APEJ is Anticipated to Expand at a Significant CAGR of over XX% and is Expected to Remain a Fastest Growing Regional Market During the Forecast Period from 2023 to 2031 in the global digital transformation market
Digital Transformation Market Introduction
Deployment of digital solutions within the organizations has dramatically transformed the business models, ecosystem and value chain of all size of business enterprises. In addition, introduction of advanced communication platforms such as online platforms, web real-time communication and social networking platforms have revolutionize the way customers interact with organizations. End-user verticals such as BFSI, retail, transportation and others sectors are increasingly shifting towards digital channels. Consumers are becoming more tech savvy and are increasingly inclined towards digital channels for interacting with service providers and to make purchase transaction.
Growing adoption of digital solutions and services across various end-user verticals is fueling growth of the market. In addition, growing popularity of enterprise mobility solutions, increasing government spending on digitization and focus toward enhancing customer experience are some of the other major factors that are accelerating growth of the market. However, lack of acceptance of digital channels from masses in developing countries such as India, China and Brazil; and high IT infrastructure up-gradation cost are some of the restraints impeding market growth.
The global digital transformation market has been segmented on the basis of type, end-user vertical and region.
By type, the digital transformation market has been segmented into software and service. In 2021, service segment dominated the overall digital transformation market and is anticipated to continue its dominance throughout the forecast period.
Software segment further includes content & application software, sales & commerce platform, marketing platform, CRM platform and integration platform sub-segment. In terms of growth, integration platform sub-segment is expected to expand at the highest CAGR during the forecast period.
Service segment has been sub-segmented into consulting service, implementation service, integration service, operations & management service, and outsourcing service. In 2021, implementation service segment accounted for more than XX% share of overall digital transformation market and is projected to represent major market share of overall digital transformation market throughout the forecast period.
End-user vertical includes BFSI sector, public sector, manufacturing sector, energy and utilities sector, retail sector, transportation sector, services sector, healthcare sector, media & entertainment sector, and telecom sector. In terms of spending on digital solutions and services, BFSI sector dominated the overall digital transformation market in 2021, followed by public sector. In addition, BFSI sector and public sector collectively accounted for more than XX% share of the digital transformation market in 2021.
Region wise, the digital transformation market has been segmented into North America, Western Europe, Japan, Asia Pacific excluding Japan (APEJ), Eastern Europe, Latin America and Middle East & Africa (MEA). In terms of spending on digital solutions and services, North America and Western Europe collectively represented over XX% share of the overall digital transformation market in 2021.
Digital Transformation Market Competitive Landscape
Some of the key players identified in digital transformation market are IBM Corporation, Accenture PLC, AT&T Inc., CGI Group Inc., PricewaterhouseCoopers LLP (PwC), DABO & Co., and Deloitte Consulting LLP. Major players in the market are inclined towards entering into strategic alliances and focused towards acquiring small vendor order to expand presence in the regional market and further increase their product portfolio.