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Global Digital Transformation Market to Grow at a CAGR of 18% During 2021-2026, Aided by Technological Advancements and Innovations

According to a new report by EMR titled, ‘Global Digital Transformation Market Report and Forecast 2021-2026’, attained a value of about USD 995 billion in 2020. The market is expected to grow at a CAGR of 18% in the forecast period of 2021-2026.

North America holds a significant share of the overall market due to the rapid internet penetration in the region. Additionally, the adoption of the latest technological advancements by the major companies is also aiding the market growth. Moreover, the prevalence of Industry 4.0 and the surge of automation are further invigorating the market growth. The escalating use of robots in various industrial applications to boost productivity and efficiency is augmenting the market growth. In addition, the wide presence of various small and medium-sized enterprises in countries such as the United States and Canada due to favourable government policies, which are rapidly using technologies for efficient services, are augmenting the market growth. The Asia Pacific region is expected to witness significant growth in the forecast period. This is due to rapid industrialisation in countries such as China and India. Moreover, the introduction of favourable government initiatives to aid digitisation in the private and public sector is further propelling the market growth, therefore contributing to the overall market growth.

IBM Corporation (NYSE: IBM), one of the major companies in the market, announced advances in artificial intelligence (AI), hybrid cloud, and quantum computing to accelerate digital transformation in May 2021. It would aid its clients and partners in building strategic ecosystems that can result in better business outcomes. The advancement in artificial intelligence (AI) aids in automating customers’ behaviour while unifying and managing data anywhere with a cloud. The advances enable companies to develop, deploy, and operate information technology (IT) and modernise applications. The adoption of innovative advancements in digital transformation is expected to aid the market growth in the forecast period.

Market Analysis by Technology, Deployment Type, Organisation Size, Industry, and Region:

  • The market, on the basis of technology, can be divided into cloud computing, artificial intelligence, big data and analytics, mobility/social media, cybersecurity, and internet of things.
  • The deployment types within the industry are on-premises and Cloud.
  • The market can be specified on the basis of organisation size into small and medium sized enterprises, and large enterprises.
  • Based on industry, the market can be segmented into banking, financial services and insurance, IT and telecom, manufacturing, education, retail, media and entertainment, and government.
  • The regional markets for digital transformation include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The adoption of digital technology to create new processes, services, products, and business models, to increase efficiency and productivity is aiding the market growth.
  • The market is being driven by the increasing demand for evolved and personalised consumer services, which are enabled by digital transformation.
  • The rising use of digital transformation in the healthcare sector to streamline operations and improve consumer services is propelling the market growth.
  • Technological advancements and innovations such as artificial intelligence and machine learning for automation in various industries are augmenting the growth of the digital transformation industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global digital transformation market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technologies, deployment types, organisation sizes, industries, and regions of digital transformation.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for digital transformation are Microsoft Corporation, Dell Inc., Adobe Inc., Accenture PLC., and Genpact, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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