According to report “Digital Transformation Market by Component (Solution (Cloud Computing, Big Data & Analytics, Mobility, Disruptive Technologies, and Social Media) and Service), End User, Deployment Type (On-premise and Cloud), Vertical, and Region – Global Forecast to 2022″, the digital transformation market is projected to grow from USD 205.99 Billion in 2017 to USD 493.39 Billion by 2022, at a CAGR of 19.1% from 2017 to 2022. The market is primarily driven by innovation in businesses, changing customer preferences, the proliferation of mobile devices & apps, increasing penetration of IoT, and rising adoption of the cloud platform.
Based on component, the service segment is expected to witness the highest CAGR during the forecast period
Based on component, the digital transformation market has been segmented into solution and service. The service segment is expected to witness the highest growth rate during the forecast period due to the increasing need for professional services and system integration.
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Based on deployment type, the cloud segment is expected to witness the highest CAGR during the forecast period
Based on deployment type, the digital transformation market has been segmented into on-premise and cloud. The cloud segment is expected to witness the highest growth rate during the forecast period. Cloud computing solution enables easy access to data and information from anywhere and anytime. It also involves pay per use, which is cost effective for an organization.
Based on end user, the SMBs segment is projected to grow at the highest CAGR during the forecast period
Based on end user, the SMBs (small & medium businesses) segment of the digital transformation market is estimated to witness a higher growth rate than the enterprises segment during the forecast period. SMBs predominantly opt for SaaS-based digital transformation solutions as these solutions are cost-effective and require basic IT infrastructure.
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Based on vertical, the education segment is expected to witness the highest CAGR during the forecast period
Based on vertical, the education segment of the digital transformation market is projected to grow at the highest rate in the coming years. The education vertical includes academic and research industries. Increasing demand for platform independent or cross-platform applications from the education vertical translates into huge growth opportunities for the digital transformation solution vendors.
North America is estimated to lead the digital transformation market in 2017
North America is estimated to lead the digital transformation market in 2017. An early adopter of cloud technologies, the region has advanced infrastructure capabilities, which have helped in supporting the adoption of digital transformation solutions and services. Digital transformation requires a very agile and flexible IT support, which is present in the majority of companies in this region.
The report encompasses the competitive landscape, which presents the positioning of 25 key vendors of digital transformation solutions and services, based on their product offerings and business strategies. Some of the major solution and service vendors include Cognizant (US), SAP (Germany), Dell EMC (US), Microsoft (US), Adobe Systems (US), Accenture (Ireland), Capgemini (France), IBM (US), Oracle (US), Google (US), HPE (US), and CA Technologies (US).
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