World News: 09:55 GMT Wednesday 15th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The Indian digital transformation market is predicted to generate a revenue of $710.0 billion by 2024, progressing at a CAGR of 74.7% during the forecast period (2019-2024), The major factors driving the growth of the market are the rising adoption rate of internet of things (IoT) and expansion of the manufacturing sector in the country. On the basis of offering, the Indian digital transformation market is classified into services and solutions. Out of these, the services classification is anticipated to be the fastest growing in the market. The is ascribed to the increasing government initiatives for digital transformation and significant foreign direct investments inflows, along with the availability of proficient and low-cost manpower. Government initiatives, such as Digital India and Smart Cities Mission, are resulting in the progress of sectors such as healthcare, communication, energy, banking and technology by creating ample growth opportunities. Due to these factors, the progress of the services sector is expected to be augmented during the forecast period.Now, on the basis of solution, the digital transformation market in India is divided into artificial intelligence (AI), cloud, IoT, social media, big data, mobility, and others, wherein the others' division consists of machine learning, augmented reality/virtual reality (AR/VR), chatbots, blockchain, and eSignature. Out of these, in the 2019-2024 period, AI is predicted to be the fastest-growing division in the market.Further, in recent years, the government as well as Indian businesses have been using AI for various applications, including cab aggregators, digital assistants, targeted advertisements, online recommendation engines, and biometric recognition. Enterprises have started understanding the growth opportunities and efficiency of digital transformation solutions. In the same way, government bodies are rapidly employing AI-powered solutions, such as speech and image recognition and robotics, to improve defense equipment and techniques. Therefore, with the rising usage of AI in various sectors, the market for AI is anticipated to be propelled in the forecast period.Based on region, the Indian digital transformation market is fragmented into East, West, North, and South regions. Out of these, the eastern region, especially the Northeast, is witnessing steady adoption of Digital India initiatives. The e-governance capacity building program improves the skills of government officers in supporting, leading, and managing the e-governance projects in their specific state; as a result, the market is witnessing a major boost in the region.The intensity of competition in the Indian digital transformation market is moderate. The players in the market, such as Infosys Ltd., International Business Machines (IBM) corporation, and Kellton Tech Solutions Ltd., are concentrating on partnerships, mergers, and acquisitions to increase their market share in the country.
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Globe Newswire: 09:55 GMT Wednesday 15th May 2019
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