The global digital transformation market is expected to more than double, exceeding $493 billion, by 2022.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate of 19.1 percent. The market is worth $206 billion today.
Dell EMC, Microsoft and Hewlett-Packard Enterprise (HPE) are listed among major vendors in this market. Others include Cognizant, SAP, Adobe Systems, Accenture, Capgemini, IBM, Oracle, Google, and CA Technologies.
The market has been segmented into solution and service, with the service segment expected to grow fastest due to the increasing need for professional services and system integration.
Based on deployment type, the cloud segment is expected to outpace on-premises during the forecast period. Also, based on end user, SMBs should outpace enterprises in transformation.
Based on vertical, education – including academic and research industries – will experience the fastest growth. Vendors are set to benefit from increasing demand for platform independent or cross-platform applications from this vertical.
An early adopter of cloud technologies, North America is expected to lead the market this year. Digital transformation requires agile and flexible IT support, which is present in most companies in this region.