NOIDA, India, July 16, 2021
NOIDA, India, July 16, 2021 /PRNewswire/ -- A comprehensive overview of the Asia-pacific Digital Transformation market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital transformation market in the Asia-Pacific region. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Asia-Pacific Digital transformation market at the country levels. The Asia-Pacific digital transformation market is expected to grow at a CAGR of 13.5% from 2021-2027 to reach USD 1,334.3 billion by 2027.
Asia-Pacific digital transformation market is experiencing significant growth on account of increasing adoption of smartphones, increasing penetration of online business, and rising government initiatives to digitalize their economy. For instance, China leads in Asia-Pacific with the highest number of smartphone users accounting for nearly 882.2 million users in 2019, up from 816.0 million users in 2018. Also, In 2019, the smartphone adoption rate in APAC reached 61% 2019 and is expected to rise to 84.9% by 2027.
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Furthermore, The adoption of cloud computing is witnessing an uptick owing to the benefits such as on-demand access to the resources underpinning these new digital business offerings, allows organizations to scale infrastructure as needed to support changing business priorities while reducing the risks of wasted IT resources that inhibited past investments in new digital services. Owing to these facts, many companies in the region are spending on public cloud services. For instance, according to an industry leader, in APAC, spending on public cloud services grow by 38% to reach USD 36.6 billion in 2020. Further, they also predicted that public cloud services spending in APAC is expected to reach USD 48.4 billion by 2021.
Customers and Companies around the Aisa-Pacific have altered significantly since the beginning of the COVID-19 pandemic at the beginning of 2020, among which the increased adoption of technologically advanced products. Owing to Covid-19 majority of the businesses were closed, and to reach major customer groups, companies have moved to the digital model sustain in the competitive business landscape.
Asia-Pacific Digital transformation market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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By Component, the market is primarily bifurcated into:
Solutions segment dominated the Asia-Pacific digital transformation market, accounting for more than 77% share in 2020. However, the service segment is expected to witness the highest growth during the analyzed period.
By Deployment Type, the market is mainly segmented into:
Amongst deployment types, the cloud deployment model dominated the market and generated revenue of US$ 366.1 billion in 2020 and is expected to maintain its dominance during the forecast period.
By End-User, the market is primarily studied into:
Owing to the high up-front cost associated with digital transformation, large enterprises grabbed the major market of the Asia-Pacific digital transformation market accounting for nearly 66% of market share in 2020. Moreover, small and medium enterprises accounted for around 33.8% share in 2020.
By Industry Vertical, the market is primarily studied into:
Banking Financial Services & Insurance (BFSI) segment were the largest adopter of digital technologies, to make their financials transaction safer and more accessible to all. However, the healthcare segment is also expected to witness the highest CAGR growth of 16.14% during the forecast period 2021-2027.
Asia-Pacific Digital Transformation Market Country Segmentation Includes:
Based on the estimation, China dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027). Further, India is also expected to witness the highest CAGR growth of 22.97% during the analysis period.
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The major players targeting the market include:
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Asia-Pacific region. The specialist team of research analysts sheds light on various traits such as Asia-Pacific market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Asia-Pacific Digital Transformation Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.