In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSOctober, 2021: Cognizant announced collaboration with Cabot Corporation, leading global specialty chemicals and performance material company, to transform its digital operating model globally.
November, 2020: Google Cloud to collaborate with ANSR to accelerate enterprise digital transformation for global capability centers at-scale in India.
Global Digital Transformation Consulting Services Market Highlights over 2022 – 2031
The global digital transformation consulting services market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the global digitalization of every sector. The transformation of traditional businesses to digital needs expert guidance, which is primarily estimated to drive the digital transformation consulting services market. Moreover, the increasing penetration of internet services, across the globe, is anticipated to fuel the market growth. According to the statistics by the World Bank, in 2019, 56.727% of the total population used internet globally. Besides, escalating use of smartphones, along with adoption of advanced technologies, such as, virtual reality, cloud-computing, and others, are projected to further strengthen the market growth.
Get more information on this report: Download Sample PDF
The market is segmented by application into BFSI, transportation & logistics, oil & gas, healthcare, IT & telecom, manufacturing, automotive, and others, out of which, the transportation and logistics segment is anticipated to hold the notable share in the global digital transformation consulting services market over the forecast period on account of increasing penetration of digitalization, such as, utilization of digital technology, modernized data recording and registration, and other features. Moreover, the increasing presence of large amount of data in the logistics sector is foreseen to fuel the market growth.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Digital Transformation Consulting Services Market Regional Synopsis
On the basis of geographical analysis, the global digital transformation consulting services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing digital transformation of various end-user sectors in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of the increasing adoption of advanced technology, along with high demand for consultancy services to encourage digitalization.
Get more information on this report: Download Sample PDF
The global digital transformation consulting services market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global digital transformation consulting services market includes the following segments:
By Type
By Application
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing need for consultancy services for the digital transformation of various sectors is anticipated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the rapid digitalization of various sectors in the region.
The major players in the market are Code Zero, LLC, Accelirate, Cognizant Technology Solutions Corporation, Coastal Cloud, Google LLC, Accenture PLC, IBM Corporation, Microsoft Corporation, ADOBE, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The transportation and logistics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Lower awareness amongst businesses regarding consulting services is estimated to hamper the market growth.
Related Reports
Disclaimer | Privacy Policy | Terms & Conditions
Copyright © 2021 Research Nester. All Rights Reserved
