Digital Transformation Market Size to Hit US$ 1,692.4 Bn by 2030

London, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The global digital transformation market size was accounted at US$ 484.44 billion in 2021. The rising demand for the latest technologies such as artificial intelligence, data analytics, cloud computing, and internet of things across various industry verticals such as education, healthcare, retail, pharmaceutical, automotive, and BFSI is significantly driving the growth of the digital transformation market.

With the advent of the industry 4.0, the demand for the automation technologies in the manufacturing industry has witnessed a spike for automating the processes. The automation and digitalization of the operations increases the efficiency, enhances the customer experiences, and increases the productivity for the business entities. All these factors have resulted in the shift towards the digital technologies across the globe.

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Report Highlights

• Based on the technology, the internet of things segment dominated the market in 2020. The increased adoption of the IoT across the retail, automotive, manufacturing, logistics, healthcare, and other major industries have resulted in the dominance of this segment across the globe.
• Based on the end user, the healthcare is estimated to be the most opportunistic segment. This is attributed to the increasing investments in the development of smart hospitals, rising adoption of telehealth platforms, and favorable government investments to encourage the deployment of digital technologies across the healthcare units. Moreover, the growing geriatric population and increasing number of patients owing to rising burden of diseases are the prominent drivers of this segment.
• Based deployment, the cloud is estimated to be the fastest-growing segment. The easy data transfer, improved security, cheaper costs, easy accessibility, and improved performances are the major features of the cloud computing that favors the growth of this segment in the global data transformation market.
  
  

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Scope Coverage of the Digital Transformation Market

Regional Snapshot

North America was the dominating digital transformation market and accounted for 35% of the market share in 2020. North America is a capital intensive region where industries depends on the latest automated and digital equipment and machines in the manufacturing facilities, Moreover, the rising technological advancements has enabled the adoption of the digital technologies across the automotive, real estate, BFSI, and healthcare sectors. The increasing adoption of the digital platforms like telehealth, smart devices, and cloud computing in the healthcare sector is significantly boosting the growth of the digital transformation market in North America. Moreover, the increased penetration of internet, higher adoption of online finance platforms, higher adoption of smartphones, and presence of strong and developed IT and telecommunication infrastructure has favored the growth of the North America digital transformation market.

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Asia Pacific is estimated to be the most opportunistic segment during the forecast period. The increasing demand for the digital technologies among the large enterprises and the SMEs in the countries like China, India, and South Korea is a major driver of the market. The region is witnessing increased penetration of the digital technologies across the education, e-commerce, healthcare, and digital payments sector, which is expected to play a prominent role in the growth of the Asia Pacific digital transformation market in the forthcoming years.

Market Dynamics

Driver

Growing inclination towards digitalization

Almost all the organizations across various industries across the globe are shifting towards the digitalization of their businesses. The outbreak of the COVID-19 has forced all the organizations to invest in increasing their digital presence in order to remain competitive in the market. The increased adoption of the digital platforms among the consumers has increased the adoption of the digital technologies among the products and service providers. Moreover, the robotics technology is gaining rapid traction in the manufacturing industry that improves efficiency and productivity.

Restraint

High costs of implementing digital solutions

The adoption of the digital technologies involves a very high costs. The cost of various software and hardware that facilitates the digitization is very high and sometimes the SMEs faces financial restrictions in the adoption of such technologies. This may hamper the market growth during the forecast period.

Opportunity

Growing investments in the IT and telecommunications

The government and the corporate investments is increasing rapidly in the development of the IT infrastructure, especially in the developing regions. The presence of huge consumer base and rapid industrialization is attracting the investments in the development of the telecommunications and the IT infrastructure, which is expected to provide lucrative growth opportunities to the market players.

Challenge

Cybersecurity and data privacy

With the rising adoption of the digital technologies and cloud computing, the risks of cyberattack and data breach is increasing. These risks may significantly cause a huge financial loss to the enterprise and its customers. Therefore, the cybersecurity and data privacy are the major challenges faced by the market players in the digital transformation industry.

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Segments Covered in the Report

By Technology

• Analytics
• Cloud Computing
• Social Media
• AI
• IoT
• Block Chain

By End User

• Healthcare
• Government
• BFSI
• Retail
• Manufacturing
• Telecom & IT
• Others
  
  

By Deployment

• On-premises
• Cloud

By Enterprise

• Large Enterprise
• Small & Medium Enterprise (SME)

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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