Digital Transformation Consulting Market Size to Touch USD 11 Billion by 2026
[216+ Pages Report] As per the Facts and Factors market research report, the global digital transformation consulting market is expected to grow at a CAGR of around 7.5% from 2021 to 2026. The digital transformation consulting market was valued at around USD 5 Billion in 2020 and is expected to rise above USD 11 Billion by 2026.
Organizations are trying to change the way they function as a result of evolving digital technology. Digital transformation consulting is a service that combines the power of design with the simplification of digital processes. The consultation technique of incorporating digital technology into an organization to reduce the gap between what customers want and what firms offer is known as digital transformation consulting. To transform how value is provided to customers, it is a culture shift that needs firms to challenge the system, try creative approaches, and accept change. It is the reinvention of how things get done, as well as the creation of totally new business programs in some circumstances. Change is an inevitable capital for digitization, according to competitive digital world consulting. Firms are looking at everything that they do, from internal operations to consumer interactions, to see how they can grow and automate in order to stay ahead of the competition. Clients can benefit from digital transformation consulting services to assist them to adapt to new technological infrastructures and virtual operating models in order to fulfill changing customer needs and expand their horizons of possibilities. Digital customer experience, digital operational excellence, and business innovation are the three pillars of the service’s approach to supporting clients through the transition process.
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Organizations like Google, Apple, and SAP AG are focusing on research and development to help their businesses grow organically, ultimately strengthening the global digital transformation consulting industry. As a result, the competition for building strong brands and achieving brand positioning has emerged as a key driver of the digital transformation consulting market’s growth. These major players provide digital transformation solutions and develop new goods or improve existing service offerings and products to meet expanding customer demand, hence significantly impacting the digital transformation consulting market. This technique allows these companies to attract new users, validate their technology, and retain existing customers.
Technological improvements, such as cloud, IoT, big data analytics, connectivity, and social networks, have sparked creativity and transformation in the business environment, resulting in increased revenue. The historical approach to the company has been turned into a modern one. Businesses, in particular, demand an immediate, precise, and real-time reaction from large datasets in order to develop new goods and services, improve existing ones, and develop whole new business opportunities in order to gain a competitive advantage.
Data analysis and business analytics are being used by businesses to collect factual information, get actionable insights, better understand client needs, and boost overall efficiency. Customers frequently grade businesses based on their digital customer experience because the implementation of current technology provides limitless options. The majority of businesses are implementing digital transformation strategies that are primarily focused on online communicating with clients. As a result of this dynamic, growth of digital transformation solutions has increased across numerous industry verticals.
The increase in the use of smartphones and applications has transformed many forms of modern life. As a result, the automation of different segments has become possible. Across the globe, organizations and enterprises are technologically changing their conventional brick-and-mortar operations into online operations. Furthermore, the emergence of novel technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and the Internet of Things (IoT) has enhanced the role of smartphone platforms, resulting in the expansion of digital transformation consulting.
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The global digital transformation consulting market is segmented into deployment model, technology, and industrial verticals. On-premises and hosted deployment modes are the two types of deployment modes. Based on the technology sector, the worldwide digital transformation consulting market includes cloud computing, AI, big data and analytics, mobility/social media, cyber security, IoT, blockchain and robots, and others. The industry verticals segment is further bifurcated into BFSI, healthcare, telecom and IT, manufacturing, retail, and government, among others.
In 2020, North America is predicted to account for the largest share of the global market. During the projection period, however, Asia-Pacific is expected to increase rapidly.
The global shift of production from North America and Europe to the Asia-Pacific region, as well as the associated rise in the usage of new technologies, is primarily boosting the market growth. Furthermore, rising industrialization, a rapidly growing automotive and aerospace & aviation industries, rising private & government investment in manufacturing sectors, infrastructural developments, rising demand for various consumer goods from a large population base, rising income level, and rising urbanization are all driving the Asia-Pacific digital transformation forward.
Browse Detail Report with TOC: Global Digital Transformation Consulting Market, 2021-2026
Global Digital Transformation Consulting Market: Competitive Players
The key players in the global digital transformation consulting market are Bain and Company, Terrabit Consulting, Mercer LLC, PwC, RSM US LLP, The IA Group, Intelligence, Ernst & Young (EY), Deloitte, Telefonaktiebolaget LM Ericsson, Marketify Consulting, CONSULUS, The Boston Consulting Group, Cognizant, ABeam Consulting Ltd., A.T. Kearney Inc., SAP SE, McKinsey, KPMG, and Quint among others.