DUBLIN–(BUSINESS WIRE)–The “Digital
Transformation Market by Technology (Cloud Computing, Big Data &
Analytics, Mobility/Social Media, Cybersecurity, Artificial
Intelligence), Deployment type, Business Function, Vertical (Retail,
Education), Region – Global Forecast to 2023” report has been
added to ResearchAndMarkets.com’s offering.
The digital transformation market is projected to grow from USD 290.0
billion in 2018 to USD 665.0 billion by 2023, at a CAGR of 18.1% from
2018 to 2023.
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 the need to improve operational
performance to gain competitive benefits in the market are projected to
drive the growth of the market across the globe. However, security and
privacy concerns for confidential data is expected to restrict the
growth of the market across the globe.
Based on technology, the artificial intelligence segment is
expected to lead the market during the forecast period.
The technology segment is projected to lead the digital transformation
market during the forecast period. The emergence of AI has transformed
how data is collected and analyzed. The technology builds data models
automatically in digital forms. AI also collects data from multiple
sources and uses the information as a knowledge store, which can help
business in several ways, such as identify and analyze buying patterns
and trends or predict needs of consumers to boost customer experience.
Based on deployment type, the cloud segment is expected to
lead the digital transformation market in 2018.
The cloud segment is expected to lead the digital transformation market
in 2018. The deployment of digital transformation solutions on the cloud
enables users to access solutions from their desktops or any mobile
devices. Key advantages of this deployment type include easy deployment,
low deployment cost, and easy upgradeability and accessibility.
Furthermore, it helps reduce IT budgets and financial risks, while
increasing flexibility. Therefore, small organizations and individual
users generally prefer cloud digital transformation solutions.
The retail vertical to lead the digital transformation
market in 2018.
Retail is one of the fastest-growing verticals with respect to the
adoption of emerging and innovative technologies, such as cloud
computing, big data analytics, DevOps, digital stores, and social
networks. Some of the factors driving this adoption are the rising
purchasing power of customers and the need to satisfy customer
expectations, which, in turn, lead to the retention of existing
customers and new customer acquisitions.
Presently, retailers use the web, e-commerce, and various applications
to retain and attract their customers digitally. Digital transformation
requires seamless integration of customer services, merchandising,
pricing, inventory, and supply chain processes to enable shoppers to
save time and maximize convenience.
Digitalizing Organizational Business Functions to Serve Changing
Customer Preferences and Enhance Operational Efficiency
- Rapid Proliferation of Mobile Devices and Apps
- Increasing Penetration of IoT and Adoption of Cloud Services
Need to Improve Operational Performance to Gain Competitive Benefits
in the Market
- Security and Privacy Concerns for Confidential Data
- Demand for Personalized Digital Transformation
Increasing Usage of Disruptive Technologies Such as AI, ML, and Big
- Focus on Collaboration Among Departments
- Lack of Skilled Personnel
- Issues Related to IT Modernization
- Value Chain Analysis
- Evolution of Digital Transformation
Case Studies/Use Cases
Case Study 1: American Telecommunication Service Provider (TSP)
Collaborated With HCL to Refine Its Digital Journey
Case Study 2: A Leading Logistics and Shipment Provider Deployed HCL’s
Digital Transformation Solution to Improve Customer Experience
Case Study 3: One of the World’s Leading Media Conglomerates Adopted
HCL’s Digital Transformation Solution to Redefine User Experience
Through Human-Centric Design
Case Study 4: A Leading Healthcare Company Adopted Cognizant’s
AI-Driven Solution to Identify Drug-Seeking Behavior
Case Study 5: Cognizant’s AI and Automation Solution Helps an
Insurance Company to Improve Insurance Claims Process
- Adobe Systems
- CA Technologies
- Dell EMC
- HCL Technologies
- Hewlett Packard Enterprise
- Oracle Corporation
- TIBCO Software
For more information about this report visit https://www.researchandmarkets.com/r/hubmqk