Preliminary research of Fairfield Market Research indicates a promising growth outlook for global digital transformation market during the course of next few years.
Willingness of Organizations to Adopt Digital Technologies to Create New Growth Opportunities in Digital Transformation Market
With rampant breakthroughs in technology followed by evolving legal environment, government institutions and private organizations are entering new era of customer engagement. Since recent past, organizations are involved in exploring and mulling over cutting-edge technologies including cloud computing, big data, and Artificial Intelligence to emulate growth. Digital technology has transformed business approaches and companies have started integrating data analytics, big data, and machine learning in their legacy systems and platforms to develop new services and solutions. In addition, with digital transformation, companies have become customer-centric and carry out related marketing activities to gain customer confidence and understand customer experience journeys. In return, technology providers are closing in on deals by providing digital transformation services to such organizations. For instance, in November 2022, Tata Consultancy Services (TCS) announced that it will help TAP Air Portugal by creating a strong digital transformation foundation. TCS will establish Airline Digital Center (ADC) in Portugal and provide solution architects, technology experts and consultants with deep knowledge of airlines. With this establishment, TAP Air Portugal can expect a significant acceleration in its digital transformation journey. That said, willingness of companies to go digital is expected to pave potential opportunities for the digital transformation market in the coming years.
Growing Emphasis on Modernizing Aging Plants to Augur Well for Digital Transformation Market
As plants and facilities begin to age, they drift away from working at optimum efficiency. This can potentially lead to increased power consumption followed by a high probability of frequent component and asset breakdown thus resulting in excess capital loss. In a bid to reduce economic burden in aging plants, new age digital solutions are being adopted to continuously monitor plant assets, optimize their usage, and carry out regular maintenance cycles. In addition, by adopting digital solutions, downtimes can be reduced significantly leading to less energy loss and low carbon dioxide emissions. That said, investment by companies to modernize their aging facilities by going digital is expected to bode well for the digital transformation market.
Industrial Robotics to Gain Momentous Traction in Digital Transformation Market
Complex advancement of technology and business demands are continuously evolving providing ample opportunities of growth for the digital transformation market. With the proliferation of Industry 4.0, new technologies such as SCARA robots, AI-enabled robots, and collaborative robots are being adopted to boost productivity, reduce errors, eliminate inaccuracies, and streamline various business processes. Industrial robotics play a crucial role in facilitating industrial automation by controlling core industrial processes. This has led to a significant increase in the sales of industrial robots since past decade across various industrial sectors such as electronics, automotive, and BFSI to name a few. Industrial robotics is mainly used for mass production and manufacturing-based assembly applications owing to various aspects such as safety, increased output, and higher efficiency. In this backdrop, rising adoption of industrial robotics is expected to largely contribute towards revenue growth of the digital transformation market.
Asia Pacific’s Lucrativeness on an Upswing in Digital Transformation Market
Emerging nations in Asia Pacific are expected to reflect momentous growth in the digital transformation market. New age technologies such as machine learning, big data, Artificial Intelligence, and Internet of Things have been transforming the entire business ecosystem in the region. Asia Pacific, on a broader sense, is becoming a new hot pocket for digital transformation owing to rising investments in digitalization across emerging markets. Moreover, being a manufacturing hub, the region also showcases high lucrativeness for various companies across a range of industries including pharmaceuticals, automotive, electronics and consumer goods. This has further triggered the adoption of various digital transformation solutions as companies look forward to modernizing their legacy processes. Furthermore, favorable government initiatives to drive digital transformation is another aspect fueling market growth. For instance, in September 2021, Japanese Government introduced Digital Agency to drive the country’s digital transformation journey as part of its administrative reform agenda. This move initiated the public sector digitalization in Japan. Overall, the region portrays a positive scenarioand stakeholders can expect a volley of opportunities from Asia Pacific in the years to follow.
Digital Transformation Market: Competitive Landscape
Collaborations, new launches, and partnerships are the key strategies adopted by players in the digital transformation market. For instance, in 2021, SAP introduced the “Rise with SAP” digital solution which enables customers and enterprises to adopt new digital transformation technologies. Same year in December, Kyndryl, and Google Cloud partnered to enhance the digital transformation of their clients and supporting them in transforming into a more data driven and sophisticated companies. In 2022, Microsoft secured a five-year partnership with Telstra to boost Australia’s digital transformation. Likewise, same year in April, IBM, and Masters tournament entered a partnership to use IBM Watson to project data of each golfer participating in the Masters.
A few of the major players in digital transformation market include Microsoft, Oracle, Accenture PLC, Teradata Corporation, Apple Inc., Amazon Web Services, SAP SE, Google, CGI Group Inc., eMudhra, IBM Corporation, Siemens AG, and Hewlett Packard Enterprise.
The Global Digital Transformation Market is Aegmented as Below:
By Deployment Type
By Organization Size
By Business Function
Key Elements Included In The Study: Global Digital Transformation Market
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