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Digital Transformation Market Reached USD 465 billion in 2019 and is expected to grow at a CAGR of 16.5% | Report Size, Share & Industry Forecast

09-21-2022 10:06 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Digital Transformation Market

Digital Transformation Market

Digital Transformation Market

The Digital Transformation Market was estimated around USD 465 billion in 2019 and is expected to grow at a CAGR of 16.5% over the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/digital-transformation-market-analysis-industry-research/

The factors driving the growth of Digital Transformation Market includes rising penetration of smartphone applications, emerging trend of Bring Your Own Device (BYOD), increasing focus by companies on enhancing customer's experience and Government initiatives promoting digital transformation across industry verticals. According to the report published by Statista, the number of smartphone users in India were estimated around 634 million in 2019 and are expected to reach 1.3 billion by the end of 2029, which will accelerate the Digital Transformation Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Cloud Computing by major corporations, improvements in the IT infrastructure, dynamic customer demands and rise in the number of connected devices, are some of the additional factors supplementing the Global Digital Transformation Market. In addition, the increasing investments by leading players on research and development, rapid industrialization, rising tech savvy population around the world and growing disposable incomes, are further propelling the Digital Transformation Market size.

However, growth of the Digital Transformation Market is hindered due to rising incidences of cyber-attacks.

The major players operating in the market are Microsoft Corporation, SAS Institute Inc., Adobe, Inc., Oracle Corporation, International Business Machines Corporation, SAP SE, SAS Institute Inc., Alphabet Inc., Cognizant Technology Solutions Corporation, and HubSpot Inc. among others.

Based on Technology, the Cybersecurity segment is predicted to grow at a significant CAGR during the forecast period

Rise in the amounts of data generated by businesses and increase in the number of online frauds, is pushing growth of the segment.

Based on End-Use Industry, the Retail segment is projected to expand at a robust CAGR over the forecast period

Growing adoption of automated technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) in the retail sector is propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Digital Transformation Market Trends, increasing adoption of advanced technologies across industry verticals such as Telecommunication, BSFI and Automotive, rapid urbanization, rising per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

In 2019, SAP SE introduced SAP Leonardo Internet of Things (IoT), a platform-as-a-service offering, which will help businesses to capture data from a variety of IoT sources, analyze it in conjunction with SAP applications and create new business models.

Market Segmentation

Segmentation by Technology

Cloud Computing
Artificial Intelligence
Big Data and Analytics
Mobility/Social Media
Cybersecurity
Internet of Things
Others

Segmentation by End-Use Industry

Automotive
Food & Beverages
Information Technology
Telecommunication
BFSI
Retail
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

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GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

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