The digital transformation of people’s daily lives is advancing day by day. There are more and more users sharing information, thus building a network. This business model will lead to an active change in the role of the organization in the ecosystem and digitization offers opportunities for implementation. This development will also change the traditional manufacturing sector. Digital transformation is adoption of digital technology to transform services or businesses through replacing non-digital or manual processes with digital process or replacing older digital technology with newer digital technology. Digital solution may enable in addition to efficiency via automation, new type of innovation and creativity, rather than simply enhancing and supporting tradition method. In political, business, trade, industry and media discourses, digitalization has become one of the most important economic themes of the future, affecting not only the economy, but society as a whole. Digitization is the conversion of signals and media objects (document, sound, images) into digital form that are processes, stored and transmitted via digital devices and networks due to the adoption of digital technologies and the use of system built on them. Digital transformation if often viewed as an implementation of digital technologies into all area of business in order to build more sustainable relationships and better understand the needs of customer. Digital transformation is the force that moves businesses forward.
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DIGITAL TRANSFORMATION MARKET DYNAMICS
Increasing usage of smart devices, improved connectivity and demand for high end-user experience are among key aspects driving the digital transformation trend, taking services to the customer doorstep. Digital business transformation is driven by key factors like innovative technology, consumer customer behavior and market demand, and also environmental factors. The use of advanced technologies, such as cloud, IoT, big data and analytics, mobility and social media has led to innovation and transformation, thereby stimulating growth in the business ecosystem. Enterprises have started incorporating big data and business intelligence to obtain real-time information, gain actionable, insights, understand customer requirements and facilitate growth in their overall productivity. The majority of companies are adopting digital transformation practices which majority focus on digital interactions with their customers. This factor has led to an increase in demand for digital transformation solutions across various industry verticals.
COVID-19 IMPACT ON DIGITAL TRANSFORMATION
The COVID-19 crisis is an unprecedented one in the history of mankind and caught the entire world by a big unpleasant surprise. The major challenge for the entire global economy is to sustain the business continuity amidst the lock down, social distancing and other challenges. With social distancing in place businesses across sectors are working remotely, people are completely dependent on online services for their essential and non-essential needs. To make this virtual world as real, efficient and impactful as possible, the demand for robust cloud infrastructure is booming. While everyone stays at home, cloud computing has made entertainment and gaming activities more seamless than ever.
DIGITAL TRANSFORMATION MARKET SEGMENTAL OVERVIEW
The report analyses the behavioral biometric market services based on, technology, deployment type, vertical and region.
DIGITAL TRANSFORMATION BY TECHNOLOGY
The various technologies covered in the study include cloud computing, big data and analytics, social media, cyber security, artificial intelligence etc. Cloud computing is the fastest growing technology in digital transformation. Cloud computing and Artificial Intelligence is the delivery of computing services including servers, storage, databases, networking, software, analytics and intelligence over the internet to offer faster innovation, flexible resources, and economies of scale. Computing services are provided self service and on demand, so even vast amounts of computing resources can be provisioned in minutes. One benefit of using cloud computing services is that firms can avoid the upfront cost and complexity of owing and maintaining their own IT infrastructure. Artificial Intelligence has been recognized as one of the central enablers of digital transformation in several industries. It helps companies become more innovative, more flexible, and more adaptive than ever.
DIGITAL TRANSFORMATION BY DEPLOYMENT TYPE
Digital transformation by deployment type is segmented into, On-premises and Cloud. The cloud deployment mode is expected to grow at faster rate in this market, as it is being rapidly accepted by various enterprises, as critical data is stored on cloud across various verticals. Cloud deployment is cost efficient and does not require purchase, installation and maintenance of hardware or software. Cloud is housed offsite with someone else responsible for monitoring and maintaining it. On-premises servers provide organization an internal network that is accessible anytime, no matter organization connection. On-premise means that a company keeps all of this IT infrastructure onsite, which is either managed by themselves or a third-party.
DIGITAL TRANSFORMATION BY VERTICAL
Digital transformation finds application into various verticals such as BFSI, retail, education, healthcare, it and telecom, manufacturing, etc. The increasing demand for electronic data across operation channels accelerates the industry growth. Moreover, the rapidly increasing demand from customers has led to the necessity of scalable business models to facilitate the efficient handling of patients. Retail is one the emerging verticals in terms of adoption of innovative and emerging and technologies such as big data analytics, cloud computing, social networks, and digital stores. Factors that are driving the market demand in retail are necessary satisfaction of customer expectations and rising customer purchasing power, which in turn is leading to the new customer acquisitions and helping in the retention of existing customers. Currently, retailers are using e-commerce, web, and various other applications to attract and retain their customer acquisitions and helping in the retention of existing customers.
DIGITAL TRANSFORMATION BY GEOGRAPHY
Geographically, the digital transformation market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the Rest of the World which includes Latin America, and Middle East & Africa. North America is one of the fastest growing regions in term of digital transformation. The integration of AI technologies into the equipment provides companies with features such as advanced analytics, tracking and process automation. The region is becoming a new hotspot in the digital transformation market, due to rising investment in the process of digitalization across potential economies. The indispensable requirement of companies to transform their traditional business operations into digital, and the rapid adoption of mobile devices, IoT solutions, and cloud technology, have led to the increased adoption of digital transformation solutions in this region.
DIGITAL TRANSFORMATION KEY PLAYERS
Some of the major player operating in the digital transformation market include, Microsoft, SAP, Cognizant, Adobe, Dell EMC, IBM, Google, Marlabs, Accenture, Broadcom, Equinix, Oracle, HPE, HCL Technologies, Tibco software, Alcor Solutions, Smartstream, Yash Technologies, Interfacing, Kissflow, Emudhra, Process Maker, Process Street, Happiest Minds, Scoro, Brillio, Aexonic Technologies.
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