Indian Digital Transformation Market Industry Survey, Market Size, Competitive Trends Forecast

From papyrus to paper, people came a long way in recording their thoughts and passing them to others. In the later part of the 20th century, with the arrival of computers, mobile phones with SMS, and the internet, our way of communicating changed further. Yet, the full potential of the digital technology remains unutilized, as a lot of content is still produced and passed along on paper. In the last 4-5 years, digital transformation has really picked up pace, with businesses as well as governments across the world taking steps to reduce the usage of paper and put as much of their content as possible on computer servers, including those deployed on the ground, on the internet, or over the cloud.

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In 2018, the Indian digital transformation market valued $24.5 billion, and it is projected to grow massively to $710.0 billion by 2024. There are certain aspects of digital transformation, including artificial intelligence (AI), cloud, internet of things (IoT), social media, big data, mobility, machine learning, blockchain, augmented reality/virtual reality (AR/VR), chatbots, and eSignature. During 2014-2018, vendors who sold cloud solutions remained the most profitable, as it allows companies to easily store and manage huge volumes of data and also save on IT infrastructure costs.

Additionally, under the Digital India initiative, the government at the central and state levels are using cloud to store, analyze, and transmit data. Cloud helps government bodies optimize the available resources and deliver public services faster and more efficiently. Within cloud, connected cloud is becoming rapidly popular across the country, as it helps access data anytime, from anywhere, and manage a large number of applications. As cloud entails little or no hardware expenditure, it is being preferred by small and medium enterprises (SME), which have limited budgets.

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The increasing number of micro, small, and medium enterprises (MMSE) is one of the key Indian digital transformation market opportunities. India was home to 30 million SMEs in 2018, which was an increase of 8% from previous year. Such firms account for over 90% of the total manufacturing entities in the country. Minimized manufacturing defects, enhanced efficiency, shortened production time, and reduced production cost are some ways in which SMEs stand to benefit from digital transformation. As SMEs are a less-explored customer group for vendors, these are predicted to provide immense opportunity for the market growth in the future.

Apart from all these advantages, companies can also better manage their inventory by adopting digital transformation, particularly enterprise resource planning (ERP) solutions. ERP helps companies track raw material inventory, finished goods reports, work-in-progress reports, inventory currently in transit, and future consignments that are yet to be received, in real time. Further, ERP also helps deploy customized applications as per the need of organizations, reduces manual involvement in repetitive tasks, and improves efficiency. This is why several financial service, manufacturing, healthcare, automotive, logistics, mining, pharmaceutical, and steel companies have already implemented ERP.

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Among all sectors in the country, IT & telecom is currently the leader in digital transformation, as it is the one which essentially deals with 'all things digital', and this industry is expected to be the most digitally transformed of all till 2024. During the forecast period (2019-2024), the healthcare sector is expected to adopt such solutions at the highest rate, as it faces numerous issues, such as rural inaccessibility to healthcare, low medical insurance penetration, and workforce shortage. Considering the huge volume of medical data generated in the country every day, a technology to help easily manage and analyze it is necessary, so that more professionals can engage in patient interaction.

Hence, as industries grow in the country and the data volume increases, more companies than before are expected to digitally transform themselves.

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This release was published on openPR.