DIGITAL TRANSFORMATION MARKET WORTH $3,294 BILLION BY 2025

What is digital transformation?

Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.

Digital transformation defined

Digital transformation marks a rethinking of how an organization uses technology, people, and processes in pursuit of new business models and new revenue streams, driven by changes in customer expectations around products and services.

For many enterprises that build traditional goods, this means building digital products, such as a mobile applications or an ecommerce platform. To do so, they must operate at the cadence of software companies, most of which operate on product-based models, says Forrester analyst Nigel Fenwick. “There is more value, or perceived value, created through software,” he says.

Leading global market research company is researching on digital transformation market titled “Digital Transformation Market ” by Technology (IoT, Cloud, Big Data, AI), Process Transformation (Customer, Operation, Product, Workforce), End-use Industry (Retail, Healthcare, Manufacturing, Insurance), Industry Size – Global Forecast to 2025.

According to this latest publication from Meticulous Research® Digital Transformation market states that the global Digital Transformation market will increase at a CAGR of 22.7% from 2019 to 2025 to reach $3,294.0 billion by 2025. Increasing adoption of IoT across the globe is a key factor driving global digital transformation market.

IoT helps to build smart products through new functionality, reliability, greater product capabilities, and product utilization. Many companies are considering IoT to be a strategic tool for business scalability and are helping businesses to generate new and innovative user experiences. As a result, companies are moving toward digital transformation.

For instance, in 2015, the Government of India launched ‘Digital India’ program, a plan to digitize government processes is further aiding the growth of IoT market in India. Thus, increasing adoption of IoT by businesses as well as government, is driving global digital transformation market. According to an article published by Digital Marketing Institute, 50% of the Global 2000 companies will be relying on the products, services & experiences based on digital transformation by 2020.

Consequently, digital transformation market is expected to grow with a growth rate of 15.8% and cross the mark of $3 Bn by 2025 Internet of Things (IoT) is projected to Register Exponential Growth during the Forecasted Period in the Digital Transformation Market on the basis of technology, the digital transformation market is segmented into iot, cloud computing, big data analytics, artificial intelligence, cybersecurity, mobility solutions, ar/vr, and robotic process automation among others. among these, iot is expected to be the fastest growing category in the market.

Four digital transformation realities we want to emphasize:

Business/IT relationship is key (closing the gap between both, focusing on the same goals and NOT overlooking the role of IT).
There is a common DNA among digital leaders and the path to digital transformation shows common traits (even if context matters).
As said, each industry is impacted, including your industry. Customers, employees, partners, nor competitors or new, disruptive players, will wait for business to catch up, regardless of industry.
Digital transformation is led from the top (or at least requires firm buy-in from the top – and all stakeholders if it wants to succeed in an enterprise-wide way, de facto it also happens from the bottom up and from within specific projects). Often it’s the CEO, the Chief Digital Officer or the CIO but, depending on whom you ask the CMO also gets mentioned now and then.

What are the Key Trends in Digital Transformation in 2020?

In 2020 and beyond, organizations will need to augment digital initiatives.

As Steve Hall, partner and president of global technology research and advisory firm ISG, says, “2020 will still see the rapid scaling of digital initiatives across industries.”

Some of the key digital transformation trends that you should look out for in 2020 are:

Better use of Artificial Intelligence (AI) and Machine Learning (ML).
Increased digital partnerships, mergers, and acquisition activity.
Expanding public cloud adoption.
Improved digital transformation success metrics and more

As senior managers and entrepreneurs, the roadmap to take full advantage of DT’s potential is quite clear. Here are some digital transformation best practices for you:

Research DT examples and find out key trends
Reimagining your business model
Create a distinct digital transformation strategy story
Apply trending technologies to optimize your business model
Create a distinct competitive advantage with DT

In conclusion, it’s time you explore the intersection of your business with engaging and meaningful customer experiences augmented with digital transformation and innovation.

Digital transformation has become a global business movement, and you must stay tuned to the universal paradigm to thrive in the digital economy eventually.

Craft A Meaningful Digital Transformation Journey for Your Customers with Imaginovation

Are you wondering how to get started on your digital transformation journey? Get in touch with us.

Why Choose eSource Software?

At eSource Software, we have many years of successfully completing and delivering software development projects to clients across the globe.

eSource Software is among the leading software outsourcing companies in Malaysia providing quality software outsourcing services, catering to clients across the globe, for projects of any size and scope.

Get in touch today to learn more about our services!

Contact us:
eSource Software, 17-01, Kapitan Square, Buckingham Street, 10200 George Town, Penang, Malaysia.

Call : (006) 012-4377440
Email : esourcetechnology@gmail.com
Website : www.esource-malaysia.com

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DIGITAL TRANSFORMATION MARKET WORTH BILLION BY 2025

What is digital transformation?

Digital transformation defined

What are the Key Trends in Digital Transformation in 2020?

Craft A Meaningful Digital Transformation Journey for Your Customers with Imaginovation

Why Choose eSource Software?

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