Digital transformation is connection of granular, real time data such as smartphones, wearables, smart appliances, m-commerce, and connected devices with recent technologies like big data, cloud native applications, artificial intelligence, and blockchain. This improves product, process, and to take business related decisions. Digital transformation benefits organizations to tackle troublemaking fluctuations such as corporate restructuring and marketplace fluctuation.
Increasing penetration of Internet of Things (IoT), and rising adoption of smartphones & application are key factors driving growth of the global digital transformation market. In addition, increasing adoption of cloud platforms, growing smart city projects, and use of real time application across the globe are other factors expected to propel growth of the global digital transformation market over the forecast period.
However, and high cost associated, and data security and privacy threats are key factors restraining growth of the global digital transformation market. Additionally, lack of awareness about benefits of digital transformation, and lack of skilled workforce are other factors expected to hamper growth of the global digital transformation market over the forecast period.
Current trend in market is increasing adoption of bring your own device (BYOD), internet enabled devices, and mobile payment systems such as paytm, mobikwik, BHIM, etc. are further expected to boost growth of the global digital transformation market over the forecast period.
The global digital transformation market is segmented on the basis of solution, deployment, end user, and region. On the basis of region, the global digital transformation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is a dominant player in the global digital transformation market, and accounts for largest market share in terms of revenue. This dominance can be attributed to increasing penetration of internet, and changing preference toward online payment system in countries in the region. The market in Asia Pacific projected to register highest growth rate over the forecast period, owing to increasing adoption of digital transformation from small & medium sized companies, and growing awareness about benefits of cloud in emerging economies in the region.
Prominent players in the global digital transformation market include Apple Inc., Oracle Corporation, International Business Machines Corporation, SAP SE, CA Technologies, Adobe Systems Incorporated, Microsoft Corporation, Hewlett Packard Enterprise Company, Google Inc., Kellton Tech Solutions Ltd., and Accenture PLC.
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