The global Digital Transformation Market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. Major growth drivers of the market are the increasing penetration of mobile devices and app and the increasing adoption of cloud services.
The large enterprises segment to hold a larger market size during the forecast period
The digital transformation market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and the increasing demand for real-time digital transformation. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period
Digitalization helps enterprises achieve growth and attain scalability by generating more employment. It has become important for large enterprises to invest more in digital for achieving growth and sustaining in the market leading to the adoption of digital transformation. Investments done in digitalization enables enterprises to discover new opportunities for maximizing customer experiences and operational efficiencies.
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By vertical, Education industry vertical to grow at the highest CAGR during the forecast period
The digital transformation market by vertical has been segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, education, retail, media and entertainment, manufacturing, government, and others (transportation and logistics, and travel and hospitality). The rapid adoption of the internet and Bring Your Own Device (BYOD) trend in the education industry have led to the growth of the digital transformation market across the globe in this vertical.
Major digital transformation vendors include Microsoft (US), SAP (Germany), Cognizant (US), Adobe (US), Dell EMC (US), IBM (US), Google (US), Marlabs (US), Accenture (Ireland), Broadcom (US), Equinix (US), Oracle (US), HPE (US), HCL Technologies (India), Tibco software (US), Alcor Solutions (US), Smartstream (UK), Yash Technologies (US), Interfacing (Canada), Kissflow (India), Emudhra (India), Process Maker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Brillio (US), Aexonic Technologies (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global digital transformation market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2018 to 2020, which has helped them innovate their product offerings and broaden their customer base.
SAP (Germany) has over 45 years’ experience and an employee asset of 96,498 help it in providing services to the Forbes Global 2000 companies. SAP segments its diverse portfolio into applications, technologies, services, and the SAP business network. The company’s core business comprises selling its software licenses and providing state-of-the-art services, which include consulting, training, and maintenance. The company’s growth is majorly driven by its major platform, the SAP HANA in-memory platform. SAP works under two operating business segments, namely, Cloud and Software and Services. The company has more than 378,000 customers, spread across 180 countries. Apart from serving customers, the company also caters to various industries, such as BFSI, public services, telecommunications, and media and entertainment. SAP provides its products and services to the Americas, APAC, and EMEA regions.
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Adobe (US) is a global software company with a diversified product portfolio. The company operates in three segments, namely, Digital Media, Digital Marketing, and Print and Publishing. Adobe licenses its technology to hardware manufacturers, software developers, and service providers for use in their products and solutions. Its marketing cloud comprises marketing services, which include web experience, analytics, social media optimization, testing and targeting, and campaign management. The company delivers products through SaaS, managed service, term subscription, and pay-per-use models. It delivers six marketing cloud solutions, namely, analytics, social, advertising, targeting, web and app experience management, and cross-channel campaign management. Adobe is a leading provider of digital media and digital marketing solutions. It offers products such as Advertising Cloud, Experience Manager, Audience Manager, Adobe Sign, and Adobe Stock. The company caters to various verticals, including government, financial services, retail, media and entertainment, and telecommunications.
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