above 34.0% revenue share of the global digital transformation market, in 2020. It was the biggest local market. The existence of major market contestants, busy in digital transformation solutions, within North America, will impel the development of the local market, during the forecast years.

Likewise, greater demand for highly developed robotic solutions as well as software, due to the wide-ranging infiltration of technology through the automotive, retail, and manufacturing industry, within Canada and the U.S., is estimated to boost the enlargement of the provincial market for digital transformation.

On the other hand, Asia Pacific is anticipated to come out as the biggest over and above the speedily developing local market during the forecast period, because of the increasing service segment, as well as rising number of small & medium enterprises (SMEs).

Besides, new technical progressions, as well as rising alertness regarding the profits of cloud technology, are forcing small & medium enterprises (SMEs) in the area to makeover their businesses to guarantee potential enlargement.

The growing practice of mobile apparatuses and social media analytics, together with increasing online trade is, furthermore, anticipated to propel the provincial market, during the forecast period.

Companies

The companies are funding for R&D activities to enhance their share in the market and guarantee the enhancements in their in-house procedures, using the digital transformation. Moreover, major companies are energetically taking on the development of fresh products to increase their offered range of services and products.

Besides, the companies are concentrating on mergers & acquisitions, along with tactical joint ventures, to build up technically sophisticated products plus to increase an economically affordable advantage.

Some of the companies for the digital transformation market are:

    • Kellton Tech Solutions Ltd.
    • International Business Machines Corp.
    • Dell Technologies Inc.
    • ADOBE, Inc.
    • Accenture plc
    • Google, Inc.
    • Microsoft Corp.
    • Hewlett Packard Enterprise Company
    • CA Technologies (Broadcom, Inc.)
    • Apple, Inc.

Report Scope

Report Attribute

Details

The market size value in 2021

USD 400.34 billion

The revenue forecast in 2028

USD 1,759.40 billion

Growth rate

CAGR of 23.6% from 2021 to 2028

The base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Type, deployment, enterprise size, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil

Key companies profiled

Accenture plc; Apple, Inc.; ADOBE, Inc.; CA Technologies (Broadcom, Inc.); Dell Technologies Inc.; Hewlett Packard Enterprise Company; International Business Machines Corp.; Microsoft Corp.; Kellton Tech Solutions Ltd.; Google, Inc.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global digital transformation market report based on type, deployment, enterprise size, end-use, and region:

• Type Outlook (Revenue, USD Billion, 2016 - 2028)
    • Solution
        • Analytics
        • Cloud Computing
        • Mobility
        • Social Media
        • Others
    • Service
        • Professional Services
        • Implementation & Integration

• Deployment Outlook (Revenue, USD Billion, 2016 - 2028)
    • Hosted
    • On-premise

• Enterprise Size Outlook (Revenue, USD Billion, 2016 - 2028)
    • Large Enterprise
    • Small & Medium Enterprise (SME)

• End-use Outlook (Revenue, USD Billion, 2016 - 2028)
    • BFSI
    • Healthcare
    • Government
    • IT & Telecom
    • Manufacturing
    • Retail
    • Others

• Regional Outlook (Revenue, USD Billion, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa

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