According
to the new market research "Digital Transformation Market
by Technology (Cloud Computing, Big Data & Analytics, Mobility/Social
Media, Cybersecurity, Artificial Intelligence), Deployment type, Business
Function, Vertical (Retail, Education), and Region - Global Forecast to
2023", published by MarketsandMarkets™, the digital transformation market size is expected to
grow from USD 290.0 billion in 2018 to USD 665.0 billion by 2023, at a CAGR of
18.1% during the forecast period.
Digitalizing organizational business functions to serve
changing customer preferences and enhance operational efficiency, the rapid
proliferation of mobile devices and apps, increasing penetration of IoT and
adoption of cloud services, and need to improve operational performance to gain
competitive benefits in the market are some of the major drivers of this
market.
Browse and
in-depth TOC on "Digital Transformation Market"
43
- Tables
44
- Figures
162
- Pages
By
technology, the cloud computing segment is expected to lead the digital
transformation market during the forecast period.
The
cloud computing technology is cost-efficient, as this solution can be deployed
even with a basic on-premises IT infrastructure. In cases where a company’s
data centers are insufficient to handle all its IT requirements, cloud services
can enhance its IT capabilities without the need for large investments for new
data centers. The cloud computing technology requires low initial investment
and employs a pay-as-you-go approach where the amount consumers need to pay is
determined by the degree to which the services are used, and the type of
services used.
By
deployment type, the cloud segment is expected to grow at the highest rate
during the forecast period.
The
deployment of digital transformation solutions on the cloud enables users to
access solutions from their desktops or any mobile devices. Key advantages of
this deployment type include easy deployment, low deployment cost, and easy
upgradeability and accessibility. Furthermore, it helps to reduce IT budgets
and financial risks, while increasing flexibility. Therefore, small
organizations and individual users generally prefer cloud digital
transformation solutions. Various providers of cloud-based digital
transformation solutions are focusing on offering innovative and robust cloud
solutions.
North
America is expected to lead the digital transformation market during the
forecast period.
Based
on region, North America is expected to lead the digital transformation market
during the forecast period. Organizations in this region were early adopters of
digital transformation. The region has sustainable and well-established economies,
which invest increasingly in R&D activities for the development of new
technologies. Along with large enterprises, the adoption of digital
transformation by small and medium enterprises has also contributed to the
growth of the market in North America. Additionally, the presence of the
majority of key vendors of digital transformation has contributed to the market
growth in the region.
Major
vendors covered in the digital transformation market include IBM Corporation
(US), Microsoft Corporation (US), SAP (Germany), Dell EMC (US), Google (US),
Accenture PLC (Ireland), CA Technologies (US), Cognizant (US), Adobe Systems
(US), Oracle Corporation (US), Hewlett Packard Enterprise (US), HCL
Technologies (India), TIBCO Software (US), Marlabs (US), and Equinix (US).
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/digital-transformation-market.asp
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