According to a new report by Grand View Research, Inc, the global digital transformation consulting market is expected to grow from USD 1.58 billion in 2016 to reach USD 6.55 billion by 2025. The global digital transformation consulting market report provides a comprehensive study on the key market players (companies), market drivers and challenges, segments and sub-segments, their market shares, growth strategies, recent developments, prospects, and more.
Digital transformation consulting is a high-velocity new growth sector transforming how companies operate. While implementation of digital systems can be tricky, technologies allow for increased productivity, cost-efficiency, and employee engagement.
Highly effective communication tools such as chatbots are integral in this transformation process. Chatbots allow businesses to interact with customers and employees via messaging platforms that can provide real-time support to customers and employees in real-time without any human intervention or intervention from company management.
The market analysis includes:
1) Share of revenue: In 2016, digital transformation consulting services were dominated by a handful of large firms that commanded over 50% of the global market share for commercial services (80%+). However, it was expected that the number would increase significantly in 2017 as competition remains high among these firms in order to stay competitive in terms of customer service and client satisfaction levels.
2) Market size: The global digital transformation consulting market was valued at USD 1.58 billion in 2016 which was expected to grow at a CAGR up from USD 1.58 billion in 2016 to reach USD 6.55 billion by 2025.
3) Market growth drivers & challenges: Digitalization will create many opportunities for companies across different industries with different business models and sizes across various sectors.
4) Market growth prospects & challenges: According to Gartner, digitization will essentially change every industry from how products are produced all the way down to how products are sold.
5) Competition landscape: The global digital transformation consulting market is likely to face intense competition from existing providers who have substantial experience when it comes to implementing technology solutions using automation or machine learning algorithms.
6) Technological opportunities: Companies are increasingly investing heavily in artificial intelligence (AI), machine learning algorithms and other technologies that help them automate processes across various businesses including sales & marketing online advertising analytics etc.
7) Customer acquisition strategy: Companies have adopted multiple systems such as spending on advertisements online advertising analytics etc.
8) Entry barriers: Companies have several entry barriers such as lack.
What is a digital transformation consulting?
Through the digital world of mobile devices and social media, so many people are becoming used to doing things differently. But what if you could use new technology to make your life easier? For example, let’s say you want to buy a new pair of shoes. You don’t have time to go to the store in person, so you call a shoe store or go online and order the shoes online.
But what if you could do it all in one place? That’s where digital transformation consulting comes in. Digital transformation consultants help companies grow by making the process easier, faster, and better than ever before.
Because the world is constantly changing, companies need insights grounded in real-world experience. To be successful in this industry, agencies need to stay up-to-date with new trends to stay ahead of their competition. By consulting with experts on tech trends such as cloud computing, artificial intelligence (AI), mobility and wearable technology, digital transformation consultants can help organizations effectively navigate these changes to thrive in this fiercely competitive world of digital innovation.
Digital Transformation Consulting market size and growth
The digital transformation market is thriving, expected to reach $8.6 billion in 2022.
What’s important to note is that digital transformation consulting is not new—the digital transformation industry has been around for a long time. Many excellent examples of companies have shown massive success in space. Companies such as IBM, SAP, Microsoft, Oracle, HP have all been in the industry for decades and have seen tremendous growth. However, more recently, many startups and new entrants have entered the market. We decided to provide some context for this market to help understand its current situation and what it could be doing in the future.
Several factors contribute to this trend:
1) A shift from vertically-integrated enterprises (IT departments) towards an increasingly digitized landscape.
2) A shift from pure software-as-a-service (SaaS)-based companies towards a hybrid model of software-as-a-service (SaaS/IoT).
3) The growth of cloud services.
4) The exponential increase of data storage requirements.
5) The emergence of machine learning and artificial intelligence (AI), and finally—the cloud computing infrastructure itself has started becoming much more competitive with traditional on-premise infrastructure. This is all happening at once, so you can’t say one is driving the other out—it’s just one component among many that are changing over time. Simply put, data will always be king if you want to make money from your business operations. We believe that the rise of big data will increase demand for digital transformation consulting services and consulting for IT operations teams—both areas currently underserved by traditional consulting firms due to budget constraints or lack of experience with data analytics & big data technology.
Six forces model of competition Digital transformation market analysis:
The digital transformation consulting sector is estimated to be worth $4.5 billion in 2016, with a projected growth of 31 per cent in 2017. Even though there is still no clear definition of the market and its exact size, some initial statistics are available, especially for the North American market.
