The Global Digital Transformation Market size is expected to reach $1,302. 9 billion by 2027, rising at a market growth of 20. 8% CAGR during the forecast period. Digital transformation is considered as the utilization of digital technology with an aim to address conventional issues.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Digital Transformation Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06131312/?utm_source=GNW
Switching from traditional to new digitalized business models streamlines the launch of highly technologically advanced products and solutions. Digital transformation assists companies in enhancing their brand’s image, customer experience, and customer retention rations with the help of the installation of the software. Digitally transformed companies can be flexible to the changing technological landscape and can address abrupt shifts in the industry.
With the help of digital transformation, companies can become empowered to enhance their customer experience, operational performance, brand image, and customer retention ratios. Digitally transformed enterprises can be flexible to the changing technological landscape and can address abrupt shifts in the industry, particularly the one presently created by the COVID-19 pandemic; studies show that the efficiency and rate of adaptation of digitally transformed companies to a post-pandemic era are relatively larger than conventional businesses.
Various enterprises across different industries are putting hefty investment in cloud platforms, big data technologies, and mobility with an aim to create Digital Experience Platforms (DXP). In addition to it, companies that produce a huge amount of business data are installing digital transformation solutions embedded with advanced technologies, like machine learning, quantum computing, IoT, and blockchain in order to obtain beneficial insights from the data. These trends are supporting the major market players to aim for product development and innovation so as to provide the highest-quality product and features at a low cost.
COVID 19 Impact
Various businesses have been considerably affected by the global outbreak of the COVID-19 pandemic. One of the significant challenges for the global economy in 2020 was to facilitate business continuity in the midst of social distancing guidelines, lockdowns norms, work-from-home culture, and other operational challenges. The lack of availability of digital strategies, infrastructure, or tools worsens the challenges for various companies that were needed to abruptly shift operations online or allow workers to work from their homes.
The situation, on the other hand, resulted in a considerable surge in awareness regarding the urgent requirement for digital transformation across a majority of the industries and created some lucrative opportunities for the global market. Companies are getting more aware of the advantages of digital transformation, particularly in the work-from-home culture that needs a business to allow the employees to easily learn, collaborate and perform organizational functions across remote locations.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into Analytics, Cloud Computing, Mobility & Social Media and Others. In 2020, analytics acquired the biggest revenue share owing to the massive demand for getting actionable insights from huge volumes of business data produced by companies. Wide-scale deployment of smart devices & applications in processes caused a substantial surge in data produced across various industries and sectors.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Hosted. The hosted segment would exhibit the fastest growth rate throughout the forecast period. Massive developments in information sharing technologies and the growing utilization of mobile phones are responsible for the growth of this segment. Hosted deployment provides superior flexibility, higher cost-effectiveness, and allows wide-scale customization of products and services. Solutions are provided through models like Platforms as a Service (PaaS), Software as a Service (SaaS), and Infrastructure as a Service (IaaS), and can be accessed from anywhere on the demand by end-users.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprise segment acquired the highest revenue share in 2020. Large enterprises install digital transformation solutions because of the advantages like easy system integration & implementation, cost efficiencies, data privacy, and flexibility. Large enterprises companies can speed up the digital transformation and implement exhaustive digital strategy across processes in an efficient way due to the strong economic position. Additionally, large enterprises do not confront with challenges like restricted budget allocation. These aspects would fuel the growth of the segment throughout the forecast period.
End User Outlook
Based on End User, the market is segmented into BFSI, Government & Defense, IT & Telecom, Healthcare, Manufacturing, Consumer Goods & Retail and Others. The retail segment is observing a rising adoption of new and unique technologies, like big data analytics, cloud computing, DevOps, social networks, and digital stores. Some of the catalysts for the increased demand for digital transformation in the retail sector are the increasing requirement for customer-centricity and the emerging expectations of the customer. In addition to it, retailers are utilizing digital e-commerce and web applications in order to gain new customers and retain the current ones across all channels.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the dominating region of the global digital transformation market in 2020 by obtaining the maximum revenue share of the market. The growth of the region is credited to the massive penetration of internet services and broad-scale utilization of various online payment methods in the retail sector. The existence of leading market players involved in digital transformation solutions in North America will boost the growth of the regional market during the forecast period.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Digital Transformation Market. Companies such as Cognizant Technology Solutions Corporation, Accenture PLC, SAP SE, and HCL Technologies Limited are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Accenture PLC, Hewlett Packard Enterprise Company, HCL Technologies Ltd. (HCL Enterprises), Equinix, Inc., Adobe, Inc., Cognizant Technology Solutions Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation.
