New York, NY -- (SBWire) -- 04/30/2019 --The India digital transformation market, in 2018, generated a revenue of $24.5 billion, and it is projected to advance at a CAGR of 74.7% during the forecast period (2019–2024), according to P&S Intelligence. The factors driving the progress of the market are the growing adoption of internet of things (IoT) and expanding manufacturing industry in the country. Due to the overall growth in the information and communication technology (ICT) sector, the country is expected to up the rate of digital transformation in the coming years, primarily in sectors such as government and healthcare.
Digital transformation refers to the transformation of business processes, operations, and models to adapt to the changes and opportunities offered by digital technologies. On the basis of vertical, the digital transformation market in India is categorized into retail, manufacturing, banking financial services and insurance (BFSI), transportation and logistics, healthcare, energy and utilities, oil and gas, and telecom and information technology (IT). Among these, the telecom and IT category was the largest revenue contributor in the market during the historical period, owing to the rapid automation of various processes, transformation of the customer interface, integration of the IoT technology, and digitization of the workforce.
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Further, on the basis of enterprise size, the Indian digital transformation market is categorized into small (less than 50 employees), medium (51 to 250 employees), and large (more than 251 employees) enterprises. The large enterprise category held the highest revenue share in the market during the historical period. Large companies play an important role in boosting the digital transformation market, spreading technology-driven ideas, and promoting digital awareness among people. Further, due to the dominant financial position of large enterprises in the market, these are well suited to use digital strategy in their operations and bring about a transformation in different sectors.
When segmented by region, North, South, East, and West are the categories of the digital transformation market in India. Out of these, South India is predicted to be the largest as well as fastest-growing market, registering a CAGR of more than 75.0% in the forecast period. This is attributed to the factor that the southern region is witnessing major IT penetration, with cities such as Bengaluru, Thiruvananthapuram, Mangaluru, Mysuru, Kochi, and Chennai as the major hubs. Furthermore, in the recent years, the region has successfully taken several industrial and technological initiatives due to a significantly growing economy and peaceful industrial relations with conglomerates.
The expanding manufacturing industry in the country is one of the major factors behind the growth of the Indian digital transformation market. As per a report published by the Indian government, between FY12 and FY18, a basic current price, the gross value added, from the manufacturing sector advanced at a CAGR of 4.3%. Furthermore, in 2014, the Indian government launched a project, called 'Make in India', to encourage organizations to manufacture their products in the country itself, which, in turn, expanded the national manufacturing sector. Further, the use of digital tools in the manufacturing industry is growing rapidly, thereby improving productivity and product quality.
Hence, it is clear that the rapidly developing manufacturing sector is predicted to escalate the need for digital transformation in the near future.
Indian Digital Transformation Market Showing Massive Growth Potential
Increasing adoption of internet of things (IoT) in India to drive the market growth