Digital Transformation Overview
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.
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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.
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.