According to the Technology Workforce Analytics (TWA) report of Data & Society Research, there are currently 546 digital transformation consulting firms in North America, including consultants with 2,200 different subtypes.
The global Digital Transformation Consulting Market (DTCM) is forecasted to reach $3.887 billion by 2020, up from an estimated $3.719 billion in 2018. The growth will be driven by an increase in demand for digital transformation services, including everything from new software development and software design to website redesigns and customer service operations.
Digital transformation consulting Market share by company, industry vertical, and region:
Digital transformation consulting, or the “Interactive Medium” as it is sometimes called, is a relatively new category of business that has been gaining popularity over the last few years. While traditional IT consulting market share has been making steady progress in the past few years, digital transformation consulting market share has stagnated for years.
To understand why let’s go back to when all IT consulting and digital transformation consulting started being referred to as “digital transformation consulting”.
Back in 2010-2011, when digital transformation consultant was coined, very few people used the term “digital transformation consultant”. The industry had not reached its massive adoption stage yet. When our first book came out in 2010, only around 6500 people used “digital transformation consultant” as a job title. In 2013-2014, that number skyrocketed to near 30k people using this term. The same thing happened three years later, in 2015-2016. Back then, there were no companies employing this term (I would guess it was only a few dozen companies at most), but today that number has ballooned past 600 companies operating this term (and growing).
So what happened? It’s simple: “Digital Transformation Consulting” became a buzzword, and many people used it interchangeably with “IT Consulting” – they even wrote articles on how they used the terms interchangeably! This confused many people into thinking that by hiring a digital transformation consultant, you are doing something more than just talking about Digital Transformation; you are doing something for your company (or your company’s customers) through your digital transformation process. But I believe that’s wrong: you should be implementing Digital Transformation as one of your KPIs/business goals and measuring its success by updating your analytics every time you do so.
When companies started writing articles about how they hired Digital Transformation consultants or bought them from them instead of hiring IT consultants, they repeated what everyone else was already saying! In fact, since 2010-2011, anyone could write an article saying how they used digital transformation consultants instead of IT consultants and get away with it because nobody believed them… until now!
So here are some key takeaways for you: A) If you want to hire someone who does more than talk about Digital Transformation like most other businesses did in 2010-2011 – try hiring an Interactive Medium expert who does more than just talk; about it! B) If you still don’t have someone who can do
Marketing strategies and planning of leading players in the Digital Transformation Consulting Market:
This report aims to provide a snapshot of the global Digital Transformation Consulting market and its revenue trends, enabling companies to make strategic business decisions by understanding its overall size and growth. To achieve this objective, the report presents detailed data on the global Digital Transformation Consulting Market’s revenue, share numbers and forecasts from 2016 to 2022.
The growth in the digital transformation industry has been rapid over the past few years. In 2016, it was a $5 billion market; by 2022, it is expected to grow at a CAGR of 19% to reach $11 billion. Leading vendors have been striving to boost their market share in this fast-growing industry, which is now expanding at an increasing rate due to automation and cloud computing technologies.
The report also offers key vendor data, including market share trends (by the organization), sales value (by the organization), price trends (by the organization), revenue estimates (by the organization) as well as crucial customer details such as top customers and sponsoring organizations. The study also includes an analysis of leading digital transformation consulting firms by region, the importance of each area in the overall digital transformation consulting industry, and their crucial competition and potential future strategies.
SWOT Analysis:
First, let’s take a quick look at the global Digital Transformation Consulting market and market size. According to IHS Markit, the global digital transformation consulting market was worth $13.9 billion in 2017 and is expected to grow at a CAGR of 8% over the forecast period 2017-2021.
The digital transformation consulting market has a wide range of verticals, including IT, Energy & Utilities, Financial Services, Healthcare & Life Sciences, BFSI and more.
The demand for digital transformation consulting services are driven by government-related agencies (such as governments), business-to-business (B2B) organizations, technology vendors (such as hardware manufacturers), telecom operators and IT vendors (such as software developers).
Based on the end-use industry – government agencies are spending more than B2B organizations, telecom operators are increasingly investing in B2B services, technology vendors are making considerable investments in ICT infrastructure, and telecom operators are aggressively adopting mobile network improvements.
The report provides essential information about the market, including definitions, classifications, applications and industry chain structure. The report also states industry policies and plans, product specifications; manufacturing processes; cost structures, etc.
