According to the report, global digital transformation market was valued at around USD 150.50 billion in 2015 and is expected to reach approximately USD 431.71billion in 2021, growing at a CAGR of slightly above 19.2% between 2016 and 2021.
Digital revolution is transforming many aspects of business and even whole industries. Digital transformation is the use of digital technologies such as social media, mobility, analytics, and more. These technologies may use by enterprises to improve or add more features to their traditional business processes and also maintain customer relationships. Digital transformation is the outcome of changes that occur with the application of advanced digital technologies.
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Digital transformation is the profound and accelerating transformation of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact on society in a strategic and prioritized way. It includes the use of digital technologies such as mobility, social media, and more. These technologies are used by enterprises to improve or add more features to their traditional business processes and also to deepen customer relationships.
The major factors which are driving the digital transformation market are technological innovation, growing customer demand, and ecosystem. Additionally, enterprises such as Google, Apple, SAP AG are spending a significant proportion of their revenue in research and development for increasing shares and the organic growth of their company. Therefore, the battle of gaining brand positioning and development of popular and strong brands has become a core factor to fuel the digital transformation market. However, increasing the competition of multiple brands by different enterprises in digital transformation is restraining the market growth. Rising technological awareness has encouraged consumers worldwide to use mobile applications and websites to shop online. In addition, competitive prices and ease of navigation among the wide range of products by access through websites have increased the popularity of online retailing.
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Nonetheless, technological advancements in digital electronics coupled with their increasing application in various industries such as construction and automotive are expected to augment the market growth over the forecast period. Growing market for augmented reality devices such as heads-up displays, eyeglasses, and spatial augmented reality is anticipated to drive digital transformation market demand. Digital transformation market is segmented on the basis of solution, deployment, vertical and region. By solution, this market is segmented into cloud computing, big data mobility, and social media. These technologies are used to improve more features to their traditional systems and also to help in improving their customer relationships. The vertical segment is bifurcated into banking and financial services (BFSI), telecom and IT, government, automotive and retail. Increasing internet usage and rise in the number of mobile applications have led the upsurge in the demand for efficient online retail marketplaces.
The major vendors in the digital transformation market are Apple, Oracle Corporation, IBM Corporation, EMC Corporation, SAP AG, CA Technologies, Adobe Systems, Microsoft Corporation, Hewlett-Packard (HP), and Google, among others.
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