Newark, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 698.0 billion digital transformation market will reach USD 6500.6 billion by 2032. Digital transformation assists organisations in dealing with numerous risks connected with disruption, such as rebuilding corporate, market fluctuation, and unforeseen geopolitical events, which can result in irregular outcomes. Furthermore, shifting from a traditional to a new digitalized setup facilitates the introduction of many new technically advanced products and services. Salesforce, Inc., for example, introduced new features to its Customer Data Platform, an AI-powered conversational intelligence platform, in April 2022, including service and marketing cloud capabilities. These features help service and marketing teams to create personalised experiences that strengthen customer relationships in a variety of industries, including BFSI, manufacturing, and healthcare. During the forecast period, these initiatives will help to promote the growth of the digital transformation market.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential digital transformation market share. Governments' increasing efforts to collaborate with significant technology businesses worldwide to drive digitalization in the region. For example, in February last year, Cisco cooperated with the Japanese government on a digitization project including multiple industry verticals such as government, education, healthcare, and business. In a global comparison of digital health revenue, China will generate the highest amount, USD 44,678.66 million, this year. South Korea's Ministry of Science and ICT announced the launch of the Korean New Deal Comprehensive Plan, which aims to help the country transition into a major economy by putting digital capabilities at the forefront of all industrial fields, thereby advancing digital innovation centred on artificial intelligence (AI) and data.
The on-premises segment dominated the market with the most significant revenue of USD 369.9 billion.
The on-premises segment dominated the market with the most significant revenue of USD 369.9 billion due to the rising usage of mobile devices and developments in information-sharing technology. Beyond simply adopting digital technology, on-premises provides another level of digital transformation by reconstructing processes and tools and offering experiences in a virtual environment accessible from anywhere.
The large enterprises segment dominated the market with the most significant revenue of USD 474.6 billion.
The large enterprises segment dominated the market with the most significant revenue of USD 474.6 billion. Large organizations are increasingly introducing digital workplace offerings despite their limited organizational infrastructure. Large organizations gain from greater worker and business efficiency, mobilized desk-based operations, a faster time to market, lower costs, and a better customer experience.
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Market Dynamics:
Drivers: Rising Usage of Mobile Phones
The increasing sophistication of mobile devices and apps has transformed many facets of modern life. Mobile devices have provided constant connectivity, allowing users to access the internet and numerous digital services at any time and location. This has changed how people engage with information, services, and others, resulting in new business models and prospects for businesses. Mobile devices deliver productivity and efficiency-boosting tools and applications. Employees can be more productive and responsive to business needs by accessing corporate apps, collaborating remotely, and handling work on the go.
Restraint: Data Privacy
Concerns about data privacy and security impose substantial constraints on digital transformation attempts. As organizations increasingly rely on technology to expedite processes, improve customer experiences, and drive innovation, massive volumes of sensitive data must be collected, stored, and analyzed. However, consumers, regulatory organizations, and businesses are concerned about the possible risks of data breaches, unauthorized access, and abuse of personal information.
Opportunity: Technological Transformations
Through digital transformation, organizations can revolutionize their operations by incorporating digital tools and technology. Companies can streamline processes, improve productivity, and gain a competitive advantage by embracing innovative solutions such as cloud computing, artificial intelligence, big data analytics, and automation. Employees may operate more productively from anywhere because digital solutions offer seamless collaboration, remote work capabilities, and real-time data access.
Challenge: Lack of Understanding
Dealing with legacy systems and old technologies is a part of digital transformation. Many organizations rely on legacy systems that have existed for years, if not decades and are based on obsolete technologies and architecture. These systems frequently need interoperability with newer technology, making incorporating new digital solutions difficult. Upgrading or replacing these legacy systems necessitates meticulous planning, substantial investments, and probable disruptions to existing operations.
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Some of the major players operating in the digital transformation market are:
● Accenture plc
● Apple Inc.
● Adobe Systems Incorporated
● CA Technologies
● Dell EMC
● Hewlett Packard Enterprise Co.
● International Business Machines Corporation
● Microsoft Corporation
● Kellton Tech Solutions Ltd.
● Google Inc.
Key Segments cover in the market:
By Deployment Mode:
● Cloud
● On-Premises
By Organization Size:
● Large Enterprises
● Small and Medium-sized Enterprises (SMEs)
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About the report:
The global digital transformation market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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