Digital Transformation Market Share, Size, Analysis, Growth, Trends and Forecasts to 2020 | Hexa Research

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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Wireless Charging Market Analysis, Share, Industry Trends and Forecast to 2024 - Hexa Research

Wireless Charging Market is expected to grow beyond USD 20 billion by 2024. Elimination of cables allows clutter-free charging, which has impelled the consumption levels. Another growth driving factor for the global market includes the growing demands for smartphones, specifically in India, China, and South Korea. The rise in infrastructural development, digitization, and network communications has also driven the growth. Moreover, rising demands across the automotive industry on account of the increased sales of electric vehicles is also a key market driver. The global market is segregated as applications, technologies, and regions.

The application sector includes defense, consumer, automotive, healthcare, and industrial. The consumer application sector led the global market and is expected to generate a revenue share of more than USD 16 billion by 2024. Rising demands for wireless chargers is likely to augment the segment. The healthcare sector is projected to be the most lucrative application sector, with a CAGR of over 38 % over the forecast period (from 2016 to 2024).

The technology sector comprises resonant, Radio Frequency (RF), and inductive. Inductive wireless charging market led the overall technology sector, particularly in the automotive industry, in 2015. However, this technology is inconvenient for a multi-device ecosystem since it permits just a single device to be charged per coil. The RF technology sector is expected to exceed USD 3.5 billion by 2024 growing at a CAGR of over 45 % from 2016 to 2024. This is mainly because it eradicates the necessity for appropriate alignment in case of any small devices.

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Regionally, the United States occupied over 30 % of the total revenue in 2015. High tendency to spend on these devices because of the high levels of technological awareness and advancements are anticipated to favorably impact the market growth. In addition to this, significant technological proliferation across various application sectors is also likely to be a key growth driver. The Asia-Pacific wireless charging market is projected to reach USD 12 billion by 2024 growing at a healthy CAGR of over 35 % during the estimated years.

The major companies in the global market include WiTricity Corp.; PowerbyProxi Ltd.; Qualcomm Inc.; and Integrated Device Technology Inc. (IDT). New players generally work together with technology providers and then launch their products. However, huge set-up costs may pose a challenge to these new companies that want to establish and develop their market presence.

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About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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Third Party Logistics (3PL) Market Share and Industry Trends, 2016 to 2024 | Hexa Research

The Third Party Logistics (3PL) Market is expected to grow at a CAGR of over 5 % during the forecast period (from 2016 to 2024). Rising focus on core business activities along with reduced shipping costs is expected to spur the growth of the global market. The introduction of e-commerce coupled with entrepreneurial ventures is also said to augment the demands for supply chain execution capabilities as well as specialized logistics. Various factors such as the emphasis on price and risk containment are said to hinder the market growth. In addition to this, sluggish economic growth and inconsistent freight volumes are also likely to hamper the overall market growth over the coming years. The global market is segregated as services and regions.

The services sector involves dedicated contract carriage, domestic transportation management, software, international transportation management, and warehousing & distribution. The International Transportation Management (ITM) sector led the global market in 2014 and is expected to witness reach USD 340 billion by 2024. It includes goods brokerage and value-added transport management services. The Warehousing & Distribution (W&D) sector occupied for more than 23 % of the total market share in 2014. Other sectors including refrigerated grocery coupled with pharma applications are likely to witness the maximum growth prospects for value-added warehousing services in the near future.

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Geographically, the Asia-Pacific third party logistics (3PL) market dominated the global market in 2014. The regional market is projected to reach USD 390 billion by 2024 growing at a healthy CAGR of over 6 % from 2015 to 2024. The European 3PL market is anticipated to reach USD 212 billion by 2024 growing at a CAGR of over 3 % during the estimated years.

The North American regional market is said to reach USD 270 billion by 2024. The region is expected to witness lucrative growth opportunities on account of steadily decreasing transportation charges and labor costs in the United States as well as Mexico. In addition to this, rapid improvement in technology logistics software is said to boost the growth of the market across the region in the next few years.

The major players in the third party logistics (3PL) market are Expeditors International; UPS Supply Chain Solutions; and Kuehne + Nagel International AG.

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 About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

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Hexa Research

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Data Analytics Outsourcing Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research

The global data analytics outsourcing market is projected to generate revenues surpassing USD 6 billion by 2024. It can expand at a CAGR over 30% during the forecast period (2016 to 2024). Data analytics refers to the process that examines data sets for drawing conclusions with the aid of specialized software & related systems. With businesses realizing the importance of effective data analysis, the worldwide industry is expected to report considerable gains in the forthcoming years. The paucity of resources, experience, and knowledge is driving a number of companies to opt for data analytics outsourcing.

Data analysis leads to higher efficiency, lower operating costs, effective decision making capabilities, and better customer service. Companies employ data analytics to examine large collections of data with the help of qualitative & quantitative techniques. Despite its growing popularity, there are factors that negatively impact its demand. Data security issues, scarcity of trained professionals for data analysis, and insufficient awareness regarding the benefits of data analytics are factors that negatively affect demand. However, substantial investments in real time analytics & social analytics can help restore the same over the forecast period.

