According to a new report Global Digital Transformation Market, published by KBV research, The Global Digital Transformation Market size is expected to reach $1,302.9 billion by 2027, rising at a market growth of 20.8% CAGR during the forecast period.
The solutions segment garnered the maximum revenue share of the market in 2020 and would lead the market during the forecast years. The growth of the segment is due to the highly evolving technological landscape that needs businesses to timely update their systems in order to get a competitive advantage. The service segment would be the fastest-growing segment during the forecast period. The growth of the segment is credited to the adoption of digital transformation solutions that created the requirements for services like training and support.
The on-premises segment obtained the highest revenue share of the global digital transformation market in 2020. Various businesses selection-premise solutions because of the easy customizability provided during their installation. On-premise solutions provide expensive data security and streamline easy compliance with several government norms. The on premise deployment also provides big companies superior control over private data. Furthermore, on premise deployment enables companies to deploy a customized network of digital transformation that fulfills the requirements of the company precisely and effectively.
The Small & Medium Enterprise (SME) segment would become the fastest-growing segment over the forecast years. Aspects like higher focus on cloud computing and decreased price of mobile devices are creating a better environment for SMEs to simplify their businesses and grow organically. Increasing awareness among SMEs regarding the advantages of digitalization is supporting them to put heavy investment in digital transformation to survive and bolster their market positions, particularly in an extremely saturated market.
North America has dominated the Digital Transformation market in 2020. Asia Pacific would be the fastest-growing region during the forecast period. This is credited to the growing number of SMEs and the thriving service sector. Additionally, increasing awareness regarding the advantages of cloud technology and other technological developments are forcing SMEs in the region to completely change their businesses to ensure future development. The increasing utilization of mobile devices & social media analytics combined with the increasing online commerce would boost the growth of the regional market during the forecast years.
Full Report: https://www.kbvresearch.com/digital-transformation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Accenture PLC, Hewlett Packard Enterprise Company, HCL Technologies Ltd. (HCL Enterprises), Equinix, Inc., Adobe, Inc., Cognizant Technology Solutions Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation.
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