Insights on the Digital Transformation Market Global Market to 2026 - Featuring Accenture, Equinix, Google and Oracle Among Others

News provided by

Dec 31, 2021, 07:45 ET

DUBLIN, Dec. 31, 2021 /PRNewswire/ -- 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.

Market Overview

Drivers

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

Restraints

Changing Regional Data Regulations Leading to the Time-Consuming Restructuring of Predictive Models
Data Security Concerns

Opportunities

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

Challenges

Integration of Data from Data Silos
Issues Related to IT Modernization
Ownership and Privacy of Collected Data

Companies Mentioned

Accenture
Adobe
Aexonic Technologies
Alcor Solutions
Brillio
Broadcom
Cognizant
Dell
Emudhra
Equinix
Google
Happiest Minds
HCL Technologies
HPE
IBM
Interfacing
Kissflow
Marlabs
Microsoft
Oracle
Process Maker
Process Street
SAP
Scoro
Smartstream
Tibco Software
Yash Technologies

For more information about this report visit https://www.researchandmarkets.com/r/m1vi9v

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets