Digital transformation market worth $US2.4 trillion by 2027

COVID may have been the accelerant but now three key market dynamics are driving the huge growth in digital transformation around the world which will see the market grow to US$2.4 trillion by 2027.

That's the view of research outfit Stellar Market Research in a new report. The authors noted, "The incorporation of digital technology into all sectors of an organisation, radically changing how users function and offer value to consumers, is known as digital transformation."

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They argue that automation, enhanced manufacturing techniques, and production optimisation are three essential foundations in the digital transformation market, which they define as a collection of development and integration solutions toward innovative business models and income streams.

The report identifies three key market dynamics;

• The endorsement of digital initiatives and campaigns by various industries is the key driver of the digital transformation market.
• The confidential data security concern is a major restraint that is expected to impact the digital transformation market in the forecast period.
• The decentralisation of the overall production is the key opportunity for the Digital Transformation Market.

APAC transformation

According to the report, "Cloud services, Artificial Intelligence, big data analytics, social media, information security, and the Internet of Things, among other sophisticated technologies, have resulted in innovation and change, fueling growth in the Asia Pacific business environment."

Digital technologies are modernising business processes in the region. They also note that this investment in digital technology is also helping to develop a robust industry.

The Asia Pacific digital transformation market is booming, thanks to government efforts and vendor expenditures, among other factors.

The report identifies key vendors in the sector as Microsoft, IBM, SAP, Oracle, Google,  Cognizant, HPE, Adobe, Accenture, HCL Technologies, Broadcom, Equinix, Dell, Tibco, Marlabs, Alcor Solutions, and Smart Stream.

The report can be purchased here.