India Digital Transformation Market Forecast and Trends - PDF document

India Digital Transformation Market Forecast and Trends India Digital Transformation market is predicted to grow at a CAGR of 72.3% during the forecast period 2020- 2026 Summary India Digital Transformation Market by Enterprize Size (Small, Medium, and Large), By Vertical (Banking, Financial Services and Insurance (BFSI), retail manufacturing, transportation and logistics, telecom & IT, and Others), By Offering (Solution (Cloud, Artificial Intelligence (AI), Internet of things (IoT), Mobility, Big Data, Social Media, Others) and Services (Training and Support, Professional Services), By Region (Northern India, Southern India, Eastern India, Western India); Trend Analysis, Competitive Market Share & Forecast, 2016-26 India Digital Transformation Market has reached USD 42.56 Billion in 2019 and projected to reach USD 1764 Billion by 2026 with a significant CAGR of 72.3% during the forecast period 2020-2026. India has elevated its profile among technologically advanced countries, not just in the sheer size of its market and its potential, as stressed by the number of subscribers to digital services, but also the pace of its digitization over the last few years. India Digital Transformation Market Forecast and Trends The India Digital Transformation Market has reached USD 42.56 Billion in 2019 and projected to reach USD 1764 Billion by 2026 with a significant CAGR of 72.3% during the forecast period 2020-2026. The private and public sectors are both driving digital consumption growth. The government has enrolled more than 1.2 View report Press release Sample report India Digital Transformation Market Forecast and Trends billion Indians in its biometric digital identity programme, Aadhaar, and fetched more than 10 million businesses onto a common digital platform through a goods and services tax. India is one of the fastest-growing markets for digital consumers. Indian mobile data users, on average, consume 8.3 gigabits (GB) of data each month compared with 5.5 GB for mobile users in China and somewhere in the range of 8.0 to 8.5 GB in South Korea, an advanced digital economy. Based on recent trends, is estimated that the number of internet users in India will increase by about 40% and double the number of smartphones to between 650 million and 700 million by 2023. Indians save, spend, communicate, earn their livings, and communicate with their families. India Digital Transformation Market: Overview India is setting-up itself as a major existence in the digital economy. By any number of key metrics, from internet connections to application downloads, both the growth and volume of its digital economy now surpass those of most other countries. The government and the private sector are moving quickly to spread high-speed connectivity across the country and offer the hardware and services to put Indian consumers and businesses online. Growth Drivers Digital Transformation Propelled By The Actions Of Both Public And Private Sector By many actions, India is on its way to becoming a digitally advanced nation. Just over 40% of the population has an internet subscription, but India is already home to one of the world’s largest and most rapidly increasing bases of digital consumers. It is digitizing activities at a faster pace than many mature and emerging economies. The Internet user base in India has proliferated in recent years, driven by the reducing cost and increasing accessibility of smartphones and high-speed connectivity. The public sector has been one strong catalyst for India’s rapid digitization. The government’s effort to ramp up Aadhaar, the national biometric digital identity programme, has played a significant role. India Digital Transformation Market Forecast and Trends At the same time, innovation from private-sector has facilitated bring internet-enabled services to a number of consumers and made online usage more reachable. For instance, Reliance Jio’s strategy of bundling virtually free smartphones with subscriptions to its mobile service has stimulated innovation and competitive pricing across the sector. Digital Technology In The Agriculture Sector Of India Digital technology can transform Indian agriculture ecosystem in several ways. Online bank accounts can provide income and spending data that farmers require to qualify for cheaper credit from banks. Digital land-registry records could make crop insurance accessible to more farmers. Precision agriculture, delivering real-time data to farmers’ mobile phones to assist them in optimizing fertilizer, pesticide, and other inputs can increase yields by 15% or more. After harvest, farmers could use various online marketplaces for agricultural produce to execute with a larger pool of potential buyers. One such platform, eNAM, the government’s electronic National Agriculture Market is available in 585 locations in 16 states and shows the potential to increase prices realized by farmers by 15%. Restraint Rising Cybersecurity Threats The increasing rate of cybersecurity threat in India, attacks on embedded systems and IoT have been registered in the country that has poised as a restricting factor to the digital transformation in Indian markets. India Digital Transformation Market: Enterprize Size On the basis of enterprise size, the market is segmented into Small& Medium, and