DUBLIN, Nov 22, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Digital Transformation Market - Global Forecast to 2021" report to their offering.
The digital transformation market is projected to grow from USD 148.04 Billion in 2015 to USD 392.15 Billion by 2021, at a CAGR of 18.7% from 2016 to 2021. Digital transformation is gaining a significant importance among organizations due to increasing the demand for internet of things and increased innovation offered by digitalization techniques. In addition, increased number of mobile devices and apps is one of the major growth factors of the market. Digital transformation market, by deployment type includes cloud and on-premises. The cloud deployment type is expected to grow at a higher growth rate during the forecast period. This is due to various advantages provided by cloud digital transformation such as reduction in IT budgets, low financial risks, and increased flexibility. Among business type, the business-to-business (B2B) segment is expected to hold the largest market share during the forecast period. In B2B segment, the adoption of digital transformation solutions is increasing owing to the fact that B2B enterprises believe that it is important to offer their products online. Among end users, the small and medium businesses (SMB) segment is be the fastest-growing market during the forecast period. The need for digital transformation is equally required in all organizations, irrespective of the size, in order to compete with the large organizations. Among verticals, the BFSI segment is expected to hold the largest market share during the forecast period. The BFSI vertical uses high-end digital technology to make banking transactions secure, simple, and error free. There is a high channel migration in banking, which enables customers to rely on digitals channels such as tablets, smartphones, and laptops to meet their banking requirements.