Recent strategies deployed in Digital; Transformation Market
Partnerships, Collaborations, and Agreements:
May-2021: Microsoft extended its partnership with Mars, an American multinational manufacturer of confectionery, pet food, and other food products. This expansion aimed to boost Mars’ digital transformation by using the Microsoft Azure platform to maximize its operational speed & intelligent manufacturing supply chains.
May-2021: Microsoft teamed up with PwC, a multinational professional services network of firms. This collaboration aims to provide integrated business insights & new technology to assist companies in various industries to improve their performance & resilience to fulfill their digital transformation objectives.
May-2021: Accenture came into collaboration with Mankind Pharma, the fourth largest pharmaceutical manufacturing company. This collaboration aims to boost Mankind’s digital transformation journey to be an intelligent & advanced company, enhancing business performance, agility, and operational efficiency.
Apr-2021: Cognizant entered into a partnership with the SailGP. In this partnership, Cognizant would leverage its digital transformation & software engineering expertise to enhance the audience insights, allow data visualization, and develop a comprehensive user experience for the 257 million SailGP viewers across the world.
Apr-2021: Adobe entered into a partnership with Capgemini, a French multinational information technology services and consulting company. This partnership aimed to introduce better solutions that help customers to become more data-centric and generate more value by a better understanding of customer journeys.
Apr-2021: HCL Technologies came into an agreement with UD Trucks, a leading Japanese commercial vehicle solutions provider. Under this agreement, HCL would provide end-to-end IT transformation ranging digital platforms, migration, agile digital application development, support & management, and digital workplace services.
Apr-2021: HCL Technologies extended its global collaboration with Intel, an American multinational corporation and technology company. This expansion aims to empower clients across the world to boost their digital transformation strategy with SAP platforms & solutions. The integration of HCL’s SAP services & solutions and deep domain knowledge along with Intel’s technology & architecture expertise provides companies the building blocks to implement transformational solutions quickly and with more success.
Apr-2021: Oracle collaborated with Hana Financial Group (HFG). This collaboration aimed to a large-scale migration of its mission-critical applications to the public cloud together with Oracle. This migration is part of the digital transformation process of HFG in its operations.
Apr-2021: Accenture formed a joint venture with Sumitomo Chemical named SUMIKA DX ACCENT. This venture aims to leverage the power of data analytics, artificial intelligence (AI), and other technologies to transform operations and develop new businesses at Sumitomo Chemical Group. By utilizing Accenture’s industry & digital-transformation experience, this joint venture would maximize the company’s supply chain and support intelligent automation in its operations, utilizing data analytics, AI, and robotic process automation
Apr-2021: Accenture partnered with Bharat Petroleum Corporation. Under this partnership, Accenture would utilize its capabilities in artificial intelligence (AI), data, and cloud technologies to develop, design, and implement a digital platform known as IRIS. This platform would combine real-time data from BPCL’s nationwide network to offer a unified view of its extensive operations.
Mar-2021: SAP formed a partnership with HCL Technologies. This partnership aims at helping companies to transform to the cloud software as a service (SaaS) model of RISE with SAP utilizing HCL’s digital & application capabilities and also using their prevailing investments in SAP configuration & extensions. Under this partnership, HCL technologies show its support to the RISE with SAP, an offering by SAP.
Mar-2021: HCL Technologies extended its partnership with Qualys, a pioneer and leading provider of cloud-based IT, security, and compliance solutions. This expansion aimed to embed the Qualys Vulnerability Management, Detection and Response (VMDR) into the HCL Technologies CyberSecurity Fusion Center (CSFC).
Mar-2021: Oracle came into a collaboration with ClearView Wealth Limited. Under this collaboration, ClearView selected Oracle Insurance Policy Administration (OIPA) to help in its digital transformation journey. This collaboration is a part of a huge technology investment by ClearView to advance its systems and processes.
