Technology

Global Digital Transformation Market at A Highest CAGR of 19.25 % to rapidly growing $ 1223.97 billion

Global Digital Transformation Market By Component (Solution, Services), Deployment Type (On-Premise, Cloud), End User (Small & Medium Businesses (SMBS), Enterprises), Vertical (Banking Financial Services & Insurance (BFSI), Healthcare, Telecommunication & IT, Automotive, Education, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Government, Others), Services (Training, Maintenance, Consulting), Technology (Industrial Robotics, Internet of Things, 3d Printing/Additive Manufacturing, Advanced Human Machine Interface (HMI), Big Data and Analytics, Machine Learning and Artificial Intelligence, Cybersecurity,  Others)

Market Analysis: Global Digital Transformation Market

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.

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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.

Market Drivers:

  • Increasing demand for mobile phones is driving the market.
  • Growth in usage of IoT based products and solutions in businesses and various organisations

Market Restraints:

  • Increasing privacy and security concern among population is restraining market.
  • Lack of skilled and trained professionals.

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 Segmentation: Global Digital Transformation Market

  • By Component
    • Solution
      • Cloud Computing
      • Big Data & Analytics
      • Mobility
      • Disruptive Technology
        • Internet of Things (IoT)
        • Blockchain Technology
        • Artificial Intelligence (AI)
      • Social Media
    • Services
      • Professional Services
      • System Integration
    • By Deployment Type
      • On-Premise
      • Cloud
    • By End User
      • Small & Medium Businesses (SMBS)
      • Enterprises
    • By Vertical
      • Banking Financial Services & Insurance (BFSI)
      • Healthcare
      • Telecommunication & IT
      • Automotive
      • Education
      • Retail & Consumer Goods
      • Media & Entertainment
      • Manufacturing
      • Government
      • Others
    • By Services
      • Training
      • Maintenance
      • Consulting
    • 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
      • Cybersecurity
      • Others

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.

Competitive Analysis

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.

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