The digital transformation is primarily the utilization of digital technology in countless locations of business to resolve the issues. It also transforms a manner, that how a business functions work and deliver the values to the consumer. It also assists the business to content better in the market by making transformation as managed by the fresh technologies. In addition, the digital transformation supports the corporates to reach to the great masses smoothly. In other words, the digital transformation is considered as the usage of digital technology with a target to address the conventional issues. Switching from the traditional to fresh digitalized business models streamlines the launch of greatly technologically advanced products and solution. The digitally transformed entities can be flexible to the transforming technological insight and can address the abrupt moves in the industry.
According to the report analysis, ‘Latin America Digital Transformation Market: Current Analysis and Forecast (2021-2027)’ states that IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation and Google Inc. are the key corporates which presently functioning in the Latin America Digital Transformation market more actively for leading the highest market growth, keep maintaining the governing position, ruling around the globe, registering the great value of market share, generating the high percentage of revenue and obtaining the competitive edge by spreading the awareness connected to the benefits and applications of such, empowering the young and active personnel, increasing the applications and specifications of such, implementing the expansion strategies and profit making policies, and improving the qualitative and quantitative measures of such.
Based on end-user the European digital transformation market is segmented into large enterprises and SME’s. Due to great cost of digital technology deployment large enterprise contributed most on digital technology. The sector generated handsome amount of revenue during 2020. Based on industry vertical, the market is segmented into BFSI, healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government and several others. In the BFSI industry, digital transformation supports to make financial transactions immediate, secure, simple, and error-free. BFSI created highest revenue during 2020.
In addition, the expeditiously changing market requirement and the dynamic improvement of information technologies are proficiently under writing to digital transformation. Presently, industrial robots play a critical role in industrial automation, as robots maintain several core operations in industries. With augmented demand across economies, product producers are adopting robots to automate repetitive procedures. The automotive sector’s growth greatly drives the tremendous growth in the arrangement of industrial robotics.
During the recent years, a growing theme in worldwide manufacturing was the concept of the factory of the future or a fully linked factory. The growth of AI-integrated robotics and several other data-propelled processes will push robotics adoption, delivering a broader usage case for purchase. But initially, the COVID-19 pandemic limited the progress and introduction of robots, which negatively affected the market during early 2020. COVID-19 also halted automotive production and interrupted the supply chain. However, the market recovered some traction when robotics was being utilized in plants to fill the gap amongst the socially distanced workers.
The utilization of advanced technologies, such as cloud computing, AI, big data and analytics, mobility/social media, cybersecurity, IoT, amongst others, led to modernization and transformation, thereby motivating growth in the business ecosystem of Latin America. Digital technologies have changed the legacy method to business into a modern approach. Besides, the region is becoming a fresh hotspot in the digital transformation market owing to growing investments in the procedure of digitalization around prospective regions.
With the assistance of digital transformation, entities can become empowered to improve their customer experience, functional performance, brand image, and client retention ratios. Digitally transformed enterprises can be elastic to the fluctuating technological landscape and can address abrupt moves in the industry, predominantly the one presently formed by the COVID-19 pandemic; studies show that the productivity and rate of variation of digitally transformed companies to a post-pandemic era are comparatively larger than predictable businesses.
The growing number of mobile devices, augmenting the IT spending to deploy digital solutions by business, and improving the advanced communication and interacting infrastructure are some of the foremost factors propelling market growth. Therefore, in the near years, it is predicted that the market of digital transformation will augment more actively over the coming years.
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Latin America Digital Transformation Market
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