London, June 10, 2020 (GLOBE NEWSWIRE) — Digital transformation has emerged as one of the most prominent strategies for public and private organizations over the past few years. It is increasingly transforming the conventional technology landscape across all industry verticals. Although enterprise applications based on digital transformation technologies are still in their nascent stages of development, they are gradually beginning to drive innovation into the business strategies and proving their significance at every step of an organization.
Digital transformation is the process of using digital technologies to change existing processes, models, structure, and business activities to improve the performance of organizations. The adoption of digital transformation is routing a new era or industrial transformation, allowing companies to track their operations, enhance productivity, augment business strategies, and engage with customers in digital world. Thus, with consistently growing awareness about the benefits of digitization, organizations across several industry verticals are adopting digital transformation strategies to sustain and expand their existing positions in highly competitive market.
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The digital transformation market is projected to reach $3,294 billion in 2025, growing at a CAGR of 22.7% from 2019 to 2025. The growth in this market is mainly attributed to the growing adoption of AI & robotics in manufacturing industries, lack of skilled workforce, increasing adoption of Internet of Things (IoT) in different industry verticals, and government initiatives & policies towards digitization in developing nations. Furthermore, the demand for streamlining business processes and the adoption of 5G technology is also expected to support the growth of the digital transformation market over the forecast period. However, the high cost of transformation and lack of infrastructure are the major challenges limiting the growth of this market.
Based on technology type, Internet of Things (IoT) commanded the largest share of the overall digital transformation market in 2019. The large share of the segment is attributed to the rapid proliferation of smart devices, increasing adoption of IoT in health & wellness sector, incorporation of industrial IoT devices in manufacturing, and the need from business enterprises from different industry verticals to improve operational efficiency of business processes. However, AR/VR technology is slated to register the fastest CAGR during the forecast period from 2019 to 2025. The growth is primarily driven by the surging demand of AR/VR technology in healthcare and manufacturing sector for training purposes and growing penetration of smart devices and consumer electronics for entertainment.
Based on the end-use industry, banking & financial services (BFSI) sector commanded the largest share of the overall digital transformation market in 2019. The largest share of this segment is primarily attributed to the increasing demand for advanced technologies in banking and financial services industry to enhance customer engagement, offer personalized financial services, and consistent growth in AI-based security processes.
Based on industry size, large enterprises commanded the largest share of the overall digital transformation market in 2019. The large share of this segment is mainly attributed to the surge in demand for enhanced customer experience, development of next-generation products & services, automation of traditional operations, better operational efficiency and boost in revenue growth.
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Based on the process, the operational transformation segment commanded the largest share of the overall digital transformation market in 2019. The large share of this segment is mainly attributed to the increasing need to develop efficient and effective operations to reduce expenses associated with traditional operational processes, the need for improved customer services & engagement, and the need to enhance productivity of business operations and processes with incorporation of advanced digital technologies.
Based on geography, the global digital transformation market is categorized into five major geographies, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2019, North America commanded the largest share of the global digital transformation market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The large share of the North America region is attributed to the presence of developed economies along with a high willingness of business enterprises in this region to adopt advanced technologies in their business operations and processes, and easy accessibility to advanced technologies owing to the existence of major digital transformation solution providers in this region. Furthermore, government initiatives supporting the adoption of advanced technologies such as AI and 5G technology and increasing demand to streamline business processes and facilitate informed business decision-making are further contributing to the growth of this market.
On the other hand, the Asia-Pacific region is projected to grow at the fastest CAGR during the forecast period from 2019 to 2025. The high growth rate of this region is attributed to the presence of rapidly developing economies in the region, presence of large number of young and tech-savvy population, developing infrastructure and growing proliferation of IoT, rising disposable income of the population, and increasing acceptance for modern technologies across business enterprises from different industry verticals. Besides, growing adoption of AI-based solutions and services among supply chain operations, rising number of smart devices, government initiatives & investment, growing e-commerce, and improving connectivity infrastructure are also playing a significant role in the growth of the digital transformation market in Asia Pacific region.
The global digital transformation market is fragmented in nature and is characterized by the presence of several low, mid, and high-level companies competing for the market share. Some of the leading players in the digital transformation market are from the core technology background. These include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), and Amazon.com, Inc. (U.S.). These companies are leading the market owing to their strong technological capabilities, continuous focus on innovation, strong brand recognition, diverse product portfolio, strong distribution and sales network, and strong organic and inorganic growth strategies. The other key players in the global digital transformation market are Intel Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Samsung (South Korea), LLamasoft, Inc. (U.S.), SAP SE (Germany), General Electric (U.S.), Deutsche Post DHL Group (Germany), Xilinx, Inc. (U.S.), Micron Technology, Inc. (U.S.), FedEx Corporation (U.S.), ClearMetal, Inc. (U.S.), Dassault Systèmes (France), and JDA Software Group, Inc. (U.S.), among other local & regional players.
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