Global Digitization IT Spending - Market Analysis 2015-2019
Covering: This market research report includes a detailed segmentation of the digitization IT spending market by end-users such as BFSI, retail, manufacturing, healthcare, and telecommunications. It outlines the market shares for key regions such as the Americas, APAC, and EMEA. A comprehensive analysis of the leading vendors such as Accenture, Capgemini, Cognizant, IBM, Infosys, and TCS is also included.Market overview of digitization IT spending
The increasing need to improve customer experience and business sustainability has fueled the growth of digitization IT spending market. Digitization helps an organization reduce costs and improve business productivity. The digitization IT spending market is in its nascent stage, and Technavio’s research analyst predicts the market to grow at a rate of 5% during the forecast period.
Businesses and governments globally have realized the potential benefits of digitization in the economic development. For instance, the Chinese government has taken measures like the inclusion of connectivity, cloud, and digitization goals in its 12th five-year plan. Also, the increased availability of affordable digital infrastructure are driving several organizations to spend more on digital technology.
Segmentation by end user and analysis of the digitization IT spending market
The BFSI segment accounted for the largest market share during 2014 and is expected to reach USD 53 billion by the end of the forecast period. As the products and services offered by banks are becoming digitized, this sector is seeing substantial investments in digital capabilities such as social media, mobile payments, and big data analytics. For instance, American Express is leveraging its digital capabilities and assets to improve customer segmentation and provide better offerings to targeted customers.
Geographical segmentation and analysis of the global digitization IT spending market
The Americas dominate the digitization IT spending market and is expected to reach USD 71 billion by the end of 2019. The increasing availability of abundant skills, affordable technologies, and the favorable government support to develop ICT in Latin America is fuelling the growth of the region. Brazil and Mexico lead the Latin American market while the US and Canada lead the North American market in this region.
Competitive landscape and key vendors
The digitization IT spending market is highly competitive due to the presence of several international and regional providers. Competition in this market is projected to intensify during the forecast period as several IT companies and business consulting firms entering the market.
The leading vendors in the market are -
Other prominent vendors in the market include Adobe, Alcatel-Lucent, Apple, AT&T, Atos, CGI, Cisco, CSC, Dell, Deloitte, EMC, EY, Fujitsu, Google, HCL, HP, iGate, Intel, KPMG, Microsoft, Oracle, PwC, Samsung, SAP, Tech Mahindra, Unisys, Verizon, Wipro, Xerox, and Yahoo.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global digitization IT spending market?
What are the key market trends impacting the growth of the digitization IT spending market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global digitization IT spending market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the digitization IT spending market?
Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report – Global Digitisation IT Spending 2015-2019
Technavio recognizes the following companies as the key players in the Global Digitisation IT Spending: Accenture, Capgemini, Cognizant, IBM, Infosys and TCS
Other Prominent Vendors in the market are: Adobe, Alcatel-Lucent, Apple, AT&T, Atos, CGI, Cisco, CSC, Dell, Deloitte, EMC, EY, Fujitsu, Google, HCL, HP, iGate, Intel, KPMG, Microsoft, Oracle, PwC, Samsung, SAP, Tech Mahindra, Unisys, Verizon, Wipro, Xerox, and Yahoo.
Commenting on the report, an analyst from Technavio’s team said: “Digitization is the conversion of physical records into a digital format. Digitization has helped many businesses and governments to reduce paper records and printing needs. Hospitals are digitizing their patient records; governments are digitizing government-issued certificates such as medical and birth certificates; and the education sector has increased its usage of tablets.”
According to the report, Organizations across all industries are undergoing major digital transformational changes. The inherent benefits of digitization such as better decision making, improved customer relationships, efficient resource planning, innovations in products and services, and cost savings are leading to increased adoption of digital technologies by organizations.
Further, the report states that shortage of skilled professionals hinders the growth of the global digitization IT spending market.