Digital transformation is defined as the use of several digital technologies like big data, cloud computing, mobility, and social media to improve the business-processes. Need to grow the business, to improve operating costs & business efficiency, and track business activities in real time are driving companies to become part of the digital transformation. It enables various companies to enhance the operational performance, brand-reputation, customer experience and customer retention rate. Various factors such as changing landscape of customer intelligence, increasing spending on marketing & advertising activities by enterprises, and proliferation of the customer channels are anticipated to drive the adoption of digital transformation technologies & services.
Some of the key benefits of digital transformation include improves efficiency & productivity, helps to drive business model innovation, delivers deep insights to inform the real-time decision-making, supports a robust & competitive corporate growth strategy, enhances the customer experiences and fosters agility & resistance to disruption.
Referring to the study, “Asia-Pacific Digital Transformation Market: Current Analysis and Forecast (2021-2027)” the key companies operating in the Asia-Pacific digital transformation market include Google Inc., Accenture PLC, IBM Corporation, Dell Corporation, Capgemini, Oracle Corporation, Microsoft Corporation, Cognizant, SAP SE, Adobe Systems Incorporated and among others. Well-organized companies are investing in the research & development (R&D) activities to boost their market share and make certain improvements in their internal processes using digital transformation. Besides, key market players are dynamically engaging in innovative product development to improve & expand their existing product & service portfolios. In addition, companies are also focusing on the mergers & acquisitions, and strategic partnerships to develop the technically advanced products and to gain a viable edge.
The digital transformation is the result of the changes that occur using the application of digital technologies. The use of digital transformation across business & organizational activities, competencies, processes, and business models leverages the changes & opportunities of a mix of digital technologies and their impact on society. The digital transformation helps the companies to improve customer experience, to optimize the workforce, to improve the operational activities and transform the organization’s products & services. Advancement of digital technologies including cloud computing, mobility/social media, big data & analytics, blockchain, Internet of Things (IoT), Artificial Intelligence (AI), robotics, and cyber-security, has created the requirement for digitalization across several industries. Companies use these technologies to extend their traditional business processes or to add more functionality while improving customer relationships.
The Asia-Pacific digital transformation market is primarily driven increase in the usage of mobile devices & apps, followed by growth in penetration of Internet-of-Things (IoT)-based products & devices in day to day life, surge in need to increase operational performance, rise in demand for industrial automation and surge in dependency of business on IoT based products & solutions. However, high data security threats and underdeveloped ICT infrastructure in the underdeveloped & developing nations is a major hindering factor for market. Moreover, rise in dependence of the BFSI, retail, and automotive sectors on IoT-based products & solutions are a leading opportunity for market.
By country-wise analysis, the Asia-Pacific digital transformation market can be segmented as India, Japan, Singapore, China, Australia, South Korea and rest of the Asia-Pacific. Asia Pacific is a leading region for digital transformation market due to presence of a large number of companies & industries that have its base across the region. Companies opting for quicker solutions to offer products & services that meet the highest customer expectations, social changes, and new economic realities lead to a faster implementation of the digital transformation strategy in the Asia-Pacific region.
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Ankur Gupta, Head Marketing & Communications