According to a new market research report “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 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.
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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.
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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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