Increasing adoption of IoT across the globe is a key factor driving the global digital transformation market. IoT helps to build smart products through new functionality, reliability, greater product capabilities, and product utilization. Many companies are considering IoT to be a strategic tool for business scalability and are helping businesses to generate new and innovative user experiences. As a result, companies are moving toward digital transformation. For instance, in 2015, the Government of India launched ‘Digital India’ program, a plan to digitize government processes, which is aiding the growth of IoT market in India. Thus, increasing adoption of IoT by businesses as well as government is driving the global digital transformation market. According to industry experts, 50% of the Global 2000 companies will be relying on the products, services, and experiences based on digital transformation by 2020. Consequently, digital transformation market is expected to grow with a growth rate of more than 18%.
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Services Category is projected to Register Exponential Growth during the Forecasted Period in the Digital Transformation Market
On the basis of offerings, the digital transformation market is segmented into technology and services. Among these, services expected to be the fastest growing category in the market. Service sector is on high growth trajectory driven by growing digital initiatives of the government and attracting high FDI inflows as well as availability of highly skilled and low-cost manpower in emerging economies. Various infrastructural projects such as smart cities and digitalization are creating high growth opportunities, giving further push to the service sectors, namely communication, healthcare, technology, energy, banking, and others.
The Education Segment is expected to Witness a Highest CAGR during the Forecast Period
On the basis of industry vertical, the education segment of the digital transformation market, which compromises of academic and research industries, is projected to grow at a highest rate in the coming years. Increasing demand for platform independent or cross-platform applications from the education vertical translates into huge growth opportunities for the digital transformation solution vendors.
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Asia-Pacific: Fastest Growing Regional Market
Geographically, North America, comprising the U.S. and Canada, accounted for the largest share of the global market in 2018. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The growth of this market is mainly attributed to the global shift of manufacturing from North America & Europe to Asia-Pacific region and related rise in the use of new technologies. In addition, rising industrialization, significantly growing automotive and aerospace & aviation industry, infrastructural developments, rising private & government investment in manufacturing sectors, rising demand for various consumer goods from large population base, rising income level, and rising urbanization are the key factors propelling the growth of the Asia-Pacific digital transformation market.
The key players operating in the global digital transformation market are Dell EMC (U.S.), Cognizant (U.S.), Accenture PLC (Ireland), Google (U.S.), Capgemini (France), Siemens AG (Germany), Cognex Corporation (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Deloitte Touche Tohmatsu Ltd. (U.S.), PricewaterhouseCoopers (PWC) (U.K.), The Hewlett-Packard Company (U.S.), SAP SE (Germany), EMC Corporation (U.S.), Oracle Corporation (U.S.), and Adobe Systems Inc. (U.S.).
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