Rapid urbanization and digitization, dawn of technologies like ML, AI and cloud services,predictive maintenance, and superior performance compared to physical sensors, research and constant innovation are some of the factors driving the digital transformation market.
According to the current analysis of Reports and Data, the global Digital Transformation Market was valued at USD 469.71 Billion in 2020 and is expected to reach USD 1,560.53 Billion by 2028, at a CAGR of 16.1%. The study provides an overall insight into the factors responsible for the growth in the Digital Transformation market. Owing to rising urbanization and digitalization across the world, organizations are switching towards using technology driving solutions to match the rapid pace of business growth and implementation of techniques in today’s scenario. Parallel growth of end user Industries like BFSI and Healthcare sectors is expected to drive the digital transformation market. Furthermore, digital transformation has helped organizations in expanding customer base through better interactions and swifter customer support services.
The growth of digital transformation market is expected to be restrained because of low awareness regarding use of digital transformation and stigma against using IOT and Cloud services owing to its vulnerability and possibility of leak of data. It is anticipated that extensive research and development funded by various companies and governments would help in overcoming this challenge and convert it into an opportunity for the market to thrive upon. The paramount importance of confidentiality and secrecy in the operation of many government and private companies is expected to grow the size of the digital transformation market. The digital transformation solutions have different applications in the several end-user industries.
Key participants in the market research study IBM Corporation, Microsoft Corporation, SAP, Dell EMC, Google, Accenture PLC, CA Technologies, Cognizant, Adobe Systems, Oracle Corporation, Hewlett Packard Enterprise, HCL Technologies, TIBCO Software, Marlabs, and Equinix.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented the digital transformation market on the basis of technology, component type, business function, deployment type, end-user, and region:
Component type (Revenue in USD Million; 2018–2028)
Technology (Revenue in USD Million; 2018–2028)
Business Function (Revenue in USD Million; 2018–2028)
Deployment type (Revenue in USD Million; 2018–2028)
Organization Size type (Revenue in USD Million; 2018–2028)
End-User (Revenue in USD Million; 2018–2028)
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Regional Outlook (Revenue in USD Million; 2018–2028)
Key Points of the Report:
• The report includes an in-depth study of the potential market growth opportunities and challenges.
• It offers a detailed analysis of the major market dynamics and assesses the current, historical, and forecast market size in terms of volume and value.
• The report throws light on the intensely competitive ambience of the global Digital Transformation market and profiles each company in detail.
• It lists down the various business expansion strategies implemented by the top companies operating in this market.
• The report analyzes the most prominent regions of the Digital Transformation market and estimates their respective growth rates over the forecast period.
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