March 28, 2020

Digital Transformation Market Is Expanding at a CAGR of Over 15% From 2016 to 2023

According to a new market report published by Credence Research, Inc. “Digital Transformation Market By Type (Solution, Service), By Solution (Data Analytics, CRM, Mobility, Social Media, Other Solutions), By Service (Consulting, Implementation & Integration, Support) By Deployment Model (On-premise, Cloud-based) By End-user (BFSI, Retail, Public Sector, Healthcare, Manufacturing, Energy & Utility, Transportation, IT & Telecom, Other End-users) – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023”, the global digital transformation market is expected to witness a steady growth, expanding at a CAGR of over 15% from 2016 to 2023.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Market Insights:

The growing demand for digital technology to increase business efficiency and real-time connectivity across the enterprise is expected to fuel market growth. In addition, the introduction of the digital initiative by governments in emerging economies such as China, India and Brazil is driving the growth of the digital transformation sector.

Digital Transformation Market

However, the company’s emphasis on developing mobile workforce and growing the penetration of connected devices across major end-user verticals is expected to help market growth over the forecast period. Nevertheless, a lack of knowledge among end-users in developing countries and data privacy and security threats are expected to impede the growth of the digital transformation market to some degree.

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Competitive Insights:

The global digital transformation market ecosystem consists of solution providers, connected device providers, system integrators and service providers. The market is primarily dominated by major digital solution providers such as IBM Corporation, Microsoft Corporation and Adobe System. Key players in the digital transformation market are emphasizing more on investing substantial amount on research and development activities to come up with innovative and cost-effective solutions to gain competitive advantage.

The major players operating in the global digital transformation market are SAP SE, IBM Corporation, Oracle Corporation, Google Inc., Microsoft Corporation, Accenture PLC, Adobe System, Cap Gemini S.A, CA Technologies and Hewlett-Packard (HP).

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Key Trends:

Increasing number of strategic partnerships, acquisitions & mergers, and joint ventures to assist the market growth
Enterprise shift towards smart technologies
Solution providers are focused towards introducing cloud-based solutions to gain competitive advantage in the long run

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