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The global Data Analytics Outsourcing Market is fragmented on the basis of types, applications, verticals, and geographies. Types include descriptive, prescriptive, and predictive. The descriptive analytics segment holds the largest share in the overall Data Analytics Outsourcing Market. It can continue expanding throughout the forecast period. Prescriptive analytics too may grow favorably during this time owing to widespread adoption of the same. Predictive analytics employs tools, such as machine learning, artificial intelligence, statistics, and data mining.

As per applications, the industry is divided into supply chain analytics, risk & finance analytics, marketing & sales analytics. Based on verticals, the categories are retail, healthcare, BFSI (banking, financial services & insurance), telecom, and media & entertainment. Data analytics in industrial applications has been gaining popularity over the recent past. It brings out unknown correlations, identifies customer preferences, chalks out ongoing market trends, and present hidden patterns. Data analytics in banking & finance tackles risks related to money laundering, card frauds, and illegal trading. Big banks and hedge funds are major end users of data analytics. Healthcare-related research initiatives, energy exploration, and environmental protection are the other prominent users of data analytics.

On the basis of geographies, the global data analytics outsourcing industry is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa. China, Philippines, and India are the three main contributors of the Asia Pacific market. Globally, the Data Analytics Outsourcing Market is dominated by Asia Pacific because of factors, such as technological development, availability of skilled & cheap labor, and a well developed telecom infrastructure. However, demand in the region is hampered by the false idea among customers worldwide that low-cost economies provide inferior quality services. Also, greater preference for local outsourcing is another market restraint. Highest demand for data analytics outsourcing comes from the North America & Western Europe markets. Key global Data Analytics Outsourcing Market participants are Tata Consultancy Services Ltd., Genpact Ltd., Capgemini, Accenture, Wipro Ltd., and ZS Associates Inc.

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Global Engineering Services Outsourcing (ESO) Market Analysis, Size, Share, Growth and Forecast to 2020 | Hexa Research

According to the recent Research by Hexa Research, Engineering Services outsourcing market is likely to cross over USD 400 billion by 2020. In increase in cost pressure for global firms resulting in forced R&D budget is a key driver for the industry development over the forecast period. Also, the shorter product life cycles due to vibrant consumer buying behavior is anticipated to affect the market growth favorably. With improvement in production process, lowered time to market and cost benefit are some of the major factors boosting the market growth globally. Risk of intellectual property theft may pose a challenge to market growth due to significant losses for business. Engineering Services Outsourcing demand in telecom segment contributed for over 19% in 2013 globally.

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Service providers for telecom have been carrying out operations and business supports systems for ensuring smooth function of the business. It requires suitable back- end equipment and expertise, encouraging the use of ESO in systems. The consumer electronics segment is estimated to witness the rapid growth over the forecast period. This could lead to extreme reduction in product life cycles, forcing firms to bring out product innovations at faster rate. In 2013, Asia Pacific was the prime regional market contributing for over 50% of total market demand which is estimated to stay a market leader over the forecast period. Asia Pacific is likely to remain the strong market for ESO due to existence of large talent pool, emerging cost arbitrage and local demand and strong manufacturing base in countries like India and China.

From 2016 to 2020,the market in Europe is likely to grow at CAGR for over 24% due to its inclination among various European firms for outsourcing engineering actions within Western European Nations for ensuring Regulatory compliance. Major Industry participants for Engineering Services Outsourcing Market are Infosys Ltd., Wipro, HCL technologies Ltd and Tata Consultancy Services. Other firms operating ESO market are InfoTech Enterprises Ltd., IGATE Corp, Aricent Group, MindTree Ltd., Calsoft Labs,  IGATE corp., Tata ELXSI and KPIT Cummins Infosystems Ltd.

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BYOD (Bring Your Own Device) Market Size, Share, Growth and Forecast to 2024 | Hexa Research

The global bring your own device (BYOD) market is projected to exceed 350 billion by 2022 from USD 94.15 billion in 2014. Widespread adoption of devices, like tablets, smartphones, and laptops can positively affect the market over the forecast period (2016 - 2024). BYOD enables employees bring their own devices to work. This not only reduces hardware & device costs but also boosts employee productivity & satisfaction.

4G LTE services offered by telecom companies can drive the BYOD market in both developing & developed economies. High demand for mobile phones owing to their low prices and low voice calling tariffs may boost the Asia Pacific market till 2024.

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BYOD increases the possibility of security risks, such as device thefts, tracking data, and hacking. Oftentimes, when employees using their own personal devices at work, leave an organization, take with themselves crucial organizational data & information. Moreover, device seizure & data loss and governance & compliance issues can restrain market demand.

