Digital Transformation Market Size to Surpass USD 8.92 trillion by 2030, Exhibiting a CAGR of 21.6%

As per the report by Fortune Business Insights, the global Digital Transformation Market size is projected to reach USD 8.92 trillion by 2030, at a CAGR of 21.6% during the forecast period.

Pune,India, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Digital Transformation Market size was valued at around USD 1.91 trillion in 2022. The market is forecast to rise from USD 2.27 trillion in 2023 to USD 8.92 trillion by 2030 at a CAGR of 21.6% during the assessment period 2021-2030. The expansion is due to the rise of smart cities and urbanization, and integration of IoT sensors across industries. Fortune Business Insights™ has mentioned these insights in its latest research report, titled, “Digital Transformation Market Forecast, 2023-2030.”

According to the study, the trend for AI in the medical and healthcare sectors will boost industry growth. Industry players are expected to seek machine learning and AI in geospatial data to bolster efficiency and provide advanced solutions to end-users.

Key Industry Development:

In order to securely connect any item to the cloud and enable seamless integration with AWS IoT services, such as AWS IoT Core, AWS announced IoT ExpressLink. The developers would be assisted in overcoming technical challenges and reducing additional time to market using modules with AWS IoT ExpressLink.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2022 to 2029 CAGR 21.6%
2030 Value Projection USD 8.92 trillion
Base Year 2022
Digital Transformation Market Size in 2022 USD 1.91 trillion
Historical Data for 2019 to 2021
No. of Pages 217
Segments covered Technology, Enterprise, Deployment, Industry

Key Takeaways:

  • Digital Transformation Market is expected to flourish & reach USD 6.78 Trillion in 2029
  • Companies are investing more in robotic systems due to increased manufacturing capabilities and improved worker safety.
  • Through partnerships, acquisitions, and collaborations, the corporations are making investments in the adoption of 5G and the development of cloud infrastructure.
  • Throughout the projection period, the SMEs category is expected to develop with a modest CAGR. Several SMEs and start-ups have begun to see the value of integrating digital technology into their operations.
  • Digital Transformation Market Size in North America was USD 697.23 Billion 2021

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Drivers & Restraints:

Growth to be Driven by Increased Cloud Infrastructure Use and Investment in IoT and 5G

The capacity, usefulness, and flexibility of many sectors will be improved by the integration of 5G, IoT, and cloud technologies, particularly for cloud firms. To offer quicker speed, lower latency, and greater capacity, many businesses are computing 5G with cloud services. For instance, Ericsson serves more than 230 clients globally with cloud infrastructure. Swisscom, Telkomse, Telefonica, Far EasTone, XL Axiata, and many other companies are among the company's top service suppliers. Ericsson NFVI, the company's telco-grade cloud platform with 5G and cloud capability, utilizes cloud computing platforms like SaaS, PaaS, IaaS, and many others with quick 5G core deployment to run telecom, operations support systems, and numerous IT and IoT applications. By forming alliances, making acquisitions, and working together, the businesses are making investments in the adoption of 5G and the development of cloud infrastructure. These factors are anticipated to increase the digital transformation market share.

On the contrary, while adopting digital technology, security issues for company data are a top priority as they may stifle the digital transformation market growth. The rising adoption of cloud, AI, IoT, and blockchain technologies necessitates improved privacy and protection in order to reduce cyberattacks and data breaches.


Growing IoT Device Connectivity to Increase Market Share Globally

The market is segmented into cloud computing, Big Data and analytics, cybersecurity, Artificial Intelligence (AI), Internet of Things (IoT), business intelligence, and blockchain based on technology.

The expansion of the cloud-based digital transformation market is anticipated to be driven by rising IoT device usage and increasing data volume generation. Massive volumes of data are produced by IoT devices, necessitating greater storage capacity. The International Energy Agency (IEA) estimates that 42.62 billion IoT devices, sensors, and actuators will be installed worldwide by 2022.

Large Enterprise Segment to Lead Driven by Digitization Need

Based on enterprise type, the market is bifurcated into large enterprises and Small & Medium Enterprises (SMEs).

The large businesses segment is anticipated to have the largest share. This is primarily due to increased digitalization and large-scale businesses' adoption of cutting-edge technologies such as cloud computing, AI, and IoT. The European Communication Organization reports that 43% of businesses have digitized their operations and adopted cloud computing technologies. Big corporations are able to make investments in cutting-edge technology.

Growing Use of Cloud Services by Companies Worldwide Fuels Market Growth

The market is divided into on-premise and cloud based on deployment.

In 2021, the on-premise segment was the largest globally. Due to its security and customization capabilities, on-premises deployment of digital solutions was initially chosen by businesses across the world.

Throughout the forecast period, the cloud segment is anticipated to develop at the greatest CAGR. The market is growing as a result of increasing cloud infrastructure investments and the quick migration of business workloads from on-premises to the cloud.

BFSI Experiences High Digital Technology Usage, Driving Market Growth

Based on industry, the market is categorized into IT and telecommunications, BFSI, retail and consumer goods, transportation and logistics, government, healthcare, and others (oil and gas, media and entertainment).

Due to the BFSI segment's growing adoption of smart devices, it held the biggest market share. For instance, in January 2022, Bank of America introduced CashPro Forecasting software, based on AI and Machine Learning (ML) technology, to precisely forecast its clients' future cash positions. The AI-based solution created in partnership with finance company Cashpro Online focuses on AI and ML technology.

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Regional Insights:

North America Dominates the Market due to Increasing Government Initiatives

Due to growing government initiatives and investments in digital technologies such as cloud computing, IoT, AI, and others, North America is anticipated to lead the global market. The Canadian government introduced digital government policies in 2021 with the goal of coordinating the adoption of digital technologies such as cloud computing and Artificial Intelligence (AI) for the modernization of IT systems. For instance, the U.S. federal government set aside approximately USD 100 billion in 2021 to invest in bringing cutting-edge technology and high-speed internet access to American homes.

List of Key Players Mentioned in the Report:

  • Alphabet LLC (U.S.)
  •, Inc. (U.S.)
  • Microsoft Corporation (U.S.)
  • IBM Corporation (U.S.)
  • Apple Inc. (U.S.)
  • Salesforce Inc. (U.S.)
  • SAP SE (Germany)
  • Cisco Systems, Inc. (U.S.)
  • Alibaba Group Holding Limited (China)
  • Feuji Inc. (U.S.)

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How big is the Digital Transformation Market?

Digital Transformation Market size was USD 1.91 trillion in 2022. It is expected to reach USD 8.92 trillion by 2030.

How fast is the Digital Transformation Market growing?

The Digital Transformation Market will exhibit a CAGR of 21.6% during the forecast period, 2023-2030

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