Pune, India – The global digital transformation market is expected to gain impetus from the emergence of industrial automation in a wide range of industries. Robots are able to control several core industrial processes efficiently. Fortune Business Insights™ published this information in a new report, titled, “Digital Transformation Market, 2021-2028.” The report further states that market size was USD 737.88 billion in 2020 and is projected to reach USD 3,546.80 billion by 2028, exhibiting a CAGR of 22.1% during the forecast period. The expansion of the automotive industry worldwide would result in the rising implementation of industrial robotics. The International Federation of Robotics (IFR), for instance, declared that in 2017, around 2.1 million stand-alone automotive and industrial robots were installed worldwide.

Industry Developments:

October 2020: Oracle launched its Oracle Cloud Observability and Management Platform. This would aid customers to remove the cost, risk, and complexity associated with managing on-premises and multi cloud environments.

Drivers & Restraints-

Increasing Adoption of Cloud Computing & Big Data to Favor Growth

Several enterprises are slowly entering into a new customer engagement era stoked by the evolving regulatory environment and rapid technological changes. In this era, digital technologies are considered to be essential. Hence, these companies are adopting artificial intelligence, cloud computing, and big data technologies to bolster the organizational growth. They are striving to change conventional business models to modern strategies. However, the increasing risks of security breaches and cyber-attacks may hinder the digital transformation market growth in the near future.

Regional Insights–

Rising Penetration of Internet to Accelerate Growth in North America

Geographically, North America generated USD 234.7 billion in 2020. It is expected to remain at the forefront fueled by the increasing penetration of the internet in a wide range of industry verticals, such as manufacturing, retail, and healthcare. On the other hand, Europe is anticipated to grow significantly on account of the rapid digitalization in economies and societies. In Asia Pacific, the digital transformation industry is likely to grow remarkably attributable to the need to automate labor-intensive tasks by using robots in China.

The Report Includes?

  • Detailed research into the factors driving the market growth;
  • In-depth study of the roadblocks facing the market;
  • Comprehensive analysis of the segments of the market; and
  • Thorough assessment of the competitive developments and regional landscape of the market.

Segmentation-

Fortune Business Insights™ says BFSI Segment Procured a Share of 26.0% in 2019

We have divided the market into technology, enterprise size, deployment model, industry vertical, and region. Based on technology, the market is segregated into cloud computing, big data and analytics, social media/mobility services, robotics, artificial intelligence (AI), internet of things (IoT), and others. In terms of enterprise size, it is bifurcated into large enterprises and small and medium sized enterprises (SMEs). By deployment model, it is classified as on-premises and cloud. Lastly, by industry vertical, it is segmented into banking, financial services and insurance (BFSI), manufacturing, IT and telecommunications, retail and consumer goods, healthcare, transportation and logistics, media and entertainment, government, and others. In 2019, the BFSI segment generated 26.0% in terms of the digital transformation market share because of the increasing need to meet the changing customer demand.

Competitive Landscape-

Key Players Aim to Fulfil Demand by Introducing State-of-the-art Solutions

The global market possesses a large number of companies that are majorly focusing on launching innovative solutions to cater to the specific requirements of users. Below are the two latest

Companies Covered in the Digital Transformation Market Report

  • Amazon Web Services (Washington, United States)
  • Oracle Corporation (California, United States)
  • Microsoft Corporation (Mexico, United States)
  • VMware, Inc. (California, United States)
  • SAP SE (Walldorf, Germany)
  • IBM Corporation (New York, United States)
  • Salesforce.com Inc. (California, United States)
  • HCL Technologies Limited (Noida, India)
  • Wipro Limited (Bengaluru, India)
  • Accenture plc (Dublin, Ireland)
  • Cisco Systems, Inc. (California, United States)
  • Teradata Corporation (California, United States)
  • Cloudera, Inc. (California, United States)
  • Tableau Software (Washington, United States)
  • Huawei Technologies Co., Ltd. (Shenzhen, China)
  • Apple Inc. (California, United States)
  • NVIDIA Corporation (California, United States)

Source: Fortune Business Insights