Vancouver, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global market for digital transformation attained a significant size of USD 492.43 Billion in the year 2021. Forecasts from the latest analysis by Emergen Research indicate an anticipated compound annual growth rate (CAGR) of 20.8% in revenue over the projected period. This growth trajectory is primarily propelled by the escalating recognition among enterprises regarding the importance of integrating digital technology.
Digital transformation refers to the strategic employment of digital technology for the purpose of innovating or adapting current business processes, organizational culture, and customer interactions. This strategic shift is driven by the imperative to accommodate evolving business and market demands. Often, customer expectations play a pivotal role in motivating the adoption of digital transformation. Businesses are compelled to embrace this paradigm shift if they intend to remain competitive and successful.
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A substantial portion of businesses perceive the necessity to evolve in response to the transformative influences that digitization has on market dynamics. Notably, 56% of businesses have outlined their intentions to prioritize digital transformation by the year 2021. The overarching goal of this transformational journey is threefold: to augment business expansion, elevate the quality of customer experiences, and establish novel streams of revenue generation. As part of this process, companies typically integrate digital technology solutions with the intention to amplify operational efficiency, curtail operational costs, and address various other pertinent business challenges.
Illustratively, consider the scenario of a banking institution utilizing automated form-generation software as a means to optimize time management and streamline processes. This demonstrates the practical applications of digital technology adoption in enhancing business operations.
Furthermore, the integration of Artificial Intelligence (AI) within the landscape of digital transformation is giving rise to abundant prospects within the market. AI, in essence, is a technology that empowers machines, particularly computer systems, to emulate human cognitive processes. Its escalating efficiency and heightened productivity underline its immense potential and manifold advantages.
The trajectory of digital transformation is notably propelled by the integration of Artificial Intelligence (AI), encompassing facets like machine learning, Natural Language Processing (NLP), data labeling platforms, and predictive analytics. These advancements equip enterprises with the capability to meticulously analyze data, facilitating predictions about the future and recommendations for optimal courses of action. A prominent application is evident in the deployment of AI-driven automation, enabling service providers to furnish reliable services alongside continuous chatbot support. In addition, leveraging intelligent data analytics can yield enhancements in workflow efficiency, the personalization of customer interactions, and a reduction in support-related expenditures.
Yet, it's imperative to acknowledge that the landscape of enterprise software inherently carries complexity. The introduction of innovative technologies can often evoke feelings of intimidation. This aspect presents a significant challenge for businesses embarking on their digital transformation journey, encompassing challenges related to implementation, data assimilation, and end-user experiences. As organizations embark on transformational initiatives, it's prudent for leaders to recognize and address this complexity, seeking solutions that offer user-friendly interfaces and seamless integration.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 492.43 Billion |
| CAGR (2022–2030) | 20.8% |
| Revenue forecast to 2030 | USD 2,669.48 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, deployment, organization size, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | IBM, SAP SE, Oracle, Microsoft Corporation, Accenture, Google LLC, HCL Technologies Limited, Hewlett Packard Enterprise Development LP, Cisco Systems, Inc., Alibaba Cloud, Broadcom, Marlabs, Cognizant, and Capgemini |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global digital transformation market is fairly fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective digital transformation solutions. Some of the major companies included in the global digital transformation market report are:
- IBM
- SAP SE
- Oracle
- Microsoft Corporation
- Accenture
- Google LLC
- HCL Technologies Limited
- Hewlett Packard Enterprise Development LP
- Cisco Systems, Inc.
- Alibaba Cloud
- Broadcom
- Marlabs
- Cognizant
- Capgemini
Strategic Development
- On 18 October 2022, Oracle, and HSBC announced a strategic partnership to accelerate the digital transformation in banks. According to the agreement HSBC will upgrade and move select database systems to Oracle Exadata Cloud@Customer, which is a cloud platform delivered as a managed infrastructure service in HSBC's data centers. The collaboration contributes to HSBC's multi-year initiative to transform its technology infrastructure to accelerate the development, