Global Digital Transformation Market Forecast to 2023 - Digitalizing Organizational Business Functions to Serve Changing Customer Preferences and Enhance Operational Efficiency
Apr 26, 2019
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DUBLIN,-- The "Digital Transformation Market by Technology (Cloud Computing, Big Data & Analytics, Mobility/Social Media, Cybersecurity, Artificial Intelligence), Deployment type, Business Function, Vertical (Retail, Education), Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The digital transformation market is projected to grow from USD 290.0 billion in 2018 to USD 665.0 billion by 2023, at a CAGR of 18.1% from 2018 to 2023.
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 the need to improve operational performance to gain competitive benefits in the market are projected to drive the growth of the market across the globe. However, security and privacy concerns for confidential data is expected to restrict the growth of the market across the globe.
Based on technology, the artificial intelligence segment is expected to lead the market during the forecast period.
The technology segment is projected to lead the digital transformation market during the forecast period. The emergence of AI has transformed how data is collected and analyzed. The technology builds data models automatically in digital forms. AI also collects data from multiple sources and uses the information as a knowledge store, which can help business in several ways, such as identify and analyze buying patterns and trends or predict needs of consumers to boost customer experience.
Based on deployment type, the cloud segment is expected to lead the digital transformation market in 2018.
The cloud segment is expected to lead the digital transformation market in 2018. 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 reduce IT budgets and financial risks, while increasing flexibility. Therefore, small organizations and individual users generally prefer cloud digital transformation solutions.
The retail vertical to lead the digital transformation market in 2018.
Retail is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks. Some of the factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations, which, in turn, lead to the retention of existing customers and new customer acquisitions. Presently, retailers use the web, e-commerce, and various applications to retain and attract their customers digitally. Digital transformation requires seamless integration of customer services, merchandising, pricing, inventory, and supply chain processes to enable shoppers to save time and maximize convenience.
The Asia Pacific (APAC) digital transformation market is projected to grow at the highest CAGR during the forecast period
The APAC digital transformation market is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the high rate of adoption of digital technologies, especially in economies such as Australia, India, China, Japan, and Singapore. Digital transformation solutions are being adopted by companies to improve and streamline business processes and facilitate informed business decision-making.
Companies across verticals are taking initiatives to upsurge their IT infrastructure, thus leading to the adoption of cutting-edge technologies by these companies as well as their customers. The rising number of mobile device users, increasing the use of social media analytics, and growing online commerce are some of the factors expected to fuel the growth of the digital transformation market in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Market Dynamics
220.127.116.11 Digitalizing Organizational Business Functions to Serve Changing Customer Preferences and Enhance Operational Efficiency
18.104.22.168 Rapid Proliferation of Mobile Devices and Apps
22.214.171.124 Increasing Penetration of IoT and Adoption of Cloud Services
126.96.36.199 Need to Improve Operational Performance to Gain Competitive Benefits in the Market
188.8.131.52 Security and Privacy Concerns for Confidential Data
184.108.40.206 Demand for Personalized Digital Transformation
220.127.116.11 Increasing Usage of Disruptive Technologies Such as AI, ML, and Big Data
18.104.22.168 Focus on Collaboration Among Departments
22.214.171.124 Lack of Skilled Personnel
