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Digital Transformation Market Worth $3,294 Billion by 2025, Growing at a CAGR of 22.7%

Digital transformation has emerged as one of the most prominent strategies for public and private organizations over the past few years. It is increasingly transforming the conventional technology landscape across all industry verticals. Although enterprise applications based on digital transformation technologies are still in their nascent stages of development, they are gradually beginning to drive innovation into the business strategies and proving their significance at every step of an organization.

Digital transformation is the process of using digital technologies to change existing processes, models, structure, and business activities to improve the performance of organizations. The adoption of digital transformation is routing a new era or industrial transformation, allowing companies to track their operations, enhance productivity, augment business strategies, and engage with customers in digital world. Thus, with consistently growing awareness about the benefits of digitization, organizations across several industry verticals are adopting digital transformation strategies to sustain and expand their existing positions in highly competitive market.

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Scope of the Report:

Digital Transformation Market by Technology

  • Internet of Things
  • Cloud Computing
  • Big Data & Analytics
  • Artificial Intelligence
  • Cybersecurity
  • Mobility Solutions
  • Augmented Reality/Virtual Reality
  • Robotic Process Automation
  • Others

Digital Transformation Market by End-Use Industry

  • Retail
  • Government & Public Sector
  • Healthcare
  • Supply Chain & Logistics
  • Utilities
  • Manufacturing
  • Insurance
  • IT & Telecom
  • Media & Entertainment
  • Banking & Financial Services
  • Education
  • Others

Digital Transformation Market by Industry Size

  • Small & Medium Enterprises
  • Large Enterprises

Digital Transformation Market by Process

  • Customer transformation
  • Operational Transformation
  • Product Transformation
  • Workforce Transformation

Digital Transformation Market by Geography:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Mexico
    • Argentina
    • Chile
    • RoLATM
  • Middle East & Africa

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The digital transformation market is projected to reach $3,294 billion in 2025, growing at a CAGR of 22.7% from 2019 to 2025. The growth in this market is mainly attributed to the growing adoption of AI & robotics in manufacturing industries, lack of skilled workforce, increasing adoption of Internet of Things (IoT) in different industry verticals, and government initiatives & policies towards digitization in developing nations. Furthermore, the demand for streamlining business processes and the adoption of 5G technology is also expected to support the growth of the digital transformation market over the forecast period. However, the high cost of transformation and lack of infrastructure are the major challenges limiting the growth of this market.

Based on technology type, Internet of Things (IoT) commanded the largest share of the overall digital transformation market in 2019. The large share of the segment is attributed to the rapid proliferation of smart devices, increasing adoption of IoT in health & wellness sector, incorporation of industrial IoT devices in manufacturing, and the need from business enterprises from different industry verticals to improve operational efficiency of business processes. However, AR/VR technology is slated to register the fastest CAGR during the forecast period from 2019 to 2025. The growth is primarily driven by the surging demand of AR/VR technology in healthcare and manufacturing sector for training purposes and growing penetration of smart devices and consumer electronics for entertainment.

Based on the end-use industry, banking & financial services (BFSI) sector commanded the largest share of the overall digital transformation market in 2019. The largest share of this segment is primarily attributed to the increasing demand for advanced technologies in banking and financial services industry to enhance customer engagement, offer personalized financial services, and consistent growth in AI-based security processes.

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Based on industry size, large enterprises commanded the largest share of the overall digital transformation market in 2019. The large share of this segment is mainly attributed to the surge in demand for enhanced customer experience, development of next-generation products & services, automation of traditional operations, better operational efficiency and boost in revenue growth.

The global digital transformation market is fragmented in nature and is characterized by the presence of several low, mid, and high-level companies competing for the market share. Some of the leading players in the digital transformation market are from the core technology background. These include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), and Amazon.com, Inc. (U.S.). These companies are leading the market owing to their strong technological capabilities, continuous focus on innovation, strong brand recognition, diverse product portfolio, strong distribution and sales network, and strong organic and inorganic growth strategies. The other key players in the global digital transformation market are Intel Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Samsung (South Korea), LLamasoft, Inc. (U.S.), SAP SE (Germany), General Electric (U.S.), Deutsche Post DHL Group (Germany), Xilinx, Inc. (U.S.), Micron Technology, Inc. (U.S.), FedEx Corporation (U.S.), ClearMetal, Inc. (U.S.), Dassault Systèmes (France), and JDA Software Group, Inc. (U.S.), among other local & regional players.

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