The Europe Digital Transformation Market is expected to grow at a CAGR of 16.14% from 2021-2027 to reach USD 916.7 billion by 2027.
A comprehensive overview of the Europe 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 Europe 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 Europe Digital transformation market at the country levels. The Europe Digital Transformation Market is expected to grow at a CAGR of 16.14% from 2021-2027 to reach USD 916.7 billion by 2027.
Market Overview
With the explosion of cloud computing and technologies, data breaches have become more prevalent. As a result, Data breaches are happening all over the world with high-risk consequences for individuals as well as businesses. For instance, Netherlands ranks first with over 15 thousand cases during the second half of 2018 and more than 25 thousand ones over 2019. Since the implementation of European wide General Data Protection Regulation (GDPR) in 2018, the highest number of personal data breaches as of January 2021 were reported in Germany, accounting for a total of 77,747 personal data breaches. In addition, as per a survey conducted for Europe, almost (64%) of service providers in the European Union Agency for Cybersecurity (ENISA) stated that they performed audits and used software monitoring tools to secure their networks and look for breaches.
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One of the major barriers specific to Europe digital transformation is an unfavorable firm-size distribution. There is many SME’s operating in the European region that do not invest in digital technologies. These firms consider labor market regulations, business regulations and the lack of external finance as major obstacles to digital technology investment, which may further exacerbate the delay in digital technology adoption in the region. For Instance, There were approximately 25.1 million small and medium-sized enterprises (SMEs) in the European Union in 2018, with majority enterprise being micro-sized firms, with only fewer employee of less than 9 people. Further 1.47 million enterprises were small firms with between 10 and 49 employees and approximately 236 thousand were medium-sized firms that had 50 to 249 employees.
COVID-19 Impact
Customers and Companies around the Europe have altered significantly since the beginning of COVID-19 pandemic in the beginning of 2020, among which the increased adoption of technological advanced products. Owing to Covid-19 majority of the businesses where closed, and to reach major customer group, companies have moved to technology to get in touch and communicate with the end-customers.
Europe Digital Transformation Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
· Solutions
o Cloud Computing
o Big Data & Analytics
o Mobility
o Disruptive Technology
o Social Media
· Services
o Professional Services
o System Integration
Solutions segment dominated the Europe digital transformation market, accounting for more than 79% share in 2020. However, service segment is expected to witness highest growth during the analysis period.
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By Deployment Type, the market is mainly segmented into:
· On-Premises
· Cloud
Amongst deployment types, the cloud deployment model dominated the market in 2020. On-Premise’s segment is expected to witness CAGR growth of 13.83% during the forecast period.
By End-User, the market is primarily studied into:
· Large Enterprise
· Small and Medium Enterprises
Owing to high up-front cost associated with digital transformation, large enterprises were the major market for the technology. Small and Medium enterprises accounted for around 37% share in 2020.
By Industry Vertical, the market is primarily studied into:
· Banking Financial Services & Insurance (BFSI)
· Government
· Healthcare
· Telecommunication & IT
· Automotive
· Education
· Retail & Consumer Goods
· Media & Entertainment
· Manufacturing
· Others
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, healthcare segment is expected to witness highest CAGR growth of 18.95% during the forecast period 2021-2027.
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Europe Digital Transformation Market Country Segmentation Includes:
· Europe
o Germany
o UK
o Russia
o France
o Italy
o Spain
o Rest of Euro
Based on the estimation, Germany dominated the market in 2020, and is expected to maintain its dominance during the forecast period. However, Spain is expected to witness highest CAGR growth of 18.51% during the analysis period.
The major players targeting the market includes:
· Accenture PLC
· Adobe Systems Incorporated
· Capgemini
· Cognizant
· Dell
· Google Inc
· IBM Corporation
· Microsoft Corporation
· Oracle Corporation
· SAP SE
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Europe region. The specialist team of research analysts sheds light on various traits such as Europe market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Europen Digital Transformation market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Europen digital transformation market?
· Which factors are influencing the Europen digital transformation market over the forecast period?
· What are the global challenges, threats, and risks in the Europen digital transformation market?
· Which factors are propelling and restraining the Europen digital transformation market?
· What are the demanding global regions of the Europen digital transformation market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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