Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global Digital Transformation Market Size is expected to gain impetus from the emergence of industrial automation in a wide range of industries. Robots are able to control several core industrial processes efficiently. Fortune Business Insights™ published this information in a new report, titled, “Digital Transformation Market, 2021-2028.” The report further states that market size was USD 737.88 billion in 2020 and is projected to reach USD 3,546.80 billion by 2028, exhibiting a CAGR of 22.1% during the forecast period. The expansion of the automotive industry worldwide would result in the rising implementation of industrial robotics. The International Federation of Robotics (IFR), for instance, declared that in 2017, around 2.1 million stand-alone automotive and industrial robots were installed worldwide.
Industry Developments:
October 2020: Oracle launched its Oracle Cloud Observability and Management Platform. This would aid customers to remove the cost, risk, and complexity associated with managing on-premises and multi cloud environments.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 22.1% |
| 2028 Value Projection | USD 3,546.80 Billion |
| Base Year | 2020 |
| Digital Transformation Market Size in 2020 | USD 737.88 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Technology; Enterprise size; Deployment Model; Industry Vertical; |
| Digital Transformation Market Growth Drivers | Inclination of Organizations Toward Digital Technologies to Drive Growth |
| Data Privacy and Security Concerns Associated with Adoption of Digital Technologies May Hinder Digital Transformation Market Growth |
COVID-19 Pandemic: Shutdown of Manufacturing Facilities to Obstruct Growth
The COVID-19 pandemic has affected the economic scenario across the globe on account of the nationwide lockdown measures. In the first quarter of 2020, the digital transformation industry exhibited a mixed impact owing to the gradual slowdown. Several companies have shut down their manufacturing facilities. But, the industry will gradually gain traction as more companies are adopting unique technologies, such as industrial robots and clouds. We are offering accurate research reports to help you better understand the current scenario.
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Drivers & Restraints-
Increasing Adoption of Cloud Computing & Big Data to Favor Growth
Several enterprises are slowly entering into a new customer engagement era stoked by the evolving regulatory environment and rapid technological changes. In this era, digital technologies are considered to be essential. Hence, these companies are adopting artificial intelligence, cloud computing, and big data technologies to bolster the organizational growth. They are striving to change conventional business models to modern strategies. However, the increasing risks of security breaches and cyber-attacks may hinder the digital transformation market growth in the near future.
Regional Insights-
Rising Penetration of Internet to Accelerate Growth in North America
Geographically, North America generated USD 234.7 billion in 2020. It is expected to remain at the forefront fueled by the increasing penetration of the internet in a wide range of industry verticals, such as manufacturing, retail, and healthcare. On the other hand, Europe is anticipated to grow significantly on account of the rapid digitalization in economies and societies. In Asia Pacific, the digital transformation industry is likely to grow remarkably attributable to the need to automate labor-intensive tasks by using robots in China.
Competitive Landscape-
Key Players Aim to Fulfil Demand by Introducing State-of-the-art Solutions
The global market possesses a large number of companies that are majorly focusing on launching innovative solutions to cater to the specific requirements of users. Below are the two latest
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The Report Includes?
- Detailed research into the factors driving the market growth;
- In-depth study of the roadblocks facing the market;
- Comprehensive analysis of the segments of the market; and
- Thorough assessment of the competitive developments and regional landscape of the market.
Segmentation-
Fortune Business Insights™ says BFSI Segment Procured a Share of 26.0% in 2019
We have divided the market into technology, enterprise size, deployment model, industry vertical, and region. Based on technology, the market is segregated into cloud computing, big data and analytics, social media/mobility services, robotics, artificial intelligence (AI), internet of things (IoT), and others. In terms of enterprise size, it is bifurcated into large enterprises and small and medium sized enterprises (SMEs). By deployment model, it is classified as on-premises and cloud. Lastly, by industry vertical, it is segmented into banking, financial services and insurance (BFSI), manufacturing, IT and telecommunications, retail and consumer goods, healthcare, transportation and logistics, media and entertainment, government, and others. In 2019, the BFSI segment generated 26.0% in terms of the digital transformation market share because of the increasing need to meet the changing customer demand.
List of Key Players Mentioned in the Report:
- Amazon Web Services (Washington, United States)
- Oracle Corporation (California, United States)
- Microsoft Corporation (Mexico, United States)
- VMware, Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- IBM Corporation (New York, United States)
- Salesforce.com Inc. (California, United States)
- HCL Technologies Limited (Noida, India)
- Wipro Limited (Bengaluru, India)
- Accenture plc (Dublin, Ireland)
- Cisco Systems, Inc. (California, United States)
- Teradata Corporation (California, United States)
- Cloudera, Inc. (California, United States)
- Tableau Software (Washington, United States)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Apple Inc. (California, United States)
- NVIDIA Corporation (California, United States)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Digital Transformation Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Digital Transformation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Technology (Value)
- Cloud Computing
- Big Data and Analytics
- Cybersecurity
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- Others (Blockchain, Etc.)
- By Enterprise Size (Value)
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
- By Deployment Model (Value)
- On-Premises
- Cloud
- By Industry Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Government
- Others (Oil and gas, Media and Entertainment, Etc.)
- By Technology (Value)
- Global Digital Transformation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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