A comprehensive overview of Digital Transformation is recently added by UnivDatos Market Insights to its humongous database. The Digital Transformation report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Digital Transformation market. The Digital Transformation report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Digital Transformation at the global and regional levels. The global Digital Transformation Market is expected to grow at a CAGR of 16.1% from 2021-2026 to reach US$ 3,693.8 billion by 2026.
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how organizations operate and deliver value to customers. Surging penetration of smartphones, escalating number of application downloads coupled with the rising adoption of cloud services are some of the key factors contributing to the growing market of digital Transformation. Globally, the number of smartphone users exceeded 3 billion and is anticipated to reach 4 billion in the next few years. Furthermore, on an average smartphone user spends 190 minutes each day using their devices and apps account for nearly 90% of smartphone usage. Moreover, nearly three-quarters of the world will use just their smartphones to access the internet by 2025, as revealed by CNBC.
Additionally, the use of advanced technologies such as IoT, big data and analytics, cloud, mobility, and social media across organizations has led to innovation and transformation which has positively impacted the growth of the digital transformation market. According to the study conducted by a renowned consulting firm, 40% of organizations have reached scale for their digital initiative and 91% of organizations are engaged in some form of digital initiative. Also, the benefits of digital transformation such as improving the organization brand’s reputation, enhanced customer experience, and customer retention ratios through the implementation of the various software are some of the factors that are pushing the growth of the digital transformation market.
The global disruptions of 2020 have accelerated the funding and investments in business transformation and generating a mandate to be active and resilient. As per IBM, 96% of leaders say the pandemic will speed up their digital transformation by an average of 5.3 years. Moreover, the government’s mandated for lockdown, social distancing, and working remotely made the organizations and public dependent on the online work and services for their essential and non-essential needs. So, the cloud infrastructure witnessed a sharp rise. However, several enterprises operating in the industries such as manufacturing, automotive, etc., had shuttered down their production sites due to lockdown restrictions, which had adversely impacted the market growthers.