Digital Transformation Market: A Snapshot
Digital transformation is the method of improving business processes, techniques, and consumer experiences digitally to transform operations. The methods vary significantly based on end-consumers and requirements. However, digitalization is at the heat of these changing business practices aimed at reaching new consumers and creating new channels for growth.
The process of digitalization from analog to digital is critical for businesses in many ways. For example, cloud technology allows small businesses to maintain their important records virtually saving extensive amounts of time in organization and operations. Moreover, these digital solutions are also helping many businesses save significant costs and manpower. The growth of various digital solutions in data maintenance, security, web portals, and sales channels.
Digitalization is highly valued in many sectors including defence, automotive, manufacturing, and retail among others. Moreover, on fronts like customer service, digitalization can be a major driver for growth businesses. For example, last year McDonalds announced placement of digital kiosks across its stores around the country. The news sent the company’s stocks spiralling in the air as it meant reductions in costs, more efficiency, and adoption to digital technology. The growing demand in digital solutions in customer service is a major frontiers. In sectors like telecom, banking, among others, digitalization is shifting general queries and troubleshooting to online mediums while helping companies focus on core areas of growth like sales.
Even in sales, digital integration is expected to provide more aid to customer representatives with more sales leads, expansion into new consumer groups, and growth of traditional advantages like cost-cutting among others. Additionally, tech giants like Google, Amazon, Facebook have also made major investments in innovations that can boost digitalizations. These include both on direct-consumer fronts like online game streaming by Google or AI developments undertaken by everyone. The new technologies like AI and Big Data promise key insights into several new areas with the growth of applied algorithms and increasing certainty in understanding complex issues such as causation of diseases, urban traffic, among others.
Global Digital Transformation Market: Introduction
Digitalizing company’s business capacities to serve changing client inclinations and upgrade operational effectiveness, the fast expansion of cell phones and applications, expanding entrance of IoT and appropriation of cloud administrations, and need to improve operational execution to increase focused advantages in the market are among the significant fueling factors of this market.
Digital transformation is adjusting numerous segments of business undertaking or even entire ventures. Digital transformation is the utilization of virtual innovation including online life, versatility, investigation, and additional. These innovation may furthermore use through organizations to improve or add additional capacities to their traditional endeavor strategies and moreover to hold customer connections. Digital transformation is the last consequences of changes that emerge with the product of predominant digital innovation.
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Global Digital Transformation Market: Novel Development
- The automobile sector is one of the earliest and biggest adopters of digitalization systems to improve its manufacturing process. As of late, activities, such as Industry 4.0, have expanded the investments from the automobile sector toward digitalization, with a particular demand for smart designing and manufacturing solutions.
- Starting at 2018, it is evaluated that only 33% of the automobile organizations, all around, have the digital abilities needed for digital transformation. Over the upcoming years, this situation is foreseen to provide huge scope for the digital transformation in the mentioned sector.
- With the emergence of electric vehicles and Advanced Driver Assistance Systems (ADAS), emergence of artificial intelligence and complex automation solutions are finding a few applications in the automation business. Over the coming years, the automobiles sector is relied upon to be a standout amongst the most important sources of demand for IT administrations.
Major players operating in global digital transformation market are Microsoft Corporation (US), IBM Corporation (US), SAP (Germany), Google (US), Dell EMC (US), Accenture PLC (Ireland), Cognizant (US), CA Technologies (US), Adobe Systems (US), Hewlett Packard Enterprise (US), Oracle Corporation (US), HCL Technologies (India), Marlabs (US), TIBCO Software (US), and Equinix (US). These firms are taking up several growth strategies for example, mergers and acquisitions, collaborations, and. They are also focusing on upgrading existing products and launching new products to expand their reach across the globe and increased their consumer base.
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Global Digital Transformation Market Dynamics
Rising Popularity of IoT to Augur Digital Transformation Market Demand
There are certain factors fortifying the growth in global digital transformation market. Increasing popularity of internet of things is one of the most critical ones to support market demand. Besides, there has been a major rise in innovation by making digitalization technique accessible. In addition, increasing penetration of smartphones and apps is another aspect responsible behind the surge in demand for global digital transformation market.
The central point expected to impede the development of the digital transformation is the security and protection concerns for critical information while executing digital transformation techniques.
North America Being Early Adopter of technology to Lead Global Digital Transformation Market
Geographically, North America in 2018, was estimated to lead the market. Companies in this region have been early adopters of digital transformation. North America is known to have well-established and sustainable economies, which invests progressively in R&D for the improvement of new technologies. Alongside well-known firms, the popularity of digital transformation by SME has additionally added to the development of the market in North America.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.