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Digital Transformation Market is Still Promising 18.0%+
Growth with IOT Adoption Till 2025|key players are Dell EMC ,
Cognizant , Accenture PLC , Google , Capgemini , Siemens AG ,
Cognex , IBM, Microsoft , Deloitte Touché Tohmatsu Ltd.,
PricewaterhouseCoopers (PWC) , The Hewlett-Packard
Company , SAP SE , EMC Corporation , Oracle , and Adobe
Systems Inc.
Increasing adoption of IoT across the globe is a key factor driving the global digital
transformation market. IoT helps to build smart products through new
functionality, reliability, greater product capabilities, and product utilization. Many
companies are considering IoT to be a strategic tool for business scalability and are
helping businesses to generate new and innovative user experiences. As a result,
companies are moving toward digital transformation. For instance, in 2015, the
Government of India launched ‘Digital India’ program, a plan to digitize government
processes, which is aiding the growth of IoT market in India. Thus, increasing adoption
of IoT by businesses as well as government is driving the global digital transformation
market. According to industry experts, 50% of the Global 2000 companies will be
relying on the products, services, and experiences based on digital transformation by
2020. Consequently, digital transformation market is expected to grow with a growth
rate of more than 18%.
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Services Category is projected to Register Exponential Growth during the
Forecasted Period in the Digital Transformation Market
On the basis of offerings, the digital transformation market is segmented into
technology and services. Among these, services expected to be the fastest growing
category in the market. Service sector is on high growth trajectory driven by growing
digital initiatives of the government and attracting high FDI inflows as well as
availability of highly skilled and low-cost manpower in emerging economies. Various
infrastructural projects such as smart cities and digitalization are creating high growth
opportunities, giving further push to the service sectors, namely communication,
healthcare, technology, energy, banking, and others.
The Education Segment is expected to Witness a Highest CAGR during the
Forecast Period
On the basis of industry vertical, the education segment of the digital transformation
market, which compromises of academic and research industries, is projected to grow
at a highest rate in the coming years. Increasing demand for platform independent or
cross-platform applications from the education vertical translates into huge growth
opportunities for the digital transformation solution vendors.
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Asia-Pacific: Fastest Growing Regional Market
Geographically, North America, comprising the U.S. and Canada, accounted for the
largest share of the global market in 2018. However, Asia-Pacific is expected to witness
rapid growth during the forecast period. The growth of this market is mainly attributed
to the global shift of manufacturing from North America & Europe to Asia-Pacific
region and related rise in the use of new technologies. In addition, rising
industrialization, significantly growing automotive and aerospace & aviation industry,
infrastructural developments, rising private & government investment in
manufacturing sectors, rising demand for various consumer goods from large
population base, rising income level, and rising urbanization are the key factors
propelling the growth of the Asia-Pacific digital transformation market.
Key Players
The key players operating in the global digital transformation market are Dell EMC
(U.S.), Cognizant (U.S.), Accenture PLC (Ireland), Google (U.S.), Capgemini (France),
Siemens AG (Germany), Cognex Corporation (U.S.), IBM Corporation (U.S.),
Microsoft Corporation (U.S.), Deloitte Touche Tohmatsu Ltd. (U.S.),
PricewaterhouseCoopers (PWC) (U.K.), The Hewlett-Packard Company (U.S.), SAP
SE (Germany), EMC Corporation (U.S.), Oracle Corporation (U.S.), and Adobe
Systems Inc. (U.S.).
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