The APAC digital transformation market accounted for US$ 138.94 Bn in 2017 and is expected to grow at a CAGR of 26.9% over the forecast period 2018-2025, to account for US$ 825.11 Bn in 2025. Factors including increasing demand for reaching masses across various industries are driving the growth of APAC digital transformation market. However, data privacy issues might slow down the growth of APAC digital transformation market. With the adoption of digital solutions, organizations are being able to reach the maximum number of end-users. This is due to the rising adoption of smart devices including, tablets and smartphones globally, as well as increasing penetration of internet services. Over the past few years, there has been significant growth in the number of smartphone and internet users, in the developing and emerging countries. This is attributed to the continually decreasing prices of internet and smart devices as well as rising affordability of people in these countries. Digital solutions have created the potential for companies to reach a huge mass of audience worldwide. For instance, Uber and Lyft, on-demand transportation companies, utilized a digital platform, and earned a huge success. These companies can be considered as a critical illustration of how the implementation of strategy and innovation, empowered by technology, can suddenly impact the development of the whole industry. Furthermore, in the fastest growing e-commerce market, more and more SMEs are now using an online platform for providing their offerings to the customers. This has enabled them to extend their market reach, enhance external communication, augment sales, improve the speed of processing, improve company image, as well as increase employee productivity.
The APAC digital transformation market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to impact the APAC digital transformation market further. For instance, Irregular taxation policies on businesses lead to stagnation. In APAC, China levies heavy taxes on any business outside its country, which makes it difficult for any other country to invest in China. Also, it affects the various industry in Asian regions such as electronics, manufacturing, and others, thereby affecting the cash flows of the company. Limitations in the cash flows affect the future planning of the company, which includes the digital transformation of the company. This may have an impact on the growth of APAC digital transformation market in the region.
The APAC digital transformation market by component type is segmented into solution and services. Different technologies are required for different industries to implement Digital Transformation. The selection of these solutions depends on factors, including the company?s specifications, objectives, and users. Choosing the appropriate technology to boost business process and performance enhancement is a vital part of the digital transformation. Digital transformation is about agility, speed, and efficiency that drive new and improved customer experiences, simultaneously augmenting value creation across asset as well as operations lifecycles to enhance productivity and increase return on capital. The solutions segment of APAC Digital Transformation market is sub-segmented into cloud computing, mobility, big data & analytics, artificial intelligence, IoT, and others.
The overall APAC 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 APAC digital transformation market. It also provides the overview and forecast for the APAC digital transformation market based on all the segmentation provided with respect to the APAC region. Also, primary interviews were conducted with industry participants and commentators in order 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 APAC digital transformation industry. Some of the players present in APAC 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.