The digital transformation market size to grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of digital transformation technologies and services.
The cloud computing technology to hold the largest market size during the forecast period
Cloud computing offers enterprises several benefits, such as pay-as-use, faster time-to-market, and on-demand elastic infrastructure. Cloud computing helps enterprises use remote servers hosted on the internet to store, manage, and process critical data. The increasing volume of data generation in websites and mobile apps, the rising focus on delivering customer-centric applications for driving customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are some of the factors driving the growth of the emerging technologies. Major factors such as data security, faster Disaster Recovery (DR), and meeting compliance requirements are driving the growth of cloud computing services. The need to mitigate risks, achieve scalability and flexibility to move and store data, reduce storage and infrastructure complexities, and increase business efficiency are leading to the growth of the cloud computing market.
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BFSI vertical to have the largest market size during the forecast period
The digital transformation market by vertical has been categorized into banking, financial services, and insurance, retail and eCommerce, media and entertainment, IT and telecom, healthcare and life sciences, government and defense, manufacturing, and education. The BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing usage of mobile devices to access banking services is driving the adoption of digital transformation solutions in the BFSI vertical.
Digital transformation is the outcome of changes that occur with the application of digital technologies. The use of digital transformation across business and organizational activities, processes, competencies, and business models leverages the changes and opportunities of a mix of digital technologies and their impact on society. Digital transformation helps enterprises improve the customer experience, optimize the workforce, enhance the operational activities, and transform the products and services of the organization. The evolution of digital technologies, such as cloud computing, big data and analytics, mobility/social media, blockchain, Artificial Intelligence (AI), Internet of Things (IoT), robotics, and cybersecurity, has created the need for digitalization across several industries. These technologies are used by enterprises to improve or add more features to their traditional business processes while also helping enhance customer relationships.
Some of the key players operating in the digital transformation market include Microsoft(US), IBM(US), SAP(Germany), Oracle(US), Google(US), Cognizant(US), HPE(US), Adobe(US), Accenture(Ireland), HCL Technologies(India), Broadcom(US), Equinix(US), Dell(US), Tibco(US) and Marlabs(US). These digital transformation vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the digital transformation market.
International Business Machines (IBM) was incorporated in 1911 and is headquartered in New York, US. IBM is one of the leading American computer manufacturers and providers of cloud, cognitive security, research, analytics, consulting, IoT, and IT infrastructure. IBM operates through five segments: Cloud & Cognitive Software, Systems, Global Technology Services, Global Business Services, and Global Financing. The company manufactures and sells computer hardware and software, and offers infrastructure services, consulting services, and hosting services for mainframe computers and nanotechnology. It has a client base of more than 17,000 in more than 130 countries. Further, it has almost 8,000 subject matter experts and more than 3,000 researchers working in 12 labs located across six continents. For more than seven decades, IBM has been building industry-based solutions to real world problems with the help of Watson, its AI platform for business, redefining the future of information technology through its high-quality R&D.
SAP is a leading provider of enterprise application solutions and services. It is also leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology, and services; intelligent spend group; and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. The company is known to offer the SAP HANA platform through its experience model of the intelligent enterprise framework, which allows both the transactional processing for data capture and retrieval and analytical processing for business intelligence and reporting. The company’s software, technologies, and services address the three core elements of the intelligent enterprise: intelligent suite, business technology platform, and experience management platform for 25 industries and 12 lines of business.
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Cognizant is a multinational corporation providing information technology services, including digital, consulting, and business process outsourcing services, thus making it a competent player in the digital transformation market space. Cognizant digital services and solutions are designed to help the customers grow in the digital economy by applying technology and analytics to change consumer experiences. These services and solutions help in automating and improving core business processes and technology systems by deploying cloud and cybersecurity solutions as a service model to make them simpler, more modern, and secure for customers. The company provides three major services, namely, Cognizant Digital Business, Cognizant Digital Operations, and Cognizant Digital Systems and Technology. The company also provides business, process, operations, and technology consulting services to bring together the capabilities of all the three digital practice areas into effective solutions for its customers.
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