Global Digital Transformation Market was valued at USD 250.65 Billion in 2018 and is expected to reach USD 817.05 Billion by 2025 growing at a CAGR of 18.87% during the forecast period 2019–2025.
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MRFR has considered IBM Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Google (US), Dell EMC (US), Accenture Plc (Ireland), Cisco Systems, Inc. (US), Oracle Corporation (US), Tibco Software Inc (US), Hewlett Packard Enterprise (US), Cognizant (US), Marlabs (US), Equinix Inc. (US), CA Technologies (US), Rockwell Automation Inc. (US), Salesforce.com, Inc. (US) and HCL Technologies (India) as some of the key players in the Global Digital Transformation market.
By Technology, the market has been segmented into cloud computing, big data & analytics, artificial intelligence (AI), internet of things (IoT), blockchain, and others. By deployment, the market has been segmented into on-premise and on-cloud. By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises. By vertical, the market has been categorized into BFSI, healthcare, IT and telecommunication, government, retail, education, and media & entertainment among others
The market for digital transformation is estimated to grow at a CAGR of 18.87% during the forecast period from 2019 to 2025. The geographic analysis of the digital transformation market has been done for North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, Norway, Benelux, and Italy), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines), Middle East and Africa (Saudi Arabia, Israel, Turkey, and South Africa) and South America (Brazil, Peru, Chile, and Argentina).
North America is currently dominating the global digital transformation market. The US followed by Canada is leading the market. Well-established infrastructure, developed economy, and availability of skilled experts in the US are some of the prime factors driving the digital transformation market in the country. Furthermore, BFSI, communications, retail, and government are the key markets in the US for digital transformation.
Europe is the second-highest contributor in terms of market share in the global digital transformation market. Enterprises across the UK, Germany, Spain, and Norway, among others, are witnessing significant adoption of digital technologies such as cloud computing, AI, and IoT in order to streamline their business operations and production facilities.
Asia-Pacific region is projected to grow at the fastest CAGR in the global digital transformation market. Growing adoption of cloud-based services and government initiatives supporting digitalization across countries has increased the demand for cloud-based and AI-enabled solutions. Furthermore, the growing number of SMEs across the region opting for cloud-based services is further contributing to the market growth.