The global digital transformation market size is expected to reach USD 1,392.91 billion by 2027, registering a CAGR of 22.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing necessity for introduction of innovative solutions that are capable of engaging customers or employees to integrate process, data, IT, and business. Furthermore, the increasing demand for the adoption of Internet of Things (IoT) and other advanced technologies is propelling the growth.
Digital transformation allows organizations to tackle disruptive changes such as marketplace fluctuation and corporate restructuring, occurring in their markets and customer base by designing new products, services, and business models leveraging digitalization. These newly designed solutions are generally a mix of digitally stored historical information about business activities and the customers Furthermore, they facilitate the transformation of traditional processes, business activities, and models to take advantage of the upcoming changes and opportunities of digital technologies.
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Due to rising digitization and urbanization across the world, businesses are switching to using technology driven solutions to meet the rapid pace of business growth. The use of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern Digital Experience Platforms (DXP) at affordable prices without the need to constantly upgrade or replace the systems. Moreover, factors such as optimization of end-to-end customer experience and improvement in operational flexibility are promoting the growth of digital transformation along with the recognition of new revenue sources.
Digital Transformation Market Report Highlights
• The social media solution segment is anticipated to expand at a rapid CAGR of above 20% over the forecast period. The advent of mobile technology, has transformed the social media, is driving the growth
• Post the implementation of digital transformation solutions, organizations require support and maintenance services from their vendors. This is expected to increase the demand for the professional services over the forecast period
• The hosted deployment segment is anticipated gain momentum owing to advantages such as convenience, lower cost, and better security
• The large enterprises segment is expected to witness significant growth over the forecast period as large enterprises are focusing on increasing productivity and efficiency of workers by using digital transformation solutions
• The healthcare segment is expected to witness phenomenal growth from 2020 to 2027. This can be attributed to the increasing focus of the healthcare providers towards improving the patient care by implementing digital processes and technologies
• The demand in Asia Pacific region is anticipated to expand at a significant CAGR and reach USD 379.95 billion by 2027, owing to the growing demand for the application of IoT
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Digital Transformation Market Segmentation
Grand View Research has segmented the global digital transformation market based on type, deployment, enterprise size, end use, and region:
Digital Transformation Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Solution
o Analytics
o Cloud Computing
o Mobility
o Social Media
o Others
• Service
o Professional Services
o Implementation & Integration
Digital Transformation Deployment Outlook (Revenue, USD Million, 2016 - 2027)
• Hosted
• On-premise
Digital Transformation Enterprise Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprise
• Small & Medium Enterprise
Digital Transformation End-use Outlook (Revenue, USD Million, 2016 - 2027)
• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others
Digital Transformation Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
• Middle East & Africa
List of Players in Digital Transformation Market
• SAP SE
• IBM Corporation
• Oracle Corporation
• Google Inc.
• Dell EMC
• Hewlett Packard Enterprise Co.
• CA Technologies
• Microsoft Corporation
• Adobe Systems Incorporated
• Accenture plc
• Capgemini Group
• Apple Inc.
• Kellton Tech Solutions Ltd.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.