According to a new market research report, "Digital Transformation Market by Solution (Cloud Computing, Big Data, Mobility, & Social Media), by Service, by Business Type (B-to-B, B-to-B-to-C, B-to-C), by End-Users, by Verticals, & by Regions (NA, Europe, APAC, MEA, & LA) - Global Forecast to 2020", published by MarketsandMarkets, Digital Transformation Market is expected to grow from $150.70 Billion in 2015 to $369.22 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 19.6%.
Digital transformation is the consequence of the changes that occur with the application of digital technologies. The use of digital transformation helps enterprises to streamline their business processes which are essential for achieving optimal output. This involves the use of digital technologies such as mobility, analytics, social media, and cloud computing. These technologies are used by enterprises to improve or add more features to their traditional systems, as well as help in improving their customer relationships.
With the advent of new and upgraded applications, consumer demands keep on changing. Therefore, enterprises are investing a huge proportion of their revenue in digital technologies. Various tier-1 companies are acquiring small businesses for their inorganic growth. Additionally, enterprises are spending a respectable proportion of their revenue in research and development for the organic growth of their company.
Further, the market remains competitive with the entry of niche players. These players provide products and services, thereby increasing their market bargain capability among the large vendors. The major vendors in the Digital Transformation Market are Apple, IBM Corporation, Oracle Corporation, EMC Corporation, SAP AG, Adobe Systems, CA Technologies, Hewlett Packard (HP), Google, Microsoft Corporation, and many others.
It also identifies the drivers, restraints, and opportunities prevalent in the market and provides burning issues along with premium insights for the market. The detailed analysis of the key industry included in the report provides insight on their products and services, strategies, and recent developments associated with the Digital Transformation Market.
According to MarketsandMarkets' research, the, North America is expected to be the largest market on the basis of spending and adoption of Digital Transformation Market. Also segmenting the global market into solutions, services, business types, end users, verticals, deployment types, and regions, along with providing in-depth analysis and revenue forecasts
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