DUBLIN–(BUSINESS WIRE)–The “Digital Transformation Market by Technology (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity, AI, and IoT), Deployment Type, Organization Size, Vertical (BFSI, Retail, Education), and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The digital transformation market size to grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of digital transformation technologies and services.
Digital transformation is the outcome of changes that occur with the application of digital technologies. The use of digital transformation across business and organizational activities, processes, competencies, and business models leverages the changes and opportunities of a mix of digital technologies and their impact on society. Digital transformation helps enterprises improve the customer experience, optimize the workforce, enhance operational activities, and transform the products and services of the organization. The evolution of digital technologies, such as cloud computing, big data and analytics, mobility/social media, blockchain, Artificial Intelligence (AI), Internet of Things (IoT), robotics, and cybersecurity, has created the need for digitalization across several industries. These technologies are used by enterprises to improve or add more features to their traditional business processes while also helping enhance customer relationships.
The on-premises segment to have the highest CAGR during the forecast period.
By deployment mode, the digital transformation market has been segmented into on-premises and cloud. The CAGR of the on-premises deployment mode is estimated to be the largest during the forecast period. On-premises solutions are deployed with a one-time license fee and an annual service agreement, which includes free upgrades after a specified time. On-premises software solutions are depreciable assets and are affordable for companies that have the budget to make the initial investment.
The SMEs segment to hold higher CAGR during the forecast period.
The digital transformation market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of digital transformation solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
Among regions, APAC is to hold the highest CAGR during the forecast period.
APAC is expected to grow at a good pace during the forecast period. Security spending in APAC is increasing significantly due to the ever-growing threat landscape. Traditional methods are no longer adequate for advanced digitalization. Hence, digital transformation vendors in this region focus on innovations related to their product line. China, Japan, and India have displayed ample growth opportunities in the digital transformation market.
- Rising Adoption of Big Data and Other Related Technologies
- Advent of Machine Learning and Artificial Intelligence
- Cost Benefits of Cloud-Based Digital Transformation Solutions
- Rapid Proliferation of Mobile Devices and Apps
- Adoption and Scaling of Digital Initiatives
- Changing Regional Data Regulations Leading to the Time-Consuming Restructuring of Predictive Models
- Data Security Concerns
- Rising Internet Proliferation and Growing Usage of Connected and Integrated Technologies
- Increasing Demand for Real-Time Analytical Solutions to Track and Monitor the COVID-19 Spread
- Demand for Personalized Digital Transformation
- Integration of Data from Data Silos
- Issues Related to IT Modernization
- Ownership and Privacy of Collected Data
- Aexonic Technologies
- Alcor Solutions
- Happiest Minds
- HCL Technologies
- Process Maker
- Process Street
- Tibco Software
- Yash Technologies
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