Digital revolution is transforming many aspects of business and even whole industries. Digital transformation is the use of digital technologies such as social media, mobility, analytics, and more. These technologies may use by enterprises to improve or add more features to their traditional business processes and also maintain customer relationships. Digital transformation is the outcome of changes that occur with the application of advanced digital technologies.
According to the report, global digital transformation market was valued at around USD 150.50 billion in 2015 and is expected to reach approximately USD 431.71billion in 2021, growing at a CAGR of slightly above 19.2% between 2016 and 2021.
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Enterprises such as Google, Apple, SAP AG are investing shares in research and development for increasing shares and the organic growth of their company. Therefore battle of gaining brand positioning and creation of strong brands has become a core factor to fuel the digital transformation market. These prominent enterprises providing digital transformation solutions are developing new products or enhancing their products and service offerings to satisfy the increasing customer demand. This strategy allows these companies to validate the technology and attract new customers and hold traditional customer.
In the retail sector, rising internet usage and mobile application emerging the demand for digital transformation. Technological advancements in digital electronics coupled with their increasing application in various industries such as construction and automotive are expected to augment the market growth over the forecast period. Growing market for augmented reality devices such as heads-up displays, eyeglasses, and spatial augmented reality is anticipated to drive digital transformation market.
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North America dominated the global retail digital transformation market. Factors such as high Internet penetration and growing online payment options have played the significant role in growing the demand of digital transformation market for retail digital information in the region. Increasing service sector across the Asia Pacific and rising demand from small-sized companies are expected to fuel the growth of digital transformation market in Asia Pacific region.
Download Report Summary (PDF): By 2021, digital transformation market will hit US $431.71 billion
Major Market Players:
The major vendors in the digital transformation market are Apple, Oracle Corporation, IBM Corporation, EMC Corporation, SAP AG, CA Technologies, Adobe Systems, Microsoft Corporation, Hewlett-Packard (HP), and Google among others.