Digital Transformation Market to Reach US$ 3,693.8 Billion by 2026 Globally |CAGR: 16.1%| UnivDatos Market Insights
NOIDA, India, May 11, 2021 /PRNewswire/ -- A comprehensive overview of Digital Transformation is recently added by UnivDatos Market Insights to its humongous database. The Digital Transformation report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Digital Transformation market. The Digital Transformation report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Digital Transformation at the global and regional levels. The global Digital Transformation Market is expected to grow at a CAGR of 16.1% from 2021-2026 to reach US$ 3,693.8 billion by 2026.
Market Overview
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how organizations operate and deliver value to customers. Surging penetration of smartphones, escalating number of application downloads coupled with the rising adoption of cloud services are some of the key factors contributing to the growing market of digital Transformation. Globally, the number of smartphone users exceeded 3 billion and is anticipated to reach 4 billion in the next few years. Furthermore, on an average smartphone user spends 190 minutes each day using their devices and apps account for nearly 90% of smartphone usage. Moreover, nearly three-quarters of the world will use just their smartphones to access the internet by 2025, as revealed by CNBC.
Additionally, the use of advanced technologies such as IoT, big data and analytics, cloud, mobility, and social media across organizations has led to innovation and transformation which has positively impacted the growth of the digital transformation market. According to the study conducted by a renowned consulting firm, 40% of organizations have reached scale for their digital initiative and 91% of organizations are engaged in some form of digital initiative. Also, the benefits of digital transformation such as improving the organization brand's reputation, enhanced customer experience, and customer retention ratios through the implementation of the various software are some of the factors that are pushing the growth of the digital transformation market.
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COVID-19 Impact
The global disruptions of 2020 have accelerated the funding and investments in business transformation and generating a mandate to be active and resilient. As per IBM, 96% of leaders say the pandemic will speed up their digital transformation by an average of 5.3 years. Moreover, the government's mandated for lockdown, social distancing, and working remotely made the organizations and public dependent on the online work and services for their essential and non-essential needs. So, the cloud infrastructure witnessed a sharp rise. However, several enterprises operating in the industries such as manufacturing, automotive, etc., had shuttered down their production sites due to lockdown restrictions, which had adversely impacted the market growth.
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Digital Transformation Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into
- Solutions
- Services
The solution segment dominated the component segment and gathered 78.9% of the Digital Transformation Market in 2019. Moreover, the market is expected to grow at a 15.1% CAGR to reach US$ 2,747.8 billion by the year 2026.
By Solution Type, the market is primarily segmented into
- Cloud Computing
- Big Data & Analytics
- Mobility
- Disruptive Technology
- Social Media
The cloud computing segment generated revenue of US$ 353.4 billion in 2019 and is expected to grow at a CAGR of 14.5% during the forecast period. However, the Disruptive Technology segment is expected to witness a robust CAGR of 18.8% during the forecast period of 2021-26.
By Services Type, the market is primarily segmented into
- Professional Services
- System Integration
The professional services segment generated revenue of US$ 201.2 billion in 2019 and is expected to grow at a CAGR of 16.6% during the forecast period to reach a market valuation of US$ 658.0 billion by 2026F.
By Deployment Type, the market is primarily segmented into
- On-Premise
- Cloud
Amongst Deployment Type, the cloud segment accounted for a market valuation of US$ 724.2 Billion in 2019 and is expected to reach US$ 2,443.7 Billion by the year 2026, at a CAGR of 17.3% over the analyzed period.
By End-User Type, the market is primarily segmented into
- Large Enterprise
- Small and Medium Enterprises
The large enterprise segment generated revenue of US$ 755.2 billion in 2019 and is expected to grow at a CAGR of 15.1% during the forecast period to reach a market valuation of US$ 2,233.1 billion by 2026F.
By Industry Verticals Type, the market is primarily segmented into
- Banking Financial Services & Insurance (BFSI)
- Government
- Healthcare
- Telecommunication & IT
- Automotive
- Education
- Retail & Consumer Goods
- Media & Entertainment
- Manufacturing
- Others
Amongst industry verticals, the Banking Financial Services & Insurance (BFSI) segment of the Digital Transformation market was valued at US$ 290.8 billion in 2019 and is likely to reach US$ 836.4 billion by 2026 growing at a CAGR of 14.6% from 2021-2026.
Digital Transformation Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- MEA
- Latin America
Based on the estimation, the Asia Pacific region dominated the Digital Transformation Market with almost US$ 427 billion in revenue in 2019. At the same time, the Europe region is expected to grow considerably with a CAGR of 14.9% over the forecast period.
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The major players targeting the market includes
- IBM Corporation
- Microsoft Corporation
- SAP
- Dell EMC
- Accenture
- CA Technologies
- Cognizant
- Adobe Systems
- Oracle corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Digital Transformation Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Digital Transformation Market?
- Which factors are influencing the Digital Transformation Market over the forecast period?
- What are the global challenges, threats, and risks in the Digital Transformation market?
- Which factors are propelling and restraining the Digital Transformation Market?
- What are the demanding global regions of the Digital Transformation market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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