Digital Transformation Market Scrutinized in New Research

119

Posted 2022-09-21 12:03:18

The Digital Transformation Market is US$ 445.4 billion in 2017 and is estimated to reach US$ 2,279.4 billion by 2025. The digital transformation market has experienced high growth and adoption rate in the last few years and is also expected to experience a significant growth and adoption rate in years to come. One of the major reasons for high adoption of digital transformation is the fact that digital transformation solutions enable the companies to reach large masses.

Digital solutions has created a potential for companies to reach a huge mass of audience worldwide. For instance, Uber and Lyft, on-demand transportation companies, utilized digital platform and earned a huge success. These companies can be considered as a key illustration of how implementation of strategy and innovation, empowered by technology, can suddenly impact the development of the whole industry. Furthermore, in the fastest growing e-commerce market, more and more SMEs are now using online platform for providing their offerings to the customers. This has enabled them to extend their market reach, enhance external communication, augment sales, improve speed of processing, improve company image, as well as increase employee productivity.

Some of the major players influencing digital transformation market are Google Inc., Microsoft Corporation, Oracle Corporation, and IBM. Also, Cognizant, Capgemini, Dell, and SAP SE are some of the other key companies in the digital transformation market. Many companies are investing in various initiatives such as merge and partnership as well as new product development to get the competitive advantage over their competitors and stay ahead in the market.

Cybercriminals are also taking benefit of the user trust and digital transformation. As reported, in 2017, approximately 40% of the organizations based in the U.S. and U.K. witnessed five or more major security incidents in the year 2016. Some of the major external threats includes, ransomware, malware, phishing, online scams, domain and brand abuse, rogue mobile apps as well as social impersonation. These are threats that occur outside a company’s perimeter defenses and are capable of affecting businesses, brand perceptions and customers. Any supply chain vulnerabilities have a destructive effect resulting in loss of millions of dollars. Owing to these factors, several organization are still reluctant to adopt digital solutions. Thus, cyber security and privacy concerns acts as one of the major hurdle in the growth of the market.

Browse More Reports by The Insight partners:

Halloysite market:

https://www.theinsightpartners.com/reports/halloysite-market

Facility Management Solution market:

https://www.theinsightpartners.com/reports/facility-management-solution-market

Healthcare Virtual Assistants market:

https://www.theinsightpartners.com/reports/healthcare-virtual-assistants-market