Published Date : 19 Dec 19 | Views: 129 | Industry : Miscellaneous
High Demand for Digitization in the Banking Sector is Expected to
Augment the Application Segment
The market is
segmented into three segments such as application, offerings and deployment.
Based on offerings, the market is segmented into service and technology, while
on the basis of deployment, the market is segregated into Cloud and
On-Premise. Further, the application
segment is segmented into Defense & Aerospace, Automotive, Pharmaceuticals,
Food & Beverages, Cosmetics, Consumer Goods, Education, Financial &
Banking Services, and Others. There is an increasing need to develop and
incorporate advanced solutions in the banking sector for online payments, to
streamline processes, and to improve the operational efficiency. This can be
achieved by integrating data-mining, behavioral analytics, and machine learning,
which is likely to augment the application segment.
of AI and IoT in North America is Anticipated to Boost the Market
connectivity in North America is likely to boost the demand for IT solutions
such as online payments in the retail sector. Cloud-based strategies for
managing the supply chain and increasing adoption of artificial intelligence
(AI), IoT, and Data Analytics in SMEs are contributing to the robust growth of
the market. Industrial and Banking sectors have a high demand for integrating
new technologies for simplifying a complex process to increase productivity,
which is likely to boost the growth of the market.
Are Focusing on R&D to Improve Products & Services
Some of the
key players operating in the Digital Transformation market are Oracle
Corporation, Accenture PCL, Congnizant, Capegemini, Cognex Corporation, Seimens
AG, IBM Corporation, Cognex Corporation, Microsoft Corporation, IBM
Corporation, Google, PricewaterhouseCoopers (PWC), EMC Corporation, AP SE,
Adobe Systems Inc, and The Hawlett-Packard Company. Key players are heavily
investing in R&D and are keen on incorporating new technologies to promote
new product development and to improve their existing services.
New Technologies in Business is Likely to Accelerate the Digital Transformation
Increasing usage of new technologies such as the internet of things (IoT), machine learning, industrial internet, cloud services, and others have enabled digitization to transform the business model and organizational patterns. High demand for advanced analytics to boost prediction capabilities and to speed the decision-making process in an organization is expected to positively impact the growth of the market. Automating delivery service, operational issue-management, preventing a breach of information, and cyber-attacks are major factors likely to boost the growth of the Digital Transformation market.