Feb-2021: HCL Technologies entered into a partnership with Alteryx, a leader in analytic process automation (APA). This partnership aims to assist organizations around the world to succeed in their analytics automation & digital transformation priorities.
Feb-2021: Accenture came into partnership with Shiseido Group, a Japan-based multinational beauty company. This partnership aimed to assist Shiseido to boost its digital transformation to quickly respond to swiftly changing customer and market demands.
Jan-2021: IBM extended its partnership with Atos, a global leader in digital transformation. This expansion aims to boost enterprises’ digital transformation and optimize business processes. The extended partnership involves an intended aim of developing joint offerings based on Atos’ vertical decarbonized solution & service delivery assets, powered by IBM.
Jan-2021: IBM signed a new five-year agreement with Luminor Bank. This agreement aims to support Luminor in boosting its digital transformation and also continuously strengthen security & regulatory compliance procedure by migrating its IT infrastructure to IBM Cloud for Financial Services.
Dec-2020: Cognizant came into collaboration with Lexmark, a leader in global imaging solutions, technologies, and managed print services. Under this collaboration, Cognizant implemented its digital thread technology-based information framework for Lexmark.
Dec-2020: Equinix extended its collaboration with Colt Technology Services. This extended collaboration aimed to provide companies with the ability to connect in near real-time to their own premises via the Colt IQ Network footprint of 29,000 on net buildings from the trusted Equinix platform.
Oct-2020: IBM came into collaboration with HCL Technologies, an American multinational technology company. This collaboration aimed to assist customers to boost their digital transformation by shifting enterprise mission-critical workloads to the IBM public cloud.
Oct-2020: Accenture came into an agreement with Takeda Pharmaceutical Company Limited and Amazon Web Services. This agreement aimed to boost Takeda’s digital transformation and propel Takeda’s cloud-driven business transformation by advancing platforms, boosting data services, setting up an internal engine for innovation, and providing Takeda’s employees with new skills and ways of working.
Sep-2020: Equinix extended its collaboration with VMware, an American cloud computing and virtualization technology company. This extended collaboration aimed to provide its SD-WAN Edge as a virtual network function (VNF) on Equinix’s Network Edge.
Jul-2020: Adobe came into partnership with IBM and Red Hat. This partnership aimed to boost digital transformation & amplify real-time data security for companies with the main focus on regulated industries. The entities would also help enterprises to provide more customized experiences over the customer journey, profitability, driving enhanced engagement, and loyalty.
Jun-2020: Microsoft entered into a partnership with SAS, a leader in analytics. This partnership aimed to enable users to easily operate their SAS workloads in the cloud, expand their business solutions and unwrapping important value from their digital transformation initiatives.
Jun-2020: SAP partnered with IBM, an American multinational technology company. This partnership aimed to develop various latest offerings designed to make a more predictable journey for companies to become data-driven intelligent companies.
Jun-2020: Adobe and Microsoft extended their partnership with Walgreens Boots Alliance, a global leader in retail and wholesale pharmacy. This expansion aimed to release a top-class digital experience & customer insights platform to provide customized healthcare and shopping capabilities.
May-2020: SAP came into a partnership with GEA, the world’s largest systems supplier for the food & beverage sector. In this partnership, the companies aim to implement a global ERP system built on SAP S/4HANA, with which GEA aims to show the full potential of the intelligent usage of data across a company.
Acquisition and Mergers:
Mar-2021: SAP acquired Signavio, a leader in the enterprise business process intelligence and process management space. Through this acquisition, Signavio becomes an official part of SAP’s Business Process Intelligence unit and helps enterprises to quickly understand, enhance, transform and operate their business processes at scale.
Jan-2021: Cognizant took over Servian, an enterprise transformation consultancy. This acquisition aimed to expand Cognizant’s integrated, end-to-end digital transformation capabilities in Australia and New Zealand.
Jan-2021: IBM completed the acquisition of 7Summits, a leading Salesforce consultancy. This acquisition aimed to expand IBM’s portfolio of Salesforce services & experience design capabilities and further improves IBM’s hybrid cloud & AI strategy.
