Global Digital Transformation Market size was US$ 178.02 Bn in 2016 and expected to reach US$ 460 Bn by 2024, at a CAGR of 12.06 % during forecast period.Global Digital Transformation MarketGlobal Digital transformation market is segmented into the component, deployment type, enterprise size, and region. Based on component, Global Digital transformation market is divide into solutions and services. In terms of enterprise size, market is classified into Large Enterprise and small enterprises. On the basis of deployment type, Global Digital transformation market is categorised into on-demand and on premises. Geographically, Global Digital transformation market is segmented into North America, Europe, Asia-Pacific, Middle East Africa and Latin America.

Increasing customer preferences towards digitisation, the explosion of mobile devices & apps, growing penetration of IoT and rising adoption of the cloud platform are driving the growth in the Global Digital Transformation Market.

Based on component, the service segment is anticipated to witness the highest growth rate during the forecast period owing to the rising need for professional services and system integration. The adoption of digital transformation solutions entails the need for services such as training and support.

In terms of enterprise size, the small & medium enterprise segment of the digital transformation market is estimated to witness a higher growth rate than the enterprise's segment during the forecast period. The increasing awareness about the benefits of digitalization has led companies to invest significantly in order to expand and sustain their existing positions in a highly competitive market. Digital transformation supports organizations in improving their brand’s reputation, customer experience, and customer retention ratios through the implementation of software. Moreover, digitally transformed organizations are able to adapt to the evolving technological landscape and are able to tackle sudden shifts in the industry.

On the basis of deployment type, the cloud segment is anticipated to witness the highest growth rate during the forecast period. Cloud computing solution enables easy access to data and information from anywhere and anytime. It also involves pay per use, which is cost effective for an organization.

North America is estimated to lead the digital transformation market. Digital transformation requires a very agile and flexible IT support, which is present in the majority of companies in this region. This can be attributed to the rise in penetration of internet and the accelerated use of different type of online payment modes, especially in the retail sector.

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