IT Transformation Market Overview
IT Transformation market is expected to reach $1.1 trillion by 2026 at a CAGR of 22.5% during the forecast period 2021-2026. The growing demand for the adoption of IoT across the organizations and industries is promoting the initiation of connected data solutions. In addition IT transformation helps the organizations and industries in reducing the risk and handling of market fluctuation. Moreover, in shifting from conventional to new digitalized business facilitates the use of advanced products and services will drive the market for IT transformation in forecast period 2021-2026. Furthermore, organizational data can be easily accessed on-the-go with the help of BYOD devices, such as smartphones, tablets, phablets, and laptops. Hence the rising security and privacy issues hinder the market growth in the forecast period 2021-2026
IT Transformation Market Segment Analysis – By Deployment
Cloud deployment is growing at a highest CAGR of 26.9% in the forecast period 2021-2026 owing to its operational flexibility and real-time deployment ease to companies than on-premises deployment. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. The high level of data security and reliability offered by the cloud deployment is increasing the share of cloud deployment in the forecast period. Hence these benefits are analysed to drive the market growth in the forecast period 2021-2026.
IT Transformation Market Segment Analysis – By Enterprise
Small and medium-sized enterprises are growing at the highest CAGR of 26.3% in the forecast period 2021-2026. SMEs and IT ecosystems are highly impacted due to IT transformation. Technology and infrastructure vendors have started realizing the importance of innovative technologies such as cloud, big data, mobile, social, and sensors and have been investing heavily for the adoption. This transformation has brought a major shift in the traditional ways of manufacturing, handling, storing, and transporting things leading to the adoption of IT transformation technologies. In addition, the advent of cloud-based solutions and freemium models have enabled the SMEs to develop capabilities and enhance the customer experience. Moreover, the outbreak of Corona virus has led industries, especially small and medium enterprises (SMEs), to innovate and transform significantly to survive and overcome the challenges. In additions, SMEs are constantly investing in the latest software/ tools to gain a competitive advantage and IT transformation. Hence these benefits are analyzed to drive the market in the forecast period 2021-2026.
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IT Transformation Market Segment Analysis – By Geography
North America dominated the market by a market share of more than 35.9% in 2020, owing to the presence of developed economies such as U.S and Canada. Many companies are focusing on reaching masses through IT transformation, which is aiding the growth of the market. For instance, Uber and Lyft, on-demand transportation companies, utilized digital platform to drive their businesses. These companies can be considered as a key illustration of how the implementation of strategy and innovation, empowered by technology, can suddenly impact the development of the whole industry. Moreover, Siemens invest more than $1 billion in U.S. software companies on digital transformation. Furthermore, in the fastest growing e-commerce market, more and more SMEs are now using online platform for providing their offerings to the customers. Hence these investments and benefits are analyzed to drive the market for IT transformation in the forecast period 2021-2026.
IT Transformation Market Drivers
Advancements by block chain technology during COVID-19
Block chain enables a significant IT transformation of a supply chain in the manufacturing industry. The decentralized nature of the block chain creates maximum transparency in every transaction in the supply chain – from the procurement of raw materials and production to distribution and the sale of the end product. Many companies have been developing advancements in this technology. In 2020, IBM recently launched a block chain-based network designed to help government agencies and healthcare organizations identify suppliers and address COVID-19 supply chain shortages. Similarly, TIXnGO announced the launch of Health n Go, a secure health certificate mobile delivery solution. Hence these advancements are analyzed to drive the market in the forecast period 2021-2026.
Growing Adoption of Artificial Intelligence & Robotics in End-Use Industries
Artificial intelligence and robotics have become increasingly important in sectors including healthcare, manufacturing, BFSI, retail as well as other sectors. According to the International Federation of Robotics, sales of all types of robots for personal and domestic tasks exceeded 22.1 million units (with a $4.6 billion value) in 2019. By 2022, that number could reach 61.1 million units and $11.5 billion in sales. In addition, the annual sales volume of industrial robots increased by 125% over the last five years (2015-2020) evidently proving the growth of robotic process automation (RPA) market. In addition in 2019, 40% of IT transformation initiatives use AI services and by 2021, 75% of enterprise applications will use AI. Hence the growth in Artificial intelligence and RPA will encourage the growth of overall global IT transformation market in the forecast period 2021-2026.
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IT Transformation Market Challenges
Security and privacy concerns for confidential data
Although, IT Transformation is growing at a significant rate, the security and privacy of critical enterprise data constitute a major issue while executing digital enablement technologies. With the rapid rise of IoT, organizations will increasingly require more robust security and privacy to prevent breaches. The issue of security endangers the success of digitization. With the growing number of IoT-enabled systems, the number of security and privacy issues will also increase, and every endpoint, gateway, sensor, and smartphone will become a potential target for hackers.
IT Transformation Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the IT Transformation market. In 2020, the market of IT Transformation industry outlook has been fragmented by several companies. IT Transformation top 10 companies include SAP SE, IBM Corporation, Oracle Corporation, Google Inc., Dell EMC, Hewlett Packard Enterprise Co., CA Technologies, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC among others.
Acquisitions/Technology Launches
In March 2019, Accenture acquired Enterprise System Partners (ESP), a consulting and manufacturing services provider for the life sciences industry, to help Accenture’s life sciences clients digitize and transform manufacturing operations
Key Takeaways
North America dominated the market by a market share of more than 35.9% in 2020, owing to the presence of developed economies such as U.S and Canada.
Blockchain enables a significant IT transformation of a supply chain in the manufacturing industry. The decentralized nature of the block chain creates maximum transparency in every transaction in the supply chain and enables IT transformation.
Cloud deployment is growing at a highest CAGR of 26.9% in the forecast period. As it offers operational flexibility and real-time deployment ease to companies than on-premises deployment
IT Transformation top 10 companies include SAP SE, IBM Corporation, Oracle Corporation, Google Inc., Dell EMC, Hewlett Packard Enterprise Co., CA Technologies, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC among others.
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