Digital Transforming Consulting Market
Digital Transforming Consulting Market - By Type, By Industry & Global Region - Market Size, Share, Trends and Forecast 2020-2025Request Sample Request Discount
The global digital transformation consulting market size was estimated at USD 18.3 billion in 2019 and is expected grow with a CAGR of 8.3% over the forecasted period of 2020 to 2025. The global market is experiencing enormous growth rate primarily driven by several factors such as the growth in adoption of cloud services and the increasing penetration of smartphones & mobile apps.
Digital transformation consulting is a service that enables large and small & medium sized businesses to formulate the strategies for their digital transformation journey & improve the performance of business with the help of digital technologies. The consulting services are offered by companies that help the client organization transform into the digital realm, reduce the paperwork (invoices, bills, etc.) and enable the organization to mainly focus on their core businesses.
The global digital transformation consulting market is driven by several factors such as surge in penetration of IoT and the growing adoption of cloud services; rising need to increase operational performance in the organizations to gain competitive benefits; and continuing trend of simplification of processes operating models in the companies. However, security and privacy concerns associated with the confidential data hampers the marker growth during the forecast period. On the contrary, proliferation of disruptive technologies, such as Big Data, AI, and ML is opportunistic for the market growth.
The global market is observing extensive consolidations, geographical expansions, new product launches, and acquisitions by the key market players. The market players embrace these strategies to enhance their product portfolio, expand the reach, and generate new revenue streams. For instance, in January 2021, Cognizant Technology Solutions Corp. acquired Servian, a privately-held enterprise transformation consultancy specializing in data analytics, digital services, experience design, artificial intelligence (AI), and cloud.
North America region is estimated to possess the largest market share global digital transformation consulting. This is attributed to the significant presence of key market players and the increasing investments in digitalization across potential economies. On the other hand, the rapid adoption of IoT solutions, mobile devices, and cloud technology has pushed the upsurge in demand for digital transformation solutions in this region, further fueling the digital transformation consulting market's growth.
On the other hand, Asia-Pacific region is expected to observe highest growth rate in the forecast period. This region offers lucrative growth opportunities due to the growing industrialization and upsurge in adoption of advanced technologies.
In addition, the Asia-pacific region is observing rising adoption of smart devices such as, smartphones and tablets, along with the growing penetration of internet services. This factor is further creating lucrative growth opportunities for the market.
Type of Service Insights:
On the basis of type of service, the market is categorized into professional services and managed or outsourced services. As per the estimation, professional services segment observed the biggest portion, regarding income in 2019 and may rule the innovation field, as far as size, by 2025. This is attributed to the professional services providers' ongoing development strategies such as Ernst & Young, Deloitte LLP, KPMG International, and PricewaterhouseCoopers LLP. For instance, in July 2020, Ernst & Young (EY) partnered with IBM to help organizations accelerate digital transformation and improve client outcomes. Together, EY and IBM professionals will focus on assisting clients to transform as well as modernize their businesses.
On the contrary, managed or outsourced services segment is projected to observe impressive development and rule the market (regarding development rates) over the conjecture time frame.
Consolidations and acquisitions, to generate new revenue streams and to expand the geographical presence have advanced as a significant piece of the current digital transformation consulting industry. For example, in November 2020, GlobalLogic Inc, one of the leaders in Digital Product Engineering, acquired ECS Group, a leading digital transformation and DevOps consultancy.
Industry Vertical Insights
On the basis of industry vertical, the market is divided into manufacturing, oil & gas, IT & telecom, BFSI, automotive, healthcare & pharmaceutical, logistics & transportation, etc. The manufacturing industry vertical is estimated to hold largest share of the global digital transformation consulting market in 2019. This is attributed to the surge in spending on digital transformation of connectivity services, applications, and enterprise hardware in the manufacturing sector worldwide.
The oil & gas portions may witness highest growth rate during the forecast period. This may be due to the emerging trend of digital transformation in the oil & gas industry to make faster & better decisions and increase employee efficiency & productivity and cost savings.
Competitive Market Insights
The key business members of the market are Accenture plc, SAS Institute Inc., Computer Sciences Corporation, Capgemini Services, Bain & Company, Inc., Deloitte LLP, Dell EMC, Globant S.A., IBM Corporation, KPMG International, Ernst & Young, Hewlett Packard Enterprise, McKinsey & Company, Kurt Salmon Associates, Oracle Corporation, Publicis Groupe SA, Inc., Mercer LLC, PricewaterhouseCoopers LLP,
The Boston Consulting Group, Inc., Salesforce.com, Wipro Limited among others. These market players are adopting various strategies such as product launches and strategic collaboration to enhance their product portfolio, expand the reach, and generate new revenue streams.
Custom Research Requirement? Questions to ask?Get in touch
Custom Research requirement.