Large enterprises. Among these, large enterprises category accounted for the highest revenue share in the market. The category has played a substantial role in shaping the digital transformation market in India. Due to the dominant financial position, large enterprises are well-suited to implement a digital strategy in operations and increase the pace of transformation in sectors such as BFSI, consumer goods, healthcare, and education. Additionally, large enterprises India Digital Transformation Market Forecast and Trends play a crucial role in forwarding technology-driven ideas and promoting digital awareness. India Digital Transformation Market: Verticals Based on vertical, India's digital transformation market is categorized into Banking, Financial Services, and Insurance (BFSI), retail, manufacturing, transportation and logistics, telecom & IT. BFSI is one of the largest and fastest-growing categories. This is accredited to the growing inclination of organizations toward digital operating models as well as customer satisfaction. Banks are focusing on making processes more customer-centric and developing a new user interface. BFSI sector further needs to increase its digital transformation and reconfigure each channel to cater to customer needs. Rising customer interactions, productivity along with the need to improve digital service offerings and transform into active digital organizations are the key factors expected to offer growth to the BFSI digital transformation market in the country over the forecast period. India Digital Transformation Market: Regional Insights Based on the region, the India digital transformation market is segmented into Northern India, Southern India, Eastern India and Western India. South India is the fastest-growing digital transformation market in the country. South India region accounts for significant IT hub penetration in the country, with leading cities such as Bengaluru, Mangaluru, Mysuru, Kochi, Trivandrum, and Chennai. Also, the region has been successfully implementing various industrial and technological initiatives, due to a rapidly growing economy and pacific industrial relations with conglomerates. Competitive Landscape India Digital Transformation market is fragmented owing to the presence of several large-sized companies, mid-sized & small-sized companies, and many start-ups that provide the Digital Transformation industry. However, the companies that hold the major share of Digital Transformation market are Wipro Limited, Sasken Technologies Ltd., Kellton Tech Solutions Ltd., Cognizant Technology Solutions Corporation, Inc., Datamatics Global Services Limited, India Digital Transformation Market Forecast and Trends Mindtree Limited, Tech Mahindra Limited, Clarion Technologies, Accenture PLC, Dell Technologies Inc., IBM Corporation, Microsoft Corporation, Infosys Limited, Cisco Systems, Inc., and other prominent players. Recent Development Ø In August 2020, Microsoft Corporation and Reliance Jio announced an alliance to accelerate digital transformation in India. The alliance was aimed to offer a detailed set of solutions comprising connectivity, storage solutions, computing and other technology services and applications necessary for Indian businesses. Ø In September 2019, Accenture opened experience activation center in Mumbai, which was aimed to target chief marketing officers of companies across industries with content, digital branding, and marketing services at scale. Scope of the Report Attribute Details Years Considered Historical data – 2016-2019 Base Year – 2019 Forecast – 2020 – 2026 Facts Covered Revenue in USD Billion Market Coverage Northern India, Southern India, Eastern India, Western India. Product/Service Segmentation By Enterprise Size, By Vertical, By Offering, By Region. Key Players Wipro Limited, Sasken Technologies Ltd., Kellton Tech Solutions Ltd., Cognizant Technology Solutions Corporation, Inc., Datamatics Global Services Limited, Mindtree Limited, Tech Mahindra Limited, Clarion Technologies, Accenture PLC, Dell Technologies Inc., IBM Corporation, Microsoft Corporation, Infosys India Digital Transformation Market Forecast and Trends Limited, Cisco Systems, Inc., and other prominent players. By Enterprise Size Ø Small Ø Medium Ø Large By Verical Ø Banking, Financial Services and Insurance (BFSI) Ø Manufacturing Ø Retail Ø Transportation and logistics Ø Telecom & IT Ø Others By Offering Ø Solution Ø Services By Region: Ø Northern India Ø Southern India Ø Eastern India Ø Western India India Digital Transformation Market Forecast and Trends The objective of the Study: Ø To analyze and forecast the India Digital Transformation Market size of the market in terms of value. Ø To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting. Ø The India Digital Transformation Market segmented into five regions, namely, Northern India, Southern India, Eastern India, Western India. Ø To outline, categorized, and forecast the India Digital Transformation Market based on the Enterprise Size, Vertical, and Offering. Ø To examine competitive developments like technological advancement, services, and regulative framework within the India Digital Transformation Market. Ø To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges. Ø To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders. 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