Digital Transformation Market to Exceed to US$ 151 Billion by 2021
Category: IT Software & Service | Published in: July 2019 | Pages : 122 | Price (Single User License): US$ 4250
DataCube Research in its recent research study titled “Digital Transformation Market: Global Industry Analysis, Size, and Forecast, 2014-2021" offers in-detailed insights on market dynamics, future outlook, and market size and forecast.
The global digital transformation market takes in major segments based on type, end-user vertical, and region. On the basis of type, the global digital transformation market has been segmented into software and service. In 2014, service segment occupied around three-fourth share of the total pie. Despite being losing market share, the service segment is projected to dominate the market by the end of 2021.
By software, the digital transformation market has been further sub-segmented into sales & commerce platform, integration platform, content & application software, marketing platform and customer relationship management (CRM) platform. In 2014, sales & commerce platform and content & application software segments collectively captured over half of the total market value.
Based on services, the market is sub-segmented into implementation service, outsourcing service, consulting service, integration service and operations & management service. Of these, implementation and outsourcing service segments collectively accounted for more than 50% share of the overall market revenue in 2014.
Major end-user vertical in the global digital transformation market are government, banking & securities, manufacturing, telecom, media & entertainment, insurance, retail, utility, transportation, healthcare, education and wholesale trade. In term of spending on digital solutions and services, government sector was the dominant and most attractive end-user segment in 2014.
While studying and analyzing current and future scope of digitization in different end-user verticals across geographical territories, DataCube has identified that introduction of government initiative to encourage digitization across various sectors is one of the major driver propelling growth of the digital transformation market. In additional, increasing adoption of enterprise mobility solutions and growing focus of end user organizations towards offering enhanced customer experience are other factors accelerating growth of the digital transformation market growth worldwide.
In contrast, high cost associated with up-gradation of existing IT infrastructure and lack of awareness regarding benefits of digital business model across enterprises especially in developing regions is projected to limit growth of the market.
The global digital transformation market report offers detailed strategic analysis and insights on the growth potential of the market and covers trends, primary driving factors, and challenges that can affect the market growth across the globe.
By region, the global 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 software and services, North America and the Western Europe collectively accounted for more than 50% share in 2014. Also, these regional markets are projected to remain dominant by the end of 2021. However, APEJ is projected to create huge growth opportunities for key players offering digital solutions and services. This is mainly attributed to rapid shift in end-user vertical from traditional to digital business model.
Digital Transformation Market Competition Analysis
Some of the key players studied in the global digital transformation market are Accenture PLC, AT&T Inc., IBM Corporation, PricewaterhouseCoopers LLP (PwC), CGI Group Inc., DABO & Co., and Deloitte Consulting LLP. Strategic alliances, mergers & acquisition, and product innovation are some of the major strategies followed by major players offering digital solutions and services.