Digital transformation is defined as the transformation or change related to the utilization and application of digital technology and devices in all forms of human society. Digital transformation can be considered as the 3rd stage of embracing digital technologies. The world is shifting towards the era of digitalization as this technology offers several benefits and vast number of opportunities in the future. Due to high accuracy, cost effectiveness, easy access to information and flexibility of digital technology, it have its application across BFSI, Healthcare, IT and telecom ,retail, automotive etc. Thus, its applications boosting global digital transformation market. The global digital transformation market is expected to grow with a CAGR of around 15% during the forecast period 2016-2023. Some of the latest digital technologies trends dominating in 2017 are IOT in smart home technology, augmented and virtual reality, machine learning, automation etc. These technologies have wide scope of advancements and will be the most demanding technology in the future. For instance: VoIP and IoT allows to connect smartphones with coffee machine and other applications which has increased the demand for digital technology across the globe.
The key factor fueling the growth of digital transformation market is the increasing penetration of smartphones and internet users. According to International Telecommunication Union (ITU), there were around 3.19 billion users in 2015 which raised to around 3.74 billion internet users are present across globe in 2017 (that is 48% of world population in 2017). Moreover, as per ITU, Asia has the highest number of internet user in the world that is around 1.87 billion in 2017. Such 1.87 billion users represent around half of the total internet user present across the globe. Whereas, America has the highest internet user penetration rate of around 88% as a percentage of total population in 2016. Hence, increasing number of internet user across the globe due to rising demand for smartphone, tablet, etc. is key driver of global digital transformation market.
Source: OBRC Analysis.
The report on global digital transformation market includes solution, services, deployment model, business type solution and verticals segments.
Solutions included in digital transformation market report are:
- Cloud computing
- Big data
- Mobility
- Social media
Services included in digital transformation market report are:
- Professional services
- System integration
Deployment models included in digital transformation market report are:
- Cloud
- On premise
Business type included in digital transformation market report are:
- B2B
- B2B2C
- B2C
Verticals included in digital transformation market report are:
- BFSI
- Government
- Healthcare
- IT and Telecom
- Retail
- Others
The global digital transformation market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America accounts highest revenue share in 2016. The key factor driving the growth of the market in North America is the increasing penetration of smartphone and internet users in U.S., Canada etc. According to Pew Internet Research Organization in 2014, around 59% of Americans uses smartphone that rose to 77% in 2016. Furthermore, according to Pew, out of total American population around 78% men and 75% women are using smartphones in 2016. Thus, increasing smartphone user in North America drives the demand for digital technology in North America. Moreover, stringent government regulation for development of digital communication technology is also contributing growth in North America digital technology market. Federal Communication Commission U.S. has implemented Communication Act, 1934. Under which the policies assist to make telephone services ubiquitous even in the remote areas. Moreover, Asia Pacific is the fastest growing region in global digital technology market. According to International Telecommunication Union, in Asia around half of the global internet user present which was around 1.89 billion in March 2017. Out of which China is having highest internet user base which was around 670 million internet users in 2017. Hence, the largest internet user base in Asia Pacific is contributing towards the growth of Asia Pacific digital technology equipment market.
Global voice communication equipment market report covers segmentation analysis of solution, services, deployment model, business type solution and verticals. Report further covers segments of solutions which includes cloud computing, big data, mobility and social media. The cloud computing market is the leading segment due to the increasing demand for cloud services in the enterprises and organizations. According to Forbes, cloud computing market is anticipated to increase from $67 billion in 2015 to $ 162 billion in 2023 with a CAGR of 20% during the forecast period. The increasing number of smartphone and internet users have resulted into increased use of social media sites. As per mobility report published by Ericsson, there are around 2.6 billion smartphone user presents across the globe in 2014 that is expected to rise to 6.1 billion by the end of 2020. The growing demand for smartphone and tablets is attributing towards the large share of the digital devices/ platforms segment. Whereas, applications of digital transformation include BFSI, Healthcare, IT and telecom, retail, automotive etc.
The major market players of the global digital transformation market are:
- IBM CORPORATION
- ORACLE CORP.
- MICROSOFT CORPORATION
- AT&T INC.
- HP
- OTHERS
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, product and service launch is the key strategy adopted by the companies in the digital transformation market.
For Example; In June 2017, IBM was selected by seven major banks namely Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit to build a new international trading system named as Digital Trad Chain (DTC) which would be based on block chain.
In September 2016, Visa Inc announced collaboration with Oracle to introduce new tools such as Visa Advertising Solutions in order to help and assist merchants to understand whether consumer purchase decisions are being influenced by their digital advertising efforts in online and in-stores.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in digital transformation market.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for the year 2016-2023
- Report includes detailed analysis of different segments such as solution, services, deployment model, business type solution and verticals of digital transformation market.
- Identify and understand the strength, opportunities, challenges and threat of the digital transformation market.
- Covers details analysis of Porters 5 force model and other strategic models and also covers revenues, market share analysis and competitive landscape analysis of major players of digital transformation market.
- Detailed analysis of various the regulatory policies which are affecting the global digital transformation market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global digital transformation market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the digital transformation market, with giving extensive SCOT analysis of key companies.
Key findings of the global digital transformation market.
- Applications of digital technology is boosting global digital transformation market with a CAGR of around 15% during the forecast period 2016-2023.
- North America accounts highest revenue share in 2016.
- The cloud computing market is the leading segment due to the increasing demand for cloud services in the enterprises and organizations.