Apr 14, 2021 (The Expresswire) -- The global digital transformation marketsize is projected to reach USD 3,546.80 billion by 2028. This information is given by Fortune Business Insights™ in a new report, titled, “Digital Transformation Market, 2021-2028.” The report further mentions that the market stood at USD 737.88 billion in 2020. It would exhibit a CAGR of 22.1% during the forecast period between 2021 to 2028. The rapid innovations in Industry 4.0 have boosted the development of AI-powered robots, SCARA robots, single-axis robots, and collaborative robotics. In January 2021, NuTec Tooling Systems, for instance, bagged a new contract from a medical device OEM to develop a unique system for automating the process of coating plastic syringes, including COVID-19 applications. The company will deploy its SCARA robots to handle the parts cost-effectively.
Adoption of Novel Technologies to Normalize Market Growth amid COVID-19 Pandemic
In the first quarter of 2020, the digital transformation showcased a mixed impact of the COVID-19 pandemic. Several companies closed their production facilities across the globe because of lockdown and social distancing measures implemented by government bodies. But, it would be back to normal gradually in the upcoming years as the adoption of innovative technologies, such as industrial robots, cloud, and AI is increasing among enterprises. Our research reports will help you gain authentic insights into the industry for regaining business confidence.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/digital-transformation-market-104878
Our analysts have conducted both qualitative and quantitative techniques, as well as a blend of primary and secondary sources to collect information. They have taken data from paid databases, press releases, company journals, and other sources to provide a complete picture of the market. To derive information about the competitive landscape, such as collaborations, joint ventures, acquisitions, mergers, partnerships, and acquisitions, they have conducted thorough interviews with renowned personalities.
A Significant Industry Development-
HCL Technologies Launches 1PLMCloud to Bolster Digital Transformation
In October 2020, HCL Technologies (HCL) unveiled 1PLMCloud solution to allow manufacturers change their product lifecycle management (PLM) and computer-aided design (CAD) infrastructure into an agile, scalable, and on-demand environment. The company aims to accelerate the business innovation amid the new normal.
As per a company official, “1PLMCloud delivers the right mix of services to aid manufacturing companies plan the best cloud strategy. At the same time, it helps to meet their current needs and offers on-demand scalability, as well as agility.” Such initiatives by well-known organizations would help in driving the digital transformation industry.
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Drivers and Restraints-
Increasing Demand for Customer-centric Business Models to Accelerate Growth
Numerous companies worldwide have started integrating unique technologies, such as artificial intelligence and big data and analytics into their pre-existing service models for developing advanced products and services to compete with their rivals. In addition to this, companies would be able to achieve customer-centric business models owing to the higher adoption of digital technologies as they provide multiple opportunities. Hence, they are shifting toward digital transformation to enhance customer experience. However, organizations can often fall prey to cyber-attacks and need to adopt better privacy solutions. It may obstruct the digital transformation market growth in the near future.
BFSI Segment to Retain at the Forefront Stoked by Need to Improve End-user Experience
On the basis of technology, the market is fragmented into cloud computing, big data and analytics, social media/mobility services, robotics, artificial intelligence (AI), internet of things (IoT), and others. By enterprise size, it is divided into large enterprises and small and medium sized enterprises (SMEs). On the basis of the deployment model, it is bifurcated into on-premises and cloud. The industry vertical criterion contains the following segments:
Industry Vertical : By the industry vertical, it is categorized into banking, financial services and insurance (BFSI), manufacturing, IT and telecommunications, retail and consumer goods, healthcare, transportation and logistics, media and entertainment, government, and others. Amongst them, the BFSI segment procured 0% in terms of the digital transformation market share in 2019, whereas it held 26.7% in the U.S. market. This growth is attributable to the high demand for improved connectivity and end-user experience.
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Urgent Need to Felicitate Industrial Modernization will Propel Growth in Asia Pacific
North America : The region is expected to dominate throughout the forthcoming years backed by the rapidly transforming face of It is mainly propelled by dynamic consumer demand, digitization, and high market competition. The region generated USD 234.73 billion in 2020 in terms of revenue.
Europe : It would remain in the second position because of the rising government initiatives in France and the U.K., for encouraging companies to use digital technologies. Besides, the surging number of data flows and connected devices in the region would aid the demand for digital transformation.
Asia Pacific : It is anticipated to grow considerably stoked by the constant evolution of relevant strategies and policies in Japan, India, and China for upgrading digital transformation and bolstering domestic industrial modernization.
Key Companies Focus on Partnerships and New Product Launches to Compete in Market
The market contains various prominent companies, such as Microsoft Corporation, Oracle Corporation, and Amazon Web Services. They are majorly focusing on the launch of state-of-the-art digital transformation software solutions to fulfil the surging demand. A few others are participating in collaboration and partnership strategy to broaden their businesses worldwide. Below is one of the noteworthy industry developments:
July 2018 : Google LLC introduced its new cloud service platform named Google Cloud Next. It will help users to run serverless and containerized apps. The novel software blends Istio open source software with Kubernetes container management. It will also provide significant management and security tools.
Fortune Business Insights™ lists out the names of all the reputed companies operating in the global market. They are as follows :
Amazon Web Services (Washington, United States)
Oracle Corporation (California, United States)
Microsoft Corporation (Mexico, United States)