According to a new market research report "Digital Transformation Market by Technology (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity, Artificial Intelligence), Deployment Type, Vertical (BFSI, Retail, Education), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Digital Transformation Market size 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 factors fueling the market growth are the increasing penetration of mobile devices and app and the increasing adoption of cloud services.
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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.
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.
North America to hold the largest market size during the forecast period
North America is becoming a new hotspot in the digital transformation market, due to rising investments in the process of digitalization across potential economies and is an extremely open market for digital transformation. The indispensable requirement of companies to transform their traditional business operations into digital, and the rapid adoption of mobile devices, IoT solutions, and cloud technology, have led to the increased adoption of digital transformation solutions in this region.
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Major vendors in the global digital transformation market are 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).
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