The global digital transformation market size is expected to reach USD 1,673.73 billion by 2028 according to a new study by Polaris Market Research. The report “Digital Transformation Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment (Hosted, On-premise); By Enterprise Size (Large Enterprise, Small & Medium Enterprise); By End-Use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail Others); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is emerging at a noteworthy pace owing to the factor such as rapid development in the Internet of Things (IoT) industry tied with the increasing adoption of the cloud-based services. In addition, the advent of the 4.0 industry demands digital transformation technologies to enhance the efficiency and productivity of organizations and maximize consumer experience attributes to industry development. Furthermore, the emergence of the COVID-19 pandemic also leads the market demand due to the rising access for online and blockchain services propelling the market growth of the digital transformation industry over the foreseen period.
Based on deployment, the on-premises segment held the largest revenue share, owing to it facilitating high-end data security and easy compliance with numerous government policies. The hosted segment is likely to rise at a healthy rate in the foreseen years due to increasing advancements in the IT sector and the penetration of smartphones. Moreover, the segment provides cost-effectiveness, flexibility and allows large-scale customization of goods & services.
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The shifting consumer preferences and increasing operation proficiencies in the organizations lead to the growing demand for digitalizing business functions to drive the industry’s growth. The adoption of evolving technologies such as big data & analytics, IoT, cloud, social media, and mobility has led to the advancements and transformation of the industries, which leads the growth of the business ecosystem.
Industry participants such as Adobe, Accenture, Alcor Solutions, Inc., Broadcom, Inc, Apple, Inc., CA Technologies, Dell Technologies Inc., Cognizant, Equinix, Inc., HCL Technologies, Google, Inc., TIBCO Software Inc., Hewlett Packard Enterprise, International Business Machines Corp., Interfacing, KELLTON TECH, Microsoft Corp, Marlabs, Oracle Corporation, Smartstream, SAP Company, and Yash Technologies are some of the key players operating in the global market.
Polaris Market Research has segmented the digital transformation market report on the basis of type, deployment, enterprise size, end-use, and region:
Digital Transformation, Type Outlook (Revenue – USD Billion, 2016 – 2028)
- Cloud Computing
- Social Media
- Professional Services
- Implementation & Integration
Digital Transformation, Deployment Outlook (Revenue – USD Billion, 2016 – 2028)
Digital Transformation, Enterprise Size Outlook (Revenue – USD Billion, 2016 – 2028)
- Large Enterprise
- Small & Medium Enterprise
Digital Transformation, End-Use Outlook (Revenue – USD Billion, 2016 – 2028)
- IT & Telecom
Digital Transformation, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa