Europe Digital Transformation Market Is Expected To Foresee Significant Growth. Spain To Witness Highest Cagr Growth
Europe Digital Transformation Market is expected to reach the market valuation of US$ 916.7 billion by 2027 expanding at a reasonable CAGR of 16.14% during the forecast period (2021-2027) from US$ 325.1 billion in 2020. Digital technologies are dramatically reshaping every industry, several companies are doing large-scale change efforts to capture the benefits of the ongoing digital transformation trend or simply to keep up with their competitors.
On average, European firms are less often fully digital, and are particularly lacking in the construction sector, dragging down the digital intensity score. Furthermore, US firms invest more in business process improvements compared to the European counterparts. However, firms in the European region and the US perceive digital infrastructure similarly. The rapid increase in the number of people using smartphones, mobile devices and other similar gadgets coupled with the ease of accessibility of numerous applications across various platforms has paved the way for digitalization augmenting the Europe Digital Transformation Market. For instance, the number of smartphone users across the Europe stood at 541.2 million in 2020, representing a penetration rate of 72.4%. Total number of smartphone user in Europe is expected to reach 648.2 million by 2027. With increasing number of smartphone users, means the companies can easily promote their product and services offering via mobile technology.
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The Internet of Things is expected to become a multi-trillion-dollar industry soon owing to its increasing scope in various industrial vertical. Furthermore, many businesses are adopting cloud services due to their ability to transform business models, as it reduces the need for in-house IT expertise, offers flexibility for scaling, and consistent applications rollout and maintenance. Only 66% of manufacturing firms in the Europe have adopted at least one digital technology, compared to 78% in the US. The difference is particularly large in the construction sector, where the share of digital firms in Europe stands at 40%, compared to 61% in the US. In the service sector the difference between Europe and US is 13% and 11% in the infrastructure sector.
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Based on the component, the Europen 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. Service segment generated revenue of US$ 66.1 billion in 2020. Solution segment is expected to witness CAGR growth of 15.16% during the forecast period. Based on Deployment type the market is segmented into On-premises and cloud deployment. On-Premise’s segment is expected to witness CAGR growth of 13.83% during the forecast period.
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Based on end-user the Europen 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. Based on industry vertical, the market is fragmented into BFSI, healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. Healthcare segment is expected to witness highest CAGR growth of 18.95% during the analyzed period.
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Additionally, the report provides detailed initiatives that are being taken in the field of digital transformation. The market is classified into distinct countries including Europe (Germany, UK, Russia, France, Italy, Spain, Rest of Europe). Germany dominated the % share in 2020. However, Spain is expected to witness highest CAGR growth of 19.76% during the forecast period. 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 global digital transformation market. Several M&A’s along with partnerships have been undertaken by these players to develop digital technologies among industries.
Europe Digital Transformation Market Segmentation
Market Insight, by Component
- Cloud Computing
- Big Data & Analytics
- Disruptive Technology
- Social Media
- Professional Services
- System Integration
Market Insight, by Deployment Type
Market Insight, by End-User
- Large Enterprises
- Small and Medium Enterprises
Market Insight, by Industry Verticals
- Banking Financial Services & Insurance (BFSI)
- Telecommunication & IT
- Retail & Consumer Goods
- Media & Entertainment
Market Insight, by Country
- Rest of Euro
Top Company Profiles
- Accenture PLC
- Adobe Systems Incorporated
- Google Inc
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE