Digital Transformation Market is estimated to Grow at the Highest Growth Rate till 2027 | Key players: SAP, Dell EMC, Google, Accenture PLC, CA Technologies, Cognizant, etc

Rapid urbanization and digitization, dawn of technologies like ML, AI and cloud services, predictive maintenance, and superior performance compared to physical sensors, research and constant innovation are some of the factors driving the digital transformation market.

Market Size - USD 261.94 Billion in 2018, Market Growth - CAGR of 18.2%, Market Trends - constant need for improvement for addressing the changing dynamic customer needs to propel the digital transformation market

According to the current analysis of Reports and Data, the global digital transformation market was valued at USD 261.94 Billion in 2018 and is expected to reach USD 1,051.12 Billion by the year 2026, at a CAGR of 18.2%. The study provides an overall insight into the factors responsible for the growth in the Digital Transformation market. Owing to rising urbanization and digitalization across the world, organizations are switching towards using technology driving solutions to match the rapid pace of business growth and implementation of techniques in today's scenario. Parallel growth of end user Industries like BFSI and Healthcare sectors is expected to drive the digital transformation market. Furthermore, digital transformation has helped organizations in expanding customer base through better interactions and swifter customer support services.

This report covers the recent COVID-19 incidence and its impact on Digital Transformation. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.

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Key participants in the market research study IBM Corporation, Microsoft Corporation, SAP, Dell EMC, Google, Accenture PLC, CA Technologies, Cognizant, Adobe Systems, Oracle Corporation, Hewlett Packard Enterprise, HCL Technologies, TIBCO Software, Marlabs, and Equinix.

For the purpose of this report, Reports and Data have segmented the digital transformation market on the basis of technology, component type, business function, deployment type, end-user, and region:

Component type (Revenue in USD Million; 2016-2026)
Solution
Service
Professional Services
Managed

Technology (Revenue in USD Million; 2016-2026)
Cloud Computing
Big Data & Analytics
Mobility/Social Media
Cybersecurity
Artificial Intelligence (AI)
Internet of Things (IoT)
Others

Business Function (Revenue in USD Million; 2016-2026)
Customer Transformation
Workforce Transformation
Operational Transformation
Product Transformation

Deployment type (Revenue in USD Million; 2016-2026)
On-Premises
Cloud

Organization Size type (Revenue in USD Million; 2016-2026)
Large Enterprises
Small and Medium Scale Enterprises.

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End-User (Revenue in USD Million; 2016-2026)
BFSI
Government
Healthcare
IT & Telecom
Manufacturing
Retail
Others

Market Segmentation by Regions:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Further key findings from the report suggest

Digital transformation market is growing at a CAGR of 3% in Asia Pacific followed by North America and Europe.

The artificial intelligence segment is forecasted to have the fastest growth rate due to the increasing implementation of AI and ML in different end-user industries

The Big Data segment has the largest market share of 28% in the market. The large scale generation of data and the ability to generate actionable insights from the data is the major factor for the adoption of big data technologies in the industries and enterprises

The workforce transformation segment is estimated to have the largest market size of USD 83.8 Billion in 2018. The enterprises are adopting digital transformation solutions to make the workforce more efficient leveraging the automation and analytics solutions for daily operations

Due to modernization, rising standards of living and increasing per capita GDP, people are shifting towards using more and more technologically advanced electronic devices in their homes and as wearables as well, helping the digital transformation market grow.

Governments are investing in digital transformation to help modernize and secure the state-run services, which generate a large amount of revenue. Furthermore, biometrics are also used by Governments to maintain secrecy and confidentiality in internal affairs and workings.

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Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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