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U.K. digital transformation Market: Segmented by Component (Solutions and Services); By End-user (Banking Financial Services & Insurance (BFSI), Government, Healthcare, Telecommunication & IT, Automotive, Education, Retail & Consumer Goods, Media & Entertainment, Manufacturing and Others) and Region - Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2031
[ 172 + Pages Research Report ] U.K. digital transformation Market to surpass USD 1617.66 billion by 2031 from USD 385.88 billion in 2021 at a CAGR of 15.41% in the coming years.
Digital transformation is the combination of digital technology into all areas of a business, fundamentally changing how you function and offer value to customers. It's also a cultural change that involves organizations continually challenging the status quo, experimenting, and getting comfortable with failure.
Several factors such as increasing spending on marketing and advertising actions by enterprises, changing landscape of customer intelligence to fuel the market, and proliferation of customer channels are anticipated to boost the adoption of digital transformation technologies and services.
U.K. digital transformation Market is divided by Component into Solutions and Services. The solution segment dominated the component segment and collected XX.X% of the Digital Transformation Market in 2019. Furthermore, the market is expected to grow at a XX.X% CAGR by the year 2031.
U.K. digital transformation Market is divided by end-use into Banking Financial Services & Insurance (BFSI), Government, Healthcare, Telecommunication & IT, Automotive, Education, Retail & Consumer Goods, Media & Entertainment, Manufacturing, and Others. Banking Financial Services & Insurance (BFSI) segment of the Digital Transformation market was valued at XX.X% billion in 2019 and is expected to reach US$ XX.X% billion by 2026.
Adoption and Scaling of Digital Initiatives
While digital pilots may produce positive results, industrials must deploy programs across the board to have a significant impact. Scaling up will require the creation of new enterprise-wide business procedures. Because conventional channels, such as in-person encounters, will continue to be crucial, businesses will require to handle possible conflicts as their online presence expands. The most difficult factor of any digitalization project is usually the adoption and scaling phase. Industrial firms must constantly reassess their priorities for domains, value levers, solutions, and use cases to prosper. AI-driven automation has proven useful in several uses across industries, including the aviation, medical, agriculture, energy, and material handling markets. AI is being used not only to automate actions but also to identify equipment malfunctions or detect product variances.
Demand for Personalized Digital Transformation
Digital transformation services efficiently handle challenges mainly to the business segment as well as the industry sector. Market sellers are providing highly personalized digital transformation services to address the business growth challenges of their customers. This level of characterization is possible with enterprise data. Enterprises have large volumes of enterprise data and information, which is growing exponentially. Most of these are generally not updated, which is also where advanced skills, such as AI, big data, ML, and data analytics, produce actionable business insights and can create high differences in revenue elevation. Hence, market vendors emphasis on building personalized digital transformation solutions that meet the precise requirements of different industries and businesses.
Data Security Concerns
The mainstay of digital transformation solutions, data, remains a critically important feature that most organizations find it problematic to manage. The disorganization of managing exabytes and petabytes of information has increased the probabilities of security breaches and data losses. In today’s competitive marketplace, marketing teams require real-time and safe data to provide an outstanding customer experience. Organizations are extracting data through multiple touchpoints and measuring them virtually. Such data is used in support and communication and may include a variety of data types. These data types comprise public information, big data, and small data collected from customers. Such widespread attacks continue to hamper the rampant adoption of digital transformation across data-intensive industrial sectors. However, this scenario is anticipated to gradually change over the course of forecast period as the benefits of technology adoption continue to outweigh the risks associated and with overall developments on data security front.
Microsoft (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
U.K. digital transformation Market Segments
| Report Attribute | Details |
| Market size value in 2021 | USD 385.88 billion |
| Revenue forecast in 2031 | USD 1617.77 billion |
| Growth Rate | CAGR of 15.41% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, End-use |
| Key companies profiled | Microsoft(US), IBM(US), SAP(Germany), Oracle(US), Google(US), Cognizant(US), HPE(US), Adobe(US), Accenture(Ireland), HCL Technologies(India), Broadcom(US), Equinix(US), Dell(US), Tibco(US) and Marlabs(US) and Other Prominent Players |
The U.K. digital transformation Market size was estimated at USD 385.88 billion in 2021 and is expected to reach 1617.66 billion by 2031.
Key players: Microsoft(US), IBM(US), SAP(Germany), Oracle(US), Google(US), Cognizant(US), HPE(US), Adobe(US), Accenture(Ireland), HCL Technologies(India), Broadcom(US), Equinix(US), Dell(US), Tibco(US) and Marlabs(US) and Other Prominent Players.
Solution segment and Banking Financial Services & Insurance (BFSI) segment are anticipated to hold the largest U.K. digital transformation Market.
Drivers: Adoption and Scaling of Digital Initiatives and Demand for Personalized Digital Transformation
Digital transformation is the combination of digital technology into all areas of a business, fundamentally changing how you function and offer value to customers. It's also a cultural change that involves organizations to continually challenge the status quo, experimenting, and get comfortable with failure.
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