North America Digital Transformation Market Is Expected To Foresee Significant Growth. Us To Lead The Growth
North America Digital Transformation Market is expected to reach the market valuation of US$ 1,330.4 billion by 2027 expanding at a reasonable CAGR of 13.88% during the forecast period (2021-2027) from US$ 544.8 billion in 2020. 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. Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk. The rapid advances in digital technology are redefining the society.
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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. Organizations today increasingly realize they can no longer focus on just selling products; they need to sell an experience. An increasing number of products today both consume and generate data, and many are interconnected through the Web. Because of this increased intelligence, their usage can be monitored, additional services can be proactively offered, or maintenance can be provided when a problem is detected. 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.”
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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 North America Digital Transformation Market. For instance, the number of smartphone users across the North America (excluding Mexico) region reached 304 million in 2020 and is expected to reach 358.5 million by 2027. Additionally, according to a research, an average smartphone user spends 190 minutes each day using their smartphone and mobile applications, which accounts for nearly 90% of smartphone usage. Companies move twice as fast on digital transformation when there is a shared understanding among senior leaders, strategists, and the organization of the digital path ahead. Executives believe the top benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%), and the ability to meet customer expectations (35%). 60% of companies that have undergone a digital transformation have created new business models. Also, 55% of startups have adopted a digital business strategy, compared to 38% of traditional companies.
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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. Based on Deployment type the market is segmented into On-premises and cloud deployment. Currently cloud deployment model dominated the North American digital transformation market. 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.
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.
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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 North America (US, Canada, Rest of North America). US dominated the North American digital transformation market, accounting for more than 88% share in 2020. 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 transformation.
North America 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
- North America
- United States
- Rest of North America
Top Company Profiles
- Accenture PLC
- Adobe Systems Incorporated
- Google Inc
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE