Digital Transformation Market

Digital Transformation Market Insights, Trends | Global Industry Report, 2023| MarketsandMarkets™

The digital transformation market size is expected to grow from USD 290.0 billion in 2018 to USD 665.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period. Major factors driving the digital transformation market include digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency, the rapid proliferation of mobile devices and apps, increasing penetration of IoT and adoption of cloud services, and need to improve operational performance to gain competitive benefits in the market.

Major digital transformation vendors include IBM Corporation (US), Microsoft Corporation (US), SAP (Germany), Dell EMC (US), Google (US), Accenture PLC (Ireland), CA Technologies (US), Cognizant (US), Adobe Systems (US), Oracle Corporation (US), Hewlett Packard Enterprise (US), HCL Technologies (India), TIBCO Software (US), Marlabs (US), and Equinix (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches to expand their presence in the digital transformation market. Partnerships, collaborations, and agreements have been the most adopted strategies by major players from 2016 to 2019 which helped them innovate their offerings and broaden their customer base.

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IBM is one of the leading vendors of the digital transformation market. Currently, IBM is working towards enhancing its market share and presence with the help of the organic and inorganic growth strategies, such as partnerships and collaborations, and mergers & acquisitions. For instance, in March 2019, IBM partnered with COFCO International (CIL) (China), a food and agriculture company, wherein SAP will integrate and digitally transform the business processes of CIL through the implementation of a new SAP platform, including SAP S/4HANA, SAP Ariba, SAP SuccessFactors, and SAP Master Data Governance. IBM Services will help CIL rapidly digitally transform its business, standardize and simplify its processes, and vertically integrate its operations. In November 2018, IBM partnered with VMware to accelerate enterprise hybrid cloud adoption and digital transformation.

Microsoft is one of the leading digital transformation solution and service providers across the globe. The company invests a substantial part of its annual revenue in R&D to enhance and upgrade its products and services. Microsoft is another top player in the digital transformation market and has majorly adopted inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In February 2019, Microsoft collaborated with Telecom Egypt, to extend its global cloud network to Egypt. Telecom Egypt will provide low-latency connectivity into and across Egypt to help enhance performance and increase reliability for customers of Microsoft services. This network collaboration will further enhance the delivery of Microsoft services to customers in Egypt, North Africa, and the Middle East. In March 2018, Microsoft launched a combination of Azure Stack and Azure Government products, enabling government customers to run the cloud technology on their servers, thereby making Azure more appealing to local and federal agencies.

Related Reports:

Digital Transformation Market by Technology (Cloud Computing, Big Data & Analytics, Mobility/Social Media, Cybersecurity, Artificial Intelligence), Deployment type, Business Function, Vertical (Retail, Education), and Region - Global Forecast to 2023

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Report Code
TC 3447
RI Published ON
4/8/2019
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