Dublin, July 13, 2021 (GLOBE NEWSWIRE) -- The "Global Digital Transformation Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Transformation Market size is expected to reach $1,302.9 billion by 2027, rising at a market growth of 20.8% CAGR during the forecast period. Digital transformation is considered as the utilization of digital technology with an aim to address conventional issues. Switching from traditional to new digitalized business models streamlines the launch of highly technologically advanced products and solutions. Digital transformation assists companies in enhancing their brand's image, customer experience, and customer retention rations with the help of the installation of the software. Digitally transformed companies can be flexible to the changing technological landscape and can address abrupt shifts in the industry.
With the help of digital transformation, companies can become empowered to enhance their customer experience, operational performance, brand image, and customer retention ratios. Digitally transformed enterprises can be flexible to the changing technological landscape and can address abrupt shifts in the industry, particularly the one presently created by the COVID-19 pandemic; studies show that the efficiency and rate of adaptation of digitally transformed companies to a post-pandemic era are relatively larger than conventional businesses.
Various enterprises across different industries are putting hefty investment in cloud platforms, big data technologies, and mobility with an aim to create Digital Experience Platforms (DXP). In addition to it, companies that produce a huge amount of business data are installing digital transformation solutions embedded with advanced technologies, like machine learning, quantum computing, IoT, and blockchain in order to obtain beneficial insights from the data. These trends are supporting the major market players to aim for product development and innovation so as to provide the highest-quality product and features at a low cost.
COVID-19 Impact
Various businesses have been considerably affected by the global outbreak of the COVID-19 pandemic. One of the significant challenges for the global economy in 2020 was to facilitate business continuity in the midst of social distancing guidelines, lockdowns norms, work-from-home culture, and other operational challenges. The lack of availability of digital strategies, infrastructure, or tools worsens the challenges for various companies that were needed to abruptly shift operations online or allow workers to work from their homes.
The situation, on the other hand, resulted in a considerable surge in awareness regarding the urgent requirement for digital transformation across a majority of the industries and created some lucrative opportunities for the global market. Companies are getting more aware of the advantages of digital transformation, particularly in the work-from-home culture that needs a business to allow the employees to easily learn, collaborate and perform organizational functions across remote locations.
Component Outlook
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into Analytics, Cloud Computing, Mobility & Social Media and Others. In 2020, analytics acquired the biggest revenue share owing to the massive demand for getting actionable insights from huge volumes of business data produced by companies. Wide-scale deployment of smart devices & applications in processes caused a substantial surge in data produced across various industries and sectors.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Hosted. The hosted segment is expected to exhibit the fastest growth rate throughout the forecast period. Massive developments in information sharing technologies and the growing utilization of mobile phones are responsible for the growth of this segment. Hosted deployment provides superior flexibility, higher cost-effectiveness, and allows wide-scale customization of products and services. Solutions are provided through models like Platforms as a Service (PaaS), Software as a Service (SaaS), and Infrastructure as a Service (IaaS), and can be accessed from anywhere on the demand by end-users.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprise segment acquired the highest revenue share in 2020. Large enterprises install digital transformation solutions because of the advantages like easy system integration & implementation, cost efficiencies, data privacy, and flexibility. Large enterprises companies can speed up the digital transformation and implement exhaustive digital strategy across processes in an efficient way due to the strong economic position. Additionally, large enterprises do not confront with challenges like restricted budget allocation. These aspects is expected to fuel the growth of the segment throughout the forecast period.
End User Outlook
Based on End User, the market is segmented into BFSI, Government & Defense, IT & Telecom, Healthcare, Manufacturing, Consumer Goods & Retail and Others. The retail segment is observing a rising adoption of new and unique technologies, like big data analytics, cloud computing, DevOps, social networks, and digital stores. Some of the catalysts for the increased demand for digital transformation in the retail sector are the increasing requirement for customer-centricity and the emerging expectations of the customer. In addition to it, retailers are utilizing digital e-commerce and web applications in order to gain new customers and retain the current ones across all channels.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the dominating region of the global digital transformation market in 2020 by obtaining the maximum revenue share of the market. The growth of the region is credited to the massive penetration of internet services and broad-scale utilization of various online payment methods in the retail sector. The existence of leading market players involved in digital transformation solutions in North America will boost the growth of the regional market during the forecast period.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Digital Transformation Market. Companies such as Cognizant Technology Solutions Corporation, Accenture PLC, SAP SE, and HCL Technologies Limited are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Accenture PLC, Hewlett Packard Enterprise Company, HCL Technologies Ltd. (HCL Enterprises), Equinix, Inc., Adobe, Inc., Cognizant Technology Solutions Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation.
