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Digital Transformation Market worth $1247.5 billion by 2026 - Exclusive Report by MarketsandMarkets(TM)
Saturday, August 6, 2022
CHICAGO , July 29, 2022 /PRNewswire/ -- Digital Transformation Market size is expected to grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period, according to a new report by MarketsandMarkets(TM). Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of digital transformation technologies and services.
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Browse in-depth TOC on "Digital Transformation Market"
208 - Tables
55 - Figures
283 - Pages
Scope of the Report:
Report Metrics
Details
Market size available for years
2015-2026
Base year considered 2020
Forecast period
2021-2026
Forecast units
USD Million
Segments covered
Technology, Deployment Mode, Organization Size, Industry Vertical, and Region
Geographies covered
North America, Europe, APAC, MEA, and Latin America
Highest Market
North America
Digital Transformation Market Size in
2026
USD 1247.5 billion
Companies covered Microsoft(US), IBM(US), SAP(Germany), Oracle(US), Google(US), Cognizant(US), HPE(US), Adobe(US), Accenture(Ireland), HCL
Technologies(India), Broadcom(US), Equinix(US), Dell(US), Tibco(US), Marlabs(US), Alcor Solutions(US), Smart
Stream(UK), Yash Technologies(US), Interfacing(Canada), Kissflow(India), Emudhra(India), Process Maker(US), Process
Street(US), Happiest Minds(India), Scoro(UK), Brillio(US), and Aexonic Technologies(US).
Digital transformation is the outcome of changes that occur with the application of digital technologies. The use of digital transformation across business and organizational activities, processes, competencies, and business models leverages the changes and opportunities of a mix of digital technologies and their impact on society. Digital transformation helps enterprises improve the customer experience, optimize the workforce, enhance the operational activities, and transform the products and services of the organization. The evolution of digital technologies, such as cloud computing, big data and analytics, mobility/social media, blockchain, Artificial Intelligence (AI), Internet of Things (IoT), robotics, and cybersecurity, has created the need for digitalization across several industries. These technologies are used by enterprises to improve or add more features to their traditional business processes while also helping enhance customer relationships.
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By deployment mode, the Digital Transformation Market has been segmented into on-premises and cloud. The CAGR of the on-premises deployment mode is estimated to be the largest during the forecast period. On-premises solutions are deployed with a one-time license fee and an annual service agreement, which includes free upgrades after a specified time. On-premises software solutions are depreciable assets and are affordable for companies that have the budget to make the initial investment.
The Digital Transformation Market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of digital transformation solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
The Digital Transformation Market by vertical has been categorized into banking, financial services, and insurance, retail and eCommerce, media and entertainment, IT and telecom, healthcare and life sciences, government and defense, manufacturing, and education. The healthcare and life sciences vertical is expected to witness the highest growth rate, while the BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing usage of mobile devices to access banking services is driving the adoption of digital transformation solutions in the BFSI vertical.
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The Digital Transformation Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of digital technologies to have a competitive advantage over the established players. Digital transformation vendors in this region focus on innovations related to their product line. China, Japan, and India have displayed ample growth opportunities in the Digital Transformation Market.
The major vendors in the global digital transformation market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Google (US), Cognizant (US), HPE (US), Adobe (US), Accenture (Ireland), HCL Technologies (India), Broadcom (US), Equinix (US), Dell (US), Tibco (US) and Marlabs (US).
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Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Deployment Mode, Organization Size, Business Function (Law, Security), Vertical, and Region - Global Forecast to 2026
Big Data Market by Component, Deployment Mode, Organization Size, Business Function (Operations, Finance, and Marketing and Sales), Industry Vertical (BFSI, Manufacturing, and Healthcare and Life Sciences), and Region - Global Forecast to 2025
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MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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SOURCE MarketsandMarkets
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