Jan-2021: Accenture took over Wolox, a leading Argentinean cloud-native, and agile development company. This acquisition aimed to help the customer get successful business results, along with that, Wolox would bring differentiated skills to Accenture, as the team distinctly combines cloud-native development with design & state-of-the-art technologies for business transformation.
Dec-2020: Adobe acquired Workfront, the leading work management platform for marketers. Through this acquisition, Adobe aimed to bring better collaboration, more efficiency, and improved productivity to marketing teams facing a challenge with siloed work management solutions.
Sep-2020: HCL technologies acquired DWS, a German asset management company. This acquisition aimed to improve HCL’s contribution to digital initiatives in Australia & New Zealand and also strengthen its customer portfolio over key industries.
Sep-2020: Hewlett Packard Enterprise acquired Silver Peak, an SD-WAN leader. This acquisition would strengthen Aruba ESP, assisting in improve enterprise cloud transformation with a complete edge-to-cloud networking solution that covers every aspect of wired, wireless local area networking (LAN), and wide-area networking (WAN).
Aug-2020: Equinix acquired GPX Global Systems to expand its geographical footprints in India. This acquisition would expand Platform Equinix to India with the two world-class, highly interconnected data centers, offering a platform for additional expansion over this region.
Jun-2020: Microsoft took over ADRM Software, a leading provider of large-scale industry data models. In this acquisition, ADRM’s capabilities would be delivered together with Microsoft Azure at scale, helping the users to boost the digital progress, and minimize risk in a range of major initiatives.
Jun-2020: Equinix signed an agreement to acquire a portfolio of 13 data centers across Canada from BCE Inc. This acquisition would expand Equinix’s reach in Canada coast to coast that makes the company a market leader in data center & interconnection services. It will expand Equinix’s interconnection services to seven new metros including Kamloops and Vancouver, British Columbia; Montreal, Quebec; Millidgeville, New Brunswick; Calgary, Alberta; Ottawa, Ontario; and Winnipeg, Manitoba.
Mar-2020: Cognizant signed an agreement to acquire Lev, a privately-held, digital marketing consultancy in the U.S. Through this acquisition, Cognizant would expand its consulting capabilities to assist marketers in implementing Marketing Cloud, make personal customer connections and, generate more leads.
Product Launches and Product Expansions:
May-2021: IBM introduced improvements in hybrid cloud, artificial intelligence (AI), and quantum computing. These improvements focus on IBM’s objectives in assisting its customers and partners boost their digital transformations, return to work smarter, and create strategic ecosystems, which can generate better business results.
May-2021: Hewlett Packard Enterprise introduced a data services platform. This platform provides its Unified DataOps vision for the latest data experience, which brings a cloud operations model to any location of data and unifies data operations. The platform is designed to acknowledge the data explosion edge-to-cloud, integrate the silos & complexity, which plague data environments, optimize agility & innovation, and minimize business risk.
Mar-2021: Hewlett Packard Enterprise introduced advancements to the HPE Ezmeral software portfolio, with new products. These products are designed to help companies unify access to data, from edge to cloud, to augment the process of digital transformation initiatives. By using the HPE Ezmeral portfolio, customers get an end-to-end hybrid cloud analytics platform, which enhances repeatability, quality, throughput, and time to value for their analytics, AI/ML, and data-intensive workloads.
Mar-2021: Equinix released Equinix Precision Time, an industry-first Time-as-a-Service capability. This Equinix Precision Time helps the digital leaders to implement highly precise Time as a Service in few minutes to operate applications at the edge effectively with accuracy, reliability, and secure time synchronization.
Jan-2021: SAP launched RISE with SAP, an offering designed to provide business transformation as-a-service. This offering offers a three-pronged approach and provides business process redesign, allows the technical migration with its tools & services, and also leverages the SAP Business Technology Platform to provide a single semantic layer over the company that includes unified access to SAP’s business networks.
Scope of the Study
Market Segments covered in the Report:
o Cloud Computing
o Mobility & Social Media
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Government & Defense
• IT & Telecom
• Consumer Goods & Retail
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• Accenture PLC
• Hewlett Packard Enterprise Company
• HCL Technologies Ltd. (HCL Enterprises)
• Equinix, Inc.
• Adobe, Inc.
• Cognizant Technology Solutions Corporation
• Microsoft Corporation
• SAP SE
• Oracle Corporation
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