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Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Sep - 2021, May) Leading Players
Chapter 4. Global Digital Transformation Market by Component
4.1 Global Digital Transformation Solution Market by Region
4.2 Global Digital Transformation Market by Solution Type
4.2.1 Global Digital Transformation Analytics Market by Region
4.2.2 Global Digital Transformation Cloud Computing Market by Region
4.2.3 Global Digital Transformation Mobility & Social Media Market by Region
4.2.4 Global Other Solution Type Digital Transformation Market by Region
4.3 Global Digital Transformation Services Market by Region
Chapter 5. Global Digital Transformation Market by Deployment Type
5.1 Global On-premise Digital Transformation Market by Region
5.2 Global Hosted Digital Transformation Market by Region
Chapter 6. Global Digital Transformation Market by Enterprise Size
6.1 Global Large Enterprises Digital Transformation Market by Region
6.2 Global Small & Medium Enterprises Digital Transformation Market by Region
Chapter 7. Global Digital Transformation Market by End User
7.1 Global BFSI Digital Transformation Market by Region
7.2 Global Government & Defense Digital Transformation Market by Region
7.3 Global IT & Telecom Digital Transformation Market by Region
7.4 Global Healthcare Digital Transformation Market by Region
7.5 Global Manufacturing Digital Transformation Market by Region
7.6 Global Consumer Goods & Retail Digital Transformation Market by Region
7.7 Global Others Digital Transformation Market by Region
Chapter 8. Global Digital Transformation Market by Region
Chapter 9. Company Profiles
9.1 IBM Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Regional & Segmental Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.5.2 Product Launches and Product Expansions:
9.1.5.3 Acquisition and Mergers:
9.1.6 SWOT Analysis
9.2 Accenture PLC
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Partnerships, Collaborations, and Agreements:
9.2.5.2 Acquisition and Mergers:
9.2.6 SWOT Analysis
9.3 Hewlett Packard Enterprise Company
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental Analysis
9.3.4 Research & Development Expense
9.3.5 Recent strategies and developments:
9.3.5.1 Product Launches and Product Expansions:
9.3.5.2 Acquisition and Mergers:
9.3.6 SWOT Analysis
9.4 HCL Technologies Ltd. (HCL Enterprises)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expense
9.4.5 Recent strategies and developments:
9.4.5.1 Partnerships, Collaborations, and Agreements:
9.4.5.2 Acquisition and Mergers:
9.4.6 SWOT Analysis
9.5 Equinix, Inc.
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Regional Analysis
9.5.4 Recent strategies and developments:
9.5.4.1 Partnerships, Collaborations, and Agreements:
9.5.4.2 Product Launches and Product Expansions:
9.5.4.3 Acquisition and Mergers:
9.6 Adobe, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expense
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Acquisition and Mergers:
9.6.6 SWOT Analysis
9.7 Cognizant Technology Solutions Corporation
9.7.1 Company overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Recent strategies and developments:
9.7.4.1 Partnerships, Collaborations, and Agreements:
9.7.4.2 Acquisition and Mergers:
9.7.5 SWOT Analysis
9.8 Microsoft Corporation
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expenses
9.8.5 Recent strategies and developments:
9.8.5.1 Partnerships, Collaborations, and Agreements:
9.8.5.2 Acquisition and Mergers:
9.8.6 SWOT Analysis
9.9 SAP SE
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expense
9.9.5 Recent strategies and developments:
9.9.5.1 Partnerships, Collaborations, and Agreements:
9.9.5.2 Product Launches and Product Expansions:
9.9.5.3 Acquisition and Mergers:
9.9.6 SWOT Analysis
9.10. Oracle Corporation
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expense
9.10.5 Recent strategies and developments:
9.10.5.1 Partnerships, Collaborations, and Agreements:
9.10.6 SWOT Analysis
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