According to report “Digital Transformation Market by Solution (Cloud Computing, Big Data, Mobility, and Social Media), Service (Professional and System Integrators), Business Type (B2B, B2B2C, & B2C), End User, Deployment type, Vertical, and Region – Global Forecast to 2021“, the digital transformation market is estimated to grow from USD 148.04 Billion in 2015 to USD 392.15 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.7%.
Browse 70 market data tables and 41 figures spread through 135 pages and in-depth TOC on “Digital Transformation Market”
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The major forces driving the digital transformation market are the increased demand of Internet of Things and increased innovation offered by digitalization techniques. Digital transformation aims to provide increased penetration of mobile devices and apps thereby generating data in the form of log data through various applications, financial transactions, and online shopping. This increase in mobile device and app usage has enhanced the growth of digitalization.
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Cloud deployment type is estimated to grow at fastest growth rate during the forecast period
The cloud deployment segment of digital transformation market, by deployment type is estimated to grow at the highest growth rate during the forecast period. Cloud-based deployment, also known as hosted deployment, provides users the liberty to access the tools from all computers and mobile devices. It offers the advantages of easy deployment, minimum costs, easy upgradability, accessibility, and no requirement of initial capital for purchasing the software. Cloud-based digital transformation solutions providers are actively delivering continual innovation with security as top priority. Hence, the market for cloud digital transformation solutions is expected to witness significant traction during the forecast period.
Enterprises end user type estimated to hold the largest market share during the forecast period
The enterprises segment of digital transformation market, by end user type is estimated to hold the largest market share during the forecast period. Companies spend significant amounts in shifting towards tactical marketing techniques in order to sustain their positions in the highly competitive market. The digital transformation market is undergoing significant technological transitions such as collaboration with big data, social media, real-time solutions, and the usage of mobile devices. All these advancements are favorably welcomed and highly adopted by large organizations.
North America is expected to dominate the digital transformation market during the forecast period
The report on digital transformation market segments the global market on the basis of regions, which includes North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America accounted for the largest share of the digital transformation market in 2015, owing the increasing number of customers purchasing and interacting with companies using devices such as mobile phones and tablets. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving force for the growth of the digital transformation market is the increasing need for internet of things. Some of the major technology vendors include SAP AG (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), Google, Inc. (U.S.), Dell EMC (U.S.), Hewlett-Packard (HP) (U.S.), CA Technologies (U.S.), Microsoft Corporation (U.S.) Adobe Systems (U.S.), Accenture PLC (Ireland), Capgemini (France), Apple, Inc. (U.S.), and Kelltontech (U.S.).
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