The global digital transformation market is expected to reach USD 798.44 billion by 2025, according to a new study by Grand View Research, Inc. The increasing necessity for the introduction of innovative solutions that are capable of engaging customers or employees to integrate process, data, IT and business and the increasing demand for the adoption of Internet of Things (IoT) are propelling market growth.
Digital transformation allows organizations to tackle disruptive changes such as marketplace fluctuation, and corporate restructuring, among others, occurring in their markets and customer base by designing new products, services, and business models leveraging digitalization. These newly designed solutions are generally a mix of digitally stored historical information about business activities and the customers Furthermore, they facilitate the transformation of traditional processes, business activities, and models to take advantage of the upcoming changes and opportunities of digital technologies.
Moreover, factors such as optimization of end-to-end customer experience and improvement in operational flexibility are promoting the growth of digital transformation along with the recognition of new revenue sources.
U.S. digital transformation market, by solution, 2014 - 2025 (USD Billion)
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Further key findings from the study suggest:
- The hosted deployment segment is anticipated gain momentum owing to advantages such as convenience, lower cost, and better security. The segment is estimated to grow at a CAGR of 22.3% over the forecast period
- The healthcare segment is presumed to find the highest growing application and is estimated to grow at CAGR of 19.5% over the next eight years. This can be attributed to the increasing focus of the healthcare providers towards improving the patient care by implementing digital process and technology
- North America accounted for the largest share in 2016 owing to growing customer interaction through smart devices such as tablets, smartphones, and phablets, among others in this region
- Furthermore, the presence of leading players such as IBM Corp., CA Technologies, and Hewlett Packard Enterprise Co, among others in the North American region is a key factor contributing to the regional market dominance
- The Asia Pacific regional market is expected to grow at the highest CAGR over the next eight years. This can be attributed to the growing demand for the application of the Internet of Things.
- The key industry participants include SAP SE, IBM Corporation, Oracle Corporation, Google Inc., Dell EMC, Hewlett Packard Enterprise Co., CA Technologies, Microsoft Corporation, Adobe Systems Incorporated, Accenture plc, Capgemini Group, Apple Inc., and Kellton Tech Solutions Ltd.
Grand View Research has segmented the global digital transformation market on the basis of type, deployment, enterprise size, end-use, and region:
Type Scope (Revenue, USD Billion; 2014 - 2025)
- Solution
- Analytics
- Cloud Computing
- Mobility
- Social Media
- Others
- Service
- Professional Services
- Implementation & Integration
Deployment Outlook (Revenue, USD Billion; 2014 - 2025)
- Hosted
- On-premise
Enterprise Size Outlook (Revenue, USD Billion; 2014 - 2025)
- Large Enterprise
- Small and Medium Enterprise
End-use Outlook (Revenue, USD Billion; 2014 - 2025)
- BFSI
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others
