The Europe Digital Transformation Market was valued at approximately USD 532.1 Billion in 2023 and is expected to grow at a robust CAGR of around 16.14% during the forecast period (2024-2032)
A comprehensive overview of the Europe Digital Transformation market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital transformation market in the Europe region. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Europe Digital transformation market at the country levels.
Market Overview
With the explosion of cloud computing and technologies,
data breaches have become more prevalent. As a result, Data
breaches are happening all over the world with high-risk consequences for
individuals as well as businesses. For instance, Netherlands ranks first with over 15 thousand
cases during the second half of 2018 and more than 25 thousand ones over 2019. Since the implementation of European wide General Data
Protection Regulation (GDPR) in 2018, the highest number of personal data
breaches as of January 2021 were reported in Germany, accounting for a total of
77,747 personal data breaches. In addition, as per a survey conducted for Europe, almost (64%) of service providers in the European Union Agency for
Cybersecurity (ENISA) stated that they
performed audits and used software monitoring tools to secure their networks
and look for breaches.
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One of the major barriers specific to Europe digital
transformation is an unfavorable firm-size distribution. There is many SME’s operating in the European region that do not
invest in digital technologies. These firms consider labor market regulations,
business regulations and the lack of
external finance as major obstacles to digital technology investment, which may
further exacerbate the delay in
digital technology adoption in the region. For Instance, There were approximately 25.1 million small and medium-sized
enterprises (SMEs) in the European Union in 2018, with majority enterprise being
micro-sized firms, with only fewer employee of less than 9 people. Further 1.47 million enterprises were small firms with between 10
and 49 employees and approximately
236 thousand were medium-sized firms that had 50 to 249 employees.
COVID-19 Impact
Customers and Companies around the Europe have altered
significantly since the beginning of COVID-19 pandemic in the beginning of
2020, among which the increased adoption of technological advanced products. Owing to Covid-19 majority of the businesses where closed, and to reach major customer group, companies have moved to technology to get in touch and
communicate with the end-customers.
Europe Digital
transformation market report is studied
thoroughly with several aspects that would help stakeholders in making their
decisions more curated.
By Component, the market is primarily bifurcated into:
Solutions
o Cloud Computing
o Big Data & Analytics
o Mobility
o Disruptive Technology
o Social Media
Services
o Professional Services
o System Integration
Solutions segment dominated the Europe digital
transformation market, accounting for more than 79% share in 2020. However, service segment is expected to witness highest growth during the
analysis period.
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By Deployment Type, the market is mainly segmented into:
On-Premises
Cloud
Amongst deployment types, the cloud deployment
model dominated the market in 2020. On-Premise’s segment is expected to witness CAGR growth of
13.83% during the forecast period.
By End-User, the market is primarily studied into:
Large Enterprise
Small and Medium Enterprises
Owing to high up-front cost associated with digital
transformation, large enterprises were the major market for the technology.
Small and Medium enterprises accounted for around 37% share in 2020.
By Industry Vertical, the market
is primarily studied into:
Banking Financial Services & Insurance (BFSI)
Government
Healthcare
Telecommunication & IT
Automotive
Education
Retail & Consumer Goods
Media & Entertainment
Manufacturing
Others
Competitive
Landscape
The degree of competition among prominent companies
has been elaborated by analyzing several leading key players operating in the Europe region. The specialist
team of research analysts sheds light on various traits such as Europe market
competition, market share, most recent industry advancements, innovative
product launches, partnerships, mergers, or acquisitions by leading companies
in the Europen Digital Transformation market. The major players have been analyzed by using research methodologies
for getting insight views on market competition.
Key questions
resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements
in the Europen digital transformation market?
Which factors are influencing the Europen digital transformation market over the forecast period?
What are the global challenges, threats, and risks in the Europen digital transformation market?
Which factors are propelling and restraining the Europen digital transformation market?
What are the demanding global regions of the Europen digital transformation market?
What will be the market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied
by the companies?
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