Europe Digital transformation market is expected to grow from US$ 92.7 Bn in 2017 to US$ 520.4 Bn by the year 2025 with a CAGR of 26.0% from the year 2018 to 2025. Factors including the growing acceptance of digital solutions across various sectors are driving the Europe digital transformation market. However, an increasing number of cyber-attacks, security breached, and growing privacy concerns might slow down the growth of Europe digital transformation market. The implementation of digital solutions is gaining pace across various industries, including manufacturing, healthcare, automotive, BFSI, media & entertainment, and retail, among others. These industries are increasingly benefiting themselves from digital transformation. Analytics enable them to apprehend better and serve customers. Further, access to real-time information results in efficient decision-making.Automation of business operations facilitates them to escalate productivity.
For instance, automotive manufacturers have revolutionized their manufacturing process with the use of robots; and airline companies have become proficient at pricing through real-time information of supply and demand.Furthermore, retail companies with robust digital capabilities have designed seamless Omni channel environments.
Also, the healthcare industry has modernized through EHRs, digital tools which track patients’ vital signs, as well as virtual consultations between patients and doctors.In the meantime, automation has reduced insurance companies’ claims-processing and underwriting costs.
Manufacturers in every industry can enhance product quality, operating performance, and supply chain transparency, if they restructure their processes and train employees to function in the digital world. Therefore, companies are preparing themselves to adopt digital transformation as a priority. Digital technology is not only limited to specific industries; there is a vast scope for the market to flourish in different industry verticals. The Europe digital transformation market is fragmented with the presence of several industries and the competitive dynamics in the Europe Digital Transformation market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Europe digital transformation market further.
For instance, The Strategic Policy Forum on Digital Entrepreneurship was initiated by the European Commission in the year 2014.During the second year mandate of the forum, the main objective was to shape the vision for the digital transformation of the European industry.
Europe has a leading position in many of the manufacturing as well as service industries.Therefore, the government is making an initiative for supporting the digital transformation of these industries to maintain its leading position in different sectors in the world.
This factor is facilitating the Europe digital transformation market growth in the current scenario, and the same trend is anticipated to propel the demand for digital transformation market in the coming years in Europe. These initiative provide various benefits to the Europe digital transformation based companies located in the region, thus, increasing the growth of Europe digital transformation market. This initiative offers multiple benefits to the companies present in this region and thus increasing the growth of digital transformation market in the region. Based on the deployment type, the on premise segment is leading the Europe digital transformation market.However, the cloud segment is anticipated to grow at a significant CAGR.
On-Premise digital transformation is a type of deployment that is done within the company.On-premise digital transformation includes the services that are implemented inside the organizations for shifting the business processes to digital; this type of deployment consists of the hardware as well as software to be implemented and maintained on the company premises.
Such type of deployments is generally preferred by the companies who don’t want to share their data with any other organization.Therefore, these companies prefer digital transformation to be implemented and maintained under their observation.
Companies in the industrial verticals such as BFSI, government and public sector, and others usually shift towards digital transformation with this type of deployment. The overall Europe digital transformation market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe digital transformation market.
It also provides an overview and forecast for the Europe digital transformation market based on all the segmentation provided for the Europe region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts, and key opinion leaders specializing in the digital transformation industry. Some of the players present in Europe digital transformation market are IBM Corporation, Accenture, SAP SE, Microsoft Corporation, Oracle Corporation, Capgemini, Adobe Systems, Google, Inc., Dell, Inc., and Cognizant Technology Solutions Corporation among others.
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