126.96.36.199 Issues Related to IT Modernization
5.2 Industry Trends
5.2.2 Value Chain Analysis
5.2.3 Evolution of Digital Transformation
5.2.4 Case Studies/Use Cases
188.8.131.52 Case Study 1: American Telecommunication Service Provider (TSP) Collaborated With HCL to Refine Its Digital Journey
184.108.40.206 Case Study 2: A Leading Logistics and Shipment Provider Deployed HCL's Digital Transformation Solution to Improve Customer Experience
220.127.116.11 Case Study 3: One of the World's Leading Media Conglomerates Adopted HCL's Digital Transformation Solution to Redefine User Experience Through Human-Centric Design
18.104.22.168 Case Study 4: A Leading Healthcare Company Adopted Cognizant's AI-Driven Solution to Identify Drug-Seeking Behavior
22.214.171.124 Case Study 5: Cognizant's AI and Automation Solution Helps an Insurance Company to Improve Insurance Claims Process
6 Digital Transformation Market, By Technology
6.2 Cloud Computing
6.2.1 Growing Data Security, Faster Disaster Recovery (DR), and Meeting Compliance Requirements are Driving the Growth of Cloud Computing
6.3 Artificial Intelligence
6.3.1 AI Enhances the Customer Satisfaction in the Market
6.4 Big Data & Analytics
6.4.1 Rise in the Amount of Unstructured Data From Several Sources and the Need to Optimize Large Workloads of Data has Led to Various Advancements in the Big Data & Analytics Technology
6.5 Mobility/Social Media
6.5.1 Rising Security Concerns, and Proliferation of Mobile Applications Leads to Tremendous Growth of the Mobility Market
6.6.1 Growing Cyber-Attacks, Data Breaches, and Identity Thefts Have Led to the Increased Demand for Cybersecurity Technology in the Market
6.7 Internet of Things (IoT)
6.7.1 IoT-Based Technology Solutions Enable Companies to Increase the Operational Efficiency of Their Business Processes
7 Market, By Deployment Type
7.2.1 Increasing Adoption of Cloud Computing Solutions has Significantly Impacted the Implementation of On-Premises Digital Transformation Solutions
7.3.1 Easy Deployment, Low Deployment Cost and Easy Upgradeability and Accessibility has Enhanced the Organizations to Deploy the Cloud
8 Digital Transformation Market, By Business Function
8.2 Customer Transformation
8.2.1 Growing Usage of Modern Technologies Enables Organizations to Enhance Their Customer Experience
8.3 Workforce Transformation
8.3.1 Workplace Transformation Engages to Build and Sustain A Digital Culture in the Organization
8.4 Operational Transformation
8.4.1 Modernizing of Digital Technologies and Collaborated Platforms, Have Increased the Flow of Information Across Business Operations
8.5 Product Transformation
8.5.1 Digital Transformation Technologies Helps to Transform the Entire Product Transformation
9 Market, By Vertical
9.2.1 BFSI Vertical Uses Digital Transformation to Make Financial Transactions Speedy, Secure, Simple, and Error-Free
9.3.1 Digital Transformation Solution Offers Healthcare Providers Real-Time Exchange of Healthcare Information and Enhances Medical Services
9.4 IT & Telecom
9.4.1 Digital Transformation Solutions Ensure Optimum Utilization of Resources Along With Customer Satisfaction
9.5.1 Requirement for Innovative Technologies to Tackle Manufacturing Problems Due to Limited IT Resources in the Manufacturing Industry
9.6.1 Adoption of Internet and Bring Your Own Device (BYOD) Trend Have Spurred Implementation of Digital Transformation Solutions in Education Industry
9.7.1 Retail Vertical Uses Emerging and Innovative Technologies to Enhance Customer Experience
9.8 Media & Entertainment
9.8.1 Increasing Penetration of Mobile Technology and Internet of Things Supports Increased Deployment of Digital Transformation in Media & Entertainment Vertical
9.9.1 Digital Transformation Helps Government Agencies Introduce Paperless Processes and Save Process Time
10 Digital Transformation Market, By Region
11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.2 Strength of Product Portfolio
11.3 Business Strategy Excellence
11.4 Competitive Leadership Mapping (Startup)
11.5 Market Ranking for the Digital Transformation Market, 2018
12 Company Profiles
12.4 Dell EMC
12.8 CA Technologies
12.11 Adobe Systems
12.12 Oracle Corporation
12.13 Hewlett Packard Enterprise
12.14 HCL Technologies
12.15 TIBCO Software
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