The Digital Transformation Market has
undergone changes in the current scenario. It has experienced rapid
technological dependence in comparison to the former decade. This has spurred
the sales of cellphones, tablets, personal computers, fitness trackers, and
other technological devices. Furthermore, cloud computing has increased the
personal space allotted to users.
4G guarantees
better data connectivity and internet speed and brings the future of digital
economy even closer. Technology has bridged the communication gap owing to the
presence of social networking. Various forms of technologies have been adopted
by governments to address the issues of citizens. The digital transformation
market is expected to witness growth in the years ahead.
Digital
transformation focuses on technologies that aid in decision-making, product
rollouts and promotions. It also furthers the incomes of businesses by
providing technologies that aid in customer engagement. Some of the newest
digital transformation market technologies that have drawn enough attention
include 3D printing, cloud storage, and augmented reality (AR).
Although in their
nascent stage, most of these technologies would be used in the future in the
sectors of construction, transportation, industrial design, hospitals, and
military. Banks are an important pillar of developing economies. They have
joined the digital transformation market in conducting most of the transactions
online. This has been done for the benefit of the customers.
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Market Insights
The digital
transformation market consists of various verticals according to the business
conducted in each. Cloud storage provides space to clients who need huge
servers to function. Retail, insurance, consumer packaged goods,
pharmaceuticals, manufacturing, travel and tourism, and telecom will join the
digital transformation market in maintaining online presence in the years
ahead.
Rising demand for
AR devices, heads up display (HUD) devices, and simpler user interfaces is also
predicted to steer the market income. The digital transformation market was
valued at around $983 billion in 2013. It is likely to grow at a CAGR of about
24% by 2020. Mobile apps gained lion’s share (19%) in 2013. They are expected
to grow at a CAGR of about 31% by 2020.
Some other new
technologies of the digital transformation market are Internet of Things (IoT),
cloud, big data, and other digital services.
Regional Outlook
North America
dominated the market in 2013. It captured around 29% of the worldwide share.
Online payment options and internet connectivity are the prime reasons for the
growth of this region. Firms of the North American digital transformation
market are using various technologies to promote their businesses through
websites and social media.
This would greatly
enhance the status of the regional market and drive its sales. The European
Union (EU) had begun internet banking operations to reduce obstacles faced by
businesses while conducting transactions. Latin America is expected to have
good potential for the digital transformation market.
Boosting mobile
network operators (MNOs) in India, China, and South Korea from the Asian
Pacific (APAC) region are also estimated to raise the demand for the global
market. Growing IT-enabled services in APAC will ensure a strong future for the
digital transformation market.
The Middle East is
an untapped region that’s utilizing digital technologies on a knowledge-based
approach. UAE, Qatar, and Saudi Arabia are becoming increasingly dependent on
Internet communication technologies (ICTs). As such, the sectors of banking and
insurance have had around 40% share in the MENA industry.
Key Players
The key players of
the digital transformation market include Persistent Systems, IBM, Accenture,
Tata Consultancy Services, Cognizant, Capgemini Consulting Global, Deloitte,
Booz & Co., PricewaterhouseCoopers (PwC), CGI Group Incorporation, and
Econsultancy.
In the Middle East
and North Africa, entrants, like Ystrat, Intel, and Elite Technologies are
trying to gain a strong grip in the global digital transformation market.
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