Fast Facts: Digital Transformation Market Value Set To Double

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

Digital transformation: it’s an omnipresent term with an ever-growing definition. For enterprise IT departments, it’s everything. So when a market analysis says digital transformation is growing, that’s a no-brainer. But how is it growing, who’s behind that push, and why does it matter?

According to a new study by MarketsandMarkets, the digital transformation market will see a CAGR of 19.1% now through 2022, with its value more than doubling from $205.99 billion in 2017 to $493.39 billion in the next half decade.

For the purposes of the report, digital transformation was defined by solution: cloud computing; big data and analytics; mobility; disruptive technologies; and social media, as well as by end user; deployment type; vertical; and region.

The cloud segment is expected to witness the highest growth rate during the forecast period. As previously reported by Enterprise Mobility Exchange in its midyear global report, which can be seen here, cloud is still the top priority for 2017 and beyond according to survey respondents across all industries.

While North America will remain the quickest growing geographic region, the digital transformation market vertical expected to see the most growth is education, which included academic and research industries. “Increasing demand for platform independent or cross-platform applications from the education vertical translates into huge growth opportunities for the digital transformation solution vendors,” the report stated.

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