London, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Digital transformation is vital for all businesses to remain competitive as the world becomes increasingly digital. Digital transformation is the process of using digital technologies to change processes, models, business, and organizational activities to further improve the performance of businesses. With increasing awareness about the benefits of digitization, organizations across several industry verticals are adopting digital transformation technologies to expand and sustain their existing positions in a highly competitive market.
According to a new market research report “Digital Transformation Market by Technology (IoT, Cloud, Big Data, AI, Cybersecurity, AR/VR, RPA), Process Transformation (Customer, Operation, Product, Workforce), End-use Industry (Retail, Healthcare, Manufacturing, Insurance, IT & Telecom, BFSI), Industry Size, and Geography- Global Forecast to 2025”, published by Meticulous Research®, the digital transformation market is expected to grow at a CAGR of 22.7% from 2019 to reach $3,294 billion by 2025.
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The digital transformation systems are witnessing tremendous growth in the past few years owing to growing awareness of disruptive technologies and merits offered by these technologies. The growth of the overall digital transformation market is mainly attributed to the increasing adoption of AI & robotics in manufacturing, lack of skilled workers in traditional manufacturing, increasing adoption of Internet of Things, and government initiatives & policies towards digitization in developing nations. Furthermore, factors such as growing adoption of 5G technology, rising innovation by digitalization techniques, and growing focus of enterprises on streamlining their business processes are also expected to support the growth of the overall digital transformation market by 2025.
The overall digital transformation market is segmented by technology (IoT, cloud computing, big data analytics, artificial intelligence, cybersecurity, mobility solutions, AR/VR, robotic process automation, and others), end-use industry (retail, government & public sector, healthcare, supply chain & logistics, utilities, manufacturing, insurance, IT & telecom, media & entertainment, banking & financial services, education, and others), industry size (small and medium enterprises, large enterprises), process (customer transformation, operational transformation, product transformation, and workforce transformation), and geography).
Based on technology, the Internet of Things (IoT) segment commanded the largest share of the overall digital transformation market in 2019, owing to the extensive adoption of cloud services; growing digital initiatives by the government such as smart cities; increasing penetration of mobile devices; increasing awareness about health & fitness; and constant urge to improve the existing operational performance. However, artificial intelligence is anticipated to grow at the fastest CAGR during the forecast period owing to increasing demand for intelligent virtual assistants, surging penetration of mobile devices, increasing adoption of cloud-based applications, and government initiatives and investments in the advanced technology.
Based on the end-use industry, the banking & financial services segment commanded the largest share of the overall digital transformation market in 2019, owing to these institution’s rising focus on strengthening customer engagement with personalized offerings, virtual assistant, and fraud detection systems as well as growing need for integrating advanced analytics tools & solutions.
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Based on industry size, the small & medium enterprises (SME) segment commanded the largest share of the overall digital transformation market in 2019, owing to emergence of startups and technological developments along with the need to enhance customer experience & improve speed & accuracy of delivery services in SMEs. Based on process, the operational transformation segment commanded the largest share of the overall digital transformation market in 2019, owing to growing need of organizations to deliver enhanced customer services, optimize business cost, improve productivity, and offer real-time operational intelligence.
Geographically, North America region commanded the largest share of the overall digital transformation market in 2019, followed by Asia Pacific. The large share of North America region is mainly attributed to rapidly developing economies, presence of young population coupled with the rising disposable income, and increasing government initiatives and investment in research & development for advanced technologies in this region. However, Asia-Pacific region is expected to witness a rapid growth during the forecast period, which is mainly attributed to rising industrialization and infrastructural developments, growing proliferation of smart devices, rising private & government investment in manufacturing sectors, and rising demand for various consumer goods from a large population base.
Some of the key players operating in the overall market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Dell EMC (U.S.), HP Inc. (U.S.), Google LLC (U.S.), SAP SE (Germany), Adobe Inc. (U.S.), Oracle Corporation (U.S.), Intel Corporation (U.S.), Nvidia Corporation (U.S.), Cognizant (U.S.), Accenture PLC (Ireland), Capgemini SE (France), Cognex Corporation (U.S.), Deloitte Touche Tohmatsu Limited (U.K.), PricewaterhouseCoopers (U.K), Salesforce.com, Inc. (U.S.), Cisco Systems, Inc. (U.S.) Hakuna Matata Solutions Pvt. Ltd. (India), ScienceSoft Inc (U.S.), Sumatosoft (Belarus), and Space-O Technologies (India) among others.
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Report of the Scope:
Digital Transformation Market, by Technology
- IoT
- Cloud Computing
- Big Data Analytics
- Artificial Intelligence
- Cybersecurity
- Mobility Solutions
- AR/VR
- Robotic Process Automation
- Others
Digital Transformation Market, by End User Industry
- Retail
- Government & Public Sector
- Healthcare
- Supply Chain & Logistics
- Utilities
- Manufacturing
- Insurance
- It & Telecom
- Media & Entertainment
- Banking & Financial Services
- Education
- Others
Digital Transformation Market, by Industry Size
- Small & Medium Enterprises
- Large Enterprises
Digital Transformation Market, by Process
- Customer Transformation
- Operational Transformation
- Product Transformation
- Workforce Transformation
Digital Transformation Market, by Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of World
- Latin America
- The Middle East and Africa
Key Players in the Market
- Dell EMC Cognizant
- Accenture PLC
- Capgemini
- Siemens AG
- Cognex Corporation
- IBM Corporation
- Microsoft Corporation
- Deloitte Touche Tohmatsu Ltd
- PricewaterhouseCoopers (PWC)
- The Hewlett-Packard Company
- SAP SE
- Oracle Corporation
- Adobe Systems Inc.
- Hakuna Matata Solutions
- ScienceSoft Inc
- SumatoSoft
- Space-O Technologies.
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