According to the current analysis of Reports and Data, the global digital transformation market was valued at USD 469.71 Billion in 2020 and is expected to reach USD 1,560.53 Billion by 2028, at a CAGR of 16.1%. The study provides an overall insight into the factors responsible for the growth in the Digital Transformation market. Owing to rising urbanization and digitalization across the world, organizations are switching towards using technology driving solutions to match the rapid pace of business growth and implementation of techniques in today’s scenario. Parallel growth of end user Industries like BFSI and Healthcare sectors is expected to drive the digital transformation market. Furthermore, digital transformation has helped organizations in expanding customer base through better interactions and swifter customer support services.

The growth of digital transformation market is expected to be restrained because of low awareness regarding use of digital transformation and stigma against using IOT and Cloud services owing to its vulnerability and possibility of leak of data. It is anticipated that extensive research and development funded by various companies and governments would help in overcoming this challenge and convert it into an opportunity for the market to thrive upon. The paramount importance of confidentiality and secrecy in the operation of many government and private companies is expected to grow the size of the digital transformation market. The digital transformation solutions have different applications in the several end-user industries. The manufacturing end-user industry offers the most opportunities in the digital transformation market. The manufacturing end-user has many different processes involved in their day-to-day operations. The solutions enable the transformation of the conventional practices digitally using automation, analytics, machine learning, and cloud computing technologies. There are several vendors offering the digital transformation solution in the market. These companies have adopted different growth strategies for increasing their geographical footprint and enhance their digital transformation products and services.

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Further key findings from the report suggest
Digital transformation market is growing at a CAGR of 3% in Asia Pacific followed by North America and Europe.
The artificial intelligence segment is forecasted to have the fastest growth rate due to the increasing implementation of AI and ML in different end-user industries
The Big Data segment has the largest market share of 28% in the market. The large scale generation of data and the ability to generate actionable insights from the data is the major factor for the adoption of big data technologies in the industries and enterprises
The workforce transformation segment is estimated to have the largest market size of USD 83.8 Billion in 2018. The enterprises are adopting digital transformation solutions to make the workforce more efficient leveraging the automation and analytics solutions for daily operations
Large Enterprises invest heavily in having on premises deployment of digital transformation as it helps them in having total control over the confidential data collected through these sensors. Dedicated servers help in installation of a network of customized digital transformation which suit the demand of the organization perfectly.
Due to modernization, rising standards of living and increasing per capita GDP, people are shifting towards using more and more technologically advanced electronic devices in their homes and as wearables as well, helping the digital transformation market grow.
Governments are investing in digital transformation to help modernize and secure the state-run services, which generate a large amount of revenue. Furthermore, biometrics are also used by Governments to maintain secrecy and confidentiality in internal affairs and workings.
The companies in the digital transformation market have adopted various strategies such as partnerships, mergers and acquisition, and business expansions to maintain a competitive edge in the market and compliment their existing solutions
Key participants in the market research study IBM Corporation, Microsoft Corporation, SAP, Dell EMC, Google, Accenture PLC, CA Technologies, Cognizant, Adobe Systems, Oracle Corporation, Hewlett Packard Enterprise, HCL Technologies, TIBCO Software, Marlabs, and Equinix.

Segments covered in the report:

Component type (Revenue in USD Million; 2018–2028)
Solution
Service
Professional Services
Managed

Technology (Revenue in USD Million; 2018–2028)
Cloud Computing
Big Data & Analytics
Mobility/Social Media
Cybersecurity
Artificial Intelligence (AI)
Internet of Things (IoT)
Others

Business Function (Revenue in USD Million; 2018–2028)
Customer Transformation
Workforce Transformation
Operational Transformation
Product Transformation

Deployment type (Revenue in USD Million; 2018–2028)
On-Premises
Cloud

Organization Size type (Revenue in USD Million; 2018–2028)
Large Enterprises
Small and Medium Scale Enterprises.

End-User (Revenue in USD Million; 2018–2028)
BFSI
Government
Healthcare
IT & Telecom
Manufacturing
Retail
Others

On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.

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Beneficial Aspects of the Report:
Global and region forecast of the Digital Transformation market from 2020-2027
In-depth analysis of market dynamics, industry outlook, market size based on types and applications
Details of value chain analysis, supply and demand ratio, production and consumption patterns
SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
Detailed insights on competitive landscape and emerging market trends

Research Methodology:
The market report is formulated on the basis of data obtained through extensive primary and secondary research. The data is further validated and verified by industry experts, research analysts, and professionals. The report considers regional demand and supply ratio, investments, market dynamics, capacity, end-use industry trends, and consumer behavior to generate a forecast report. The data is collected from verified sources such as government policies, regulatory published materials, journals, trade magazines, and verified data sources. The report uses advanced analytical tools such as SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide an accurate insight into the market scenario and competitive landscape. This report provides beneficial information to companies and new players to make lucrative business decisions. The market estimates and forecast data have been thoroughly verified through exhaustive primary research.

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