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Digital Transformation Market Size is Projected to Grow USD 3,294 billion by 2025 With a CAGR of 22.7% | Market To See Massive Industry Growth Analysis & Future Demand
Digital Transformation Market - Global Opportunity Analysis and Industry Forecast (2019-2025)
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Increasing adoption of IoT across the globe is a key factor driving global digital transformation market. IoT helps to build smart products through new functionality, reliability, greater product capabilities, and product utilization. Many companies are considering IoT to be a strategic tool for business scalability and are helping businesses to generate new and innovative user experiences. As a result, companies are moving toward digital transformation. For instance, in 2015, the Government of India launched 'Digital India' program, a plan to digitize government processes is further aiding the growth of IoT market in India. Thus, increasing adoption of IoT by businesses as well as government, is driving global digital transformation market. According to an article published by Digital Marketing Institute, 50% of the Global 2000 companies will be relying on the products, services & experiences based on digital transformation by 2020. Consequently, digital transformation market is expected to grow with a growth rate of 15.8% and cross the mark of $3 Bn by 2025
Healthcare sector expected to register spearhead growth
Digital technology is transforming into a game-changing strategy for the healthcare sector, owing to the rising end-user dependency on digital health platforms, growing geriatric population, and government initiatives. According to U.S. Department of Commerce's International Trade Administration, in 2017, overall social protection expenditures in Finland amounted to 31% of GDP ($78.7billion), while social expenditures for healthcare accounted for 22.1% ($17.3 billion) of GDP. According to India Brand Equity Foundation, the hospital industry in India is forecasted to increase to Rs 8.6 trillion (US$ 132.84 billion) by FY22 from Rs 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16-17 %. This has further aided the healthcare sector in the field of global digital transformation market.
Internet of Things (IoT) is projected to Register Exponential Growth during the Forecasted Period in the Digital Transformation Market
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on the basis of technology, the digital transformation market is segmented into iot, cloud computing, big data analytics, artificial intelligence, cybersecurity, mobility solutions, ar/vr, and robotic process automation among others. among these, iot is expected to be the fastest growing category in the market. IoT is on high growth trajectory driven by digital initiatives of the government and attracting highest FDI. various infrastructural projects such as smart cities and digitalization are creating high growth opportunities giving further push to iot in service sectors namely communication, healthcare, technology, energy, banking, and others.
The Education Segment is expected to Witness the Highest CAGR during the Forecast Period
On the basis of industry vertical, the education segment of the digital transformation market which compromises academic and research industries is projected to grow at the highest rate in the coming years. Increasing demand for platform independent or cross-platform applications from the education vertical translates into huge growth opportunities for the digital transformation solution vendors.
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Asia-Pacific: Fastest Growing Regional Market
In terms of geography, North America, comprising the U.S. and Canada, is expected to account for the largest share of the global market in 2018. However, Asia-Pacific is expected to witness a rapid growth during the forecast period. The growth of this market is mainly attributed to the global shift of manufacturing from North America & Europe to Asia-Pacific region and related rise in the use of new technologies are majorly attributed to the large of share this region. In addition, rising industrialization, significantly growing automotive and aerospace & aviation industry, infrastructural developments, rising private & government investment in manufacturing sectors, rising demand for various consumer goods from large population base, rising income level, and rising urbanization are the key factors propelling the growth of the Asia-Pacific digital transformation market.
Key Players
The key players operating in the global digital transformation market are Dell Emc, Cognizant, Accenture PLC, Google, 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 and Space-O Technologies.
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