The digital transformation market is estimated to grow from $148.04 billion USD in 2015 to $392.15 billion USD by 2021, at a Compound Annual Growth Rate (CAGR) of 18.7%, according to a recent report.
What's driving the digital transformation market? Increasing demand for Internet of Things and increased penetration of mobile devices and apps
Companies are seeking ways to increase revenue and reduce expenses, as the global market competition continues to shrink profit margins. Organizations of all sizes are focusing more on analyzing sales and market saturation in specific territories and identifying gaps.
However, the lack of awareness regarding the benefits of digitalization is a restraining factor for the digital transformation market.
Through the 2021 forecast period, the cloud deployment segment is expected to account for the largest market share.
Cloud digital transformation solutions provide users the liberty to access the tools from all computers and mobile devices. They offer the advantages of easy deployment, minimum costs, easy upgradability, accessibility and no requirement of initial capital for purchasing the software. They help to reduce IT budgets, lower the financial risks and increase flexibility.
Small organizations and single-user licensees generally prefer cloud-based digital transformation tools due to the aforementioned reasons.
The Asia-Pacific digital transformation market is projected to register the highest growth rate during the forecast period.
This growth can be attributed to the increasing technological advancements, increasing mobile app users and big data analytics companies showing positive trend towards adoption of these technologies, thereby presenting immense growth potential for the Asia-Pacific digital transformation market in the near future.
In this region, China will be the epicenter of digital innovations. Increasing ecommerce business and rapidly-developing social media platforms in the country are among the major driving factors for the increasing digital transformation.
To learn more about the digital transformation landscape, view ReportBuyer's full report. The research dives into various levels of analysis – industry analysis and trends, market share analysis of top players, supply chain analysis and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the digital transformation market; high-growth regions; and market drivers, restraints and opportunities.