The BYOD market is fragmented into software, end-uses, devices, and regions. Software is divided into Enterprise Mobile Email Management (EMEM), Mobile Application Management (MAM), Mobile Devices Management (MDM), Enterprise Mobile Content Management (EMCM), and Telecom Expense Management (TEM). Improvements in IT technology can further increase the adoption of BYOD, thus propelling market growth.

Based on end-use, the industry is segmented into mid-to-large sized businesses and small businesses. A number of companies are taking to the ‘BYOD’ concept to minimize both operating expenditure (OpEx) and capital expenditure (CapEx). Employees too, share the costs incurred on their devices. This in turn, lowers the costs borne by the company.

Small & midsized businesses (SMBs) use MDM (Mobile Device Management) solutions to manage their mobile devices and to increase security. A number of vendors have also introduced tailor-made solutions for SMBs to capitalize on their growth prospects. With a 75% market share (in terms of revenue), mid-to-large sized businesses dominated the industry in 2013. BFSI (Banking, Financial services and Insurance) and healthcare will play a key role in driving the worldwide BYOD market. The growing need for coordinating with customers & co-workers and for remote access to information can boost the adoption of ‘BYOD’ in BFSI.

Based on devices, the industry is segmented into smartphones, tablets, and laptops. Owing to high demand & popularity, ‘smartphones’ dominated the market with a 55% share in total revenues in 2013. Since, tablets possess features of both laptops and smartphones, they are a widely preferred choice among consumers. This may aid in market penetration and greater adoption of tablets in BYOD.

Regions include North America, Europe, Asia Pacific, and Rest of the World (RoW). North America generated more than USD 25 billion in 2013. The region will continue to dominate the global market during the forecast period. The ‘work from home’ option coupled with low provision rate of corporate mobile devices could increase the adoption of BYOD.

The Asia Pacific BYOD market is a rapidly growing one. Factors fueling this region are the robust use of smartphones and tablets and their subsequent impact on information technology. Even though there are a large number of employees who use their own devices for work purposes, the absence of formal policies supporting BYOD is a major challenge in this region.

MobileIron, Cisco Systems, Good Technology Inc., and IBM Corporation are the prominent players in the global BYOD market. These companies give considerable importance to talent retention, operational simplification, and cost reductions for enhancing their respective market shares.

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ATM Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research

The ATM Market (Automated Teller Machines Market) is estimated over USD 26 billion by 2024, growing at nearly 10% CAGR during the forecast period (2016-2024). It was valued about USD 12.5 billion in 2015. Technological breakthroughs and improved safety amid rising wireless devices will drive the ATM market in the next eight years. This can result in lessened frauds and safe consumer financial transactions.

ATMs find active encouragement from banks and other financial institutions. They help reduce bank queues. These machines benefit customers by assisting them make cash withdrawals, transfers, and deposits. They are adopted widely since they provide a multitude of options for fiscal transactions.

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Online cash transfers and other transaction modes hinder the ATM market. Introduction of solar & smart ATMs across India and China is expected to provide industry opportunities. Rising competition among banks to expand their customer base should give the market a fillip.

The ATM industry, divided on the basis of solutions, includes managed services and deployment. Deployment has enabled customers to avail banking services 24/7. It accounted for 70% revenues in 2014. This was attributed to growing IT companies worldwide. Worksite, offsite, onsite, and mobile ATMs constitute deployment solutions. Worksite is expected to generate over USD 2.6 billion by 2024.

Onsite machines are installed within bank premises. They reduce staff-pressure and error-probability. These factors would drive sub-segment demand in the near future. Mobile ATMs decrease customers at trade fairs and sports events. They may grow at a CAGR close to 13% till 2024. These machines give banks the chance to lessen the traffic at populated places and extend their reach. 

Managed services allow banks to move their non-core activities to trained service providers & concentrate on their core business. They are involved in retaining customers & offering cross-selling opportunities. Managed services will grow at a CAGR above 11% from 2016 to 2024. Their outsourcing can bring good returns, complying with regulatory policies. Firms such as Diebold Inc. and Wincor Nixdorf AG provide such services at low costs.

In view of regions, the ATM market consists of North America, Asia Pacific, Europe, and the MEA (the Middle East & Africa). North America dominated in 2014 but will face a decline till 2022. Its trend of trading in digital currency has encouraged the adoption of Bitcoin ATMs in the region. The U.S. is the best market (in terms of performance), bound at over USD 9 billion by 2024. Its integration of biometrics, remote assistance, & video conferencing can drive regional sales. U.S. banks have implemented Europay/Visa/MasterCard IC encryption to ensure added security.

Europe is predicted to experience a similar trend on account of saturation and rising operational costs. Asia Pacific will grow at a CAGR above 12% during the forecast period due to its self-service machines and ever-increasing customer base.

Increased IT dependence has led players of the global market to create devices with multiplatform compatibility. Notable players are GRG Banking, Nautilus Hyosung, Euronet Worldwide, and NCR Corporation. Mergers and acquisitions are one of the strategies adopted by companies to maintain industry hold. For instance, Euronet acquired Pure Commerce in 2013 to broaden its global reach.

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