Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how organizations operate and deliver value to customers. It affects all sectors of society, in particular economies. Companies are now being provided with an opportunity to radically change their business models by new digital technologies such as social media, smartphone, big data, Internet of things and others such as AI and blockchain. This typically includes changes of the core business operations and modifies products and processes, as well as organizational structures, as companies ought to set up management practices to conduct these complex transformations. Organizations today increasingly realize they can no longer focus on just selling products; they need to sell an experience.
A study conducted by E-consultancy and Marketing Week surveyed on various marketers across the world from various sectors and revealed a dramatic shift in focus towards digital transformation because of COVID-19 pandemic. The study further showed the extent to which organizations, majorly large enterprises are relying on digital technology in response to changes in the customer behavior during the pandemic crisis. As per a report published by a top business consulting firm, companies that integrate digital technologies could secure savings of more than US$85,000 per employee per year. Schneider Electric, a French energy-management company, for example, is using AI to help its equipment automatically adapt to changing environmental conditions. This has helped the company in reducing overall downtime and improving asset utilization for its clients. Leveraging combinations of advanced digital technologies, can help businesses “continuously create new, hyper-personalized experiences in both a business-to-consumer and business-to-business context.” The Organizations with successful transformations are likelier than others to use more sophisticated technologies, such as artificial intelligence, the Internet of Things, and advanced neural machine-learning techniques.
IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation and Google Inc are some of the prominent players operating in the North America digital transformation market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst component, Solution segment holds the major share.”
Based on the component, the North American digital transformation market is bifurcated into Solutions and Services. The solution sub-segment is further divided into cloud computing, big data and analytics, mobility, disruptive technology, and social media. Moreover, Service segment is divided into professional services and system integration. Solution segment dominated the market and generated revenue of US$ 423.2 billion in 2020. However, Service segment is expected to witness highest CAGR growth of 16.43% during the forecast period (2021-2027).
“Amongst deployment type, cloud dominated the market in 2020.”
Based on Deployment type the market is segmented into On-premises and cloud deployment. Currently, cloud deployment model dominated the market and generated revenue of US$ 324.5 billion in 2020.
“Amongst End-user, large enterprises are expected to dominate the market during the analyzed period.”
Based on end-user the North American digital transformation market is bifurcated into large enterprises and SME’s. Owing to high cost of digital technology deployment large enterprise invested most on digital technology. The segment generated revenue of US$ 333.3 billion in 2020.
“Amongst industry verticals, Banking Financial Services & Insurance dominated the market in 2020.”
Based on industry vertical, the market is fragmented into BFSI, healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. In the BFSI industry, digital transformation helps to make financial transactions speedy, secure, simple, and error-free. BFSI generated highest revenue of US$135.6 billion in 2020.
“United States represents as the largest markets in the North America Digital Transformation market.”
For better understanding of the market penetration of digital transformation, the report provides detailed analysis of major countries including North America (US, Canada, Rest of North America). Some of the major players operating in the market include IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation and Google Inc.
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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry
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