According to a report by Grand View Research, Inc.; the global digital transformation market is projected to attain USD 798.44 billion by 2025. Rising adoption of Internet of Things (IoT) globally is anticipated to drive the market during the forecast period (2018 to 2025). Digital transformation offers better consumer engagement by incorporating intelligence into operational activities of any business. This factor is anticipated to bode well for demand in near future.
Increasing use of consumer electronics like mobile devices and smartphones can augment growth of the market for digital transformation. Growing adoption from organizations to manage corporate restructuring and market fluctuations is expected to impel market expansion in the forthcoming years. Shifting preference from conventional to digitalized business models can also support development of advanced services and products. This factor is anticipated to stimulate market development during the forecast period.
The worldwide digital transformation market can be segregated on the basis of type, deployment, end-use, and region. Based on type, the market can be bifurcated into service and solution. In 2016, solution segment dominated the market. It is estimated to account for market share equivalent to USD 798.44 billion by 2025. Continual technological advancements encourages organizations to keep their systems updated with the help of advanced technology. This factor is considered vital for organizations to gain competitive edge. As a result, rising adoption can drive growth of the segment over the forecast period.
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U.S. digital transformation market, by solution, 2014 - 2025 (USD Billion)
Service segment is likely to expand at 19.5% CAGR during the forecast period. Rising adoption of digitalization can fuel demand for services like support and training. This, in turn can positively influence growth of the segment in the forthcoming years.
Based on deployment, the market for digital transformation can be divided into on-premise and hosted. Hosted deployment is predicted to get preference over other methods. Customization of various products and services coupled with flexibility offered by this method of deployment can boost its demand over the forecast period.
Based on enterprise size, the market can be categorized into Small and Medium Enterprises (SMEs) and large enterprise. Small and medium enterprise segment can expand at the highest CAGR of 20.1% from 2017 to 2025. Rising adoption of cloud computing and reducing costs of devices are expected to push SMEs to implement digital transformation. In addition, increasing awareness about benefits of digitalization can encourage organizations to make investments. Emergence of cutting-edge technology attributed to continual technological advancements can spur growth over the forecast period.
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Global digital transformation market, by end-use, 2016 (%)
Based on end-use, the market can be classified into healthcare, manufacturing, retail, BFSI, government, IT and telecom, and others. Healthcare segment is predicted to expand at the highest CAGR of 19.5% over the forecast period. Rising need for electronic data among operation channels can drive the segment. Moreover, shifting focus of healthcare providers towards implementation of digitization and refining patient care can augment growth of segment.
Regional segmentation includes Europe, Asia Pacific, North America, Latin America, and Middle East and Africa. North America held the largest market share in 2016. It is estimated to register a CAGR of 17.3% during the forecast period owing to rising penetration of internet. In addition, adoption of various online payment modes in retail sector can further drive regional growth.
On the other hand, Asia Pacific is anticipated to expand at the fastest CAGR of 20.3% during the forecast period. Rising number of SMEs and expansion of service sector can stimulate regional growth. In addition, growing awareness regarding benefits of cloud technology is expected to fuel regional market expansion. Continual technological advancements are anticipated to bode well for market expansion in near future.
Some of the leading companies functioning in the digital transformation market are Google Inc.; Oracle Corporation; Adobe Systems Incorporated; Microsoft Corporation; and IBM Corporation. Market players invest in R&D activities to develop advanced products and to increase their market share. Innovation can support these companies in expanding their product portfolio and consumer base.
Grand View Research has segmented the global digital transformation market on the basis of type, deployment, enterprise size, end-use, and region:
Type Scope (Revenue, USD Billion; 2014 - 2025)
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Solution
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Analytics
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Cloud Computing
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Mobility
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Social Media
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Others
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Service
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Professional Services
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Implementation & Integration
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Deployment Outlook (Revenue, USD Billion; 2014 - 2025)
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Hosted
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On-premise
Enterprise Size Outlook (Revenue, USD Billion; 2014 - 2025)
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Large Enterprise
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Small and Medium Enterprise
End-use Outlook (Revenue, USD Billion; 2014 - 2025)
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BFSI
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Government
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Healthcare
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IT & Telecom
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Manufacturing
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Retail
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Others
Regional Outlook (Revenue, USD Billion; 2014 - 2025)
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North America
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U.S.
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Canada
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Europe
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UK
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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MEA
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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