The Latin America, Middle East and Africa Digital Transformation Market would witness market growth of 23.9% CAGR during the forecast period (2021-2027).
The increasing demand for emerging technology, like the Internet of Things (IoT), across various companies and businesses, is supporting the acceptance of connected devices and analytics solutions. In addition to it, these solutions allow the incorporation of intelligence into business operations and processes to streamline enhanced and efficient customer engagements, while boosting operational optimization. The growth of the market would be propelled by the growing utilization of mobile devices, smartphones, and applications across various business processes and departments. Switching from conventional to digitalized business models simplifies the arrival of new technologically advanced products and services across sectors and industries.
Some of the challenges like low or a total absence of budgetary allocation and appropriate planning for adopting digitations are faced by companies and businesses while installing digital transformation. This directly results in a high adoption rate and project cancellation, which could eventually influence the growth of the market. To install a digital transformation plan effectively, companies are required to put huge investments in obtaining new technologies and a team of experts to direct and implement their business operations. The need for high investment and the absence of budges are the main factors that impact the decisions of companies to adopt digital transformation solutions, which would slow down the growth of the digital transformation market.
The objective of the Digital Economy Initiative for Africa is to ensure that each person, company, and government in Africa will be digitally transformed by 2030. Africa is considering various plans and programs to propel digital development. At present, with the exponential pace of economic and social development, the increasing young population of Africa will not be allowed the chance to explore their potential to the fullest. Digital technologies provide an opportunity to change this trend, creating new pathways for fast economic development, innovation, job creation, and access to services which would have been not possible a few years back. The young population of Africa must be equipped with the digital skills and access to technology and markets that are important to thrive in a highly digitized global economy.
The Brazil market dominated the LAMEA Government & Defense Digital Transformation Market by Country 2020, thereby, achieving a market value of $6,209.7 million by 2027. The Argentina market would witness a CAGR of 25.4% during (2021 - 2027). Additionally, The UAE market is experiencing a CAGR of 24.6% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into Analytics, Cloud Computing, Mobility & Social Media and Others. Based on Deployment Type, the market is segmented into On-premise and Hosted. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Government & Defense, IT & Telecom, Healthcare, Manufacturing, Consumer Goods & Retail and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Digital Transformation Market is Predict to reach $1,302.9 Billion by 2027, at a CAGR of 20.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Accenture PLC, Hewlett Packard Enterprise Company, HCL Technologies Ltd. (HCL Enterprises), Equinix, Inc., Adobe, Inc., Cognizant Technology Solutions Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation.
By Component
By Deployment Type
By Enterprise Size
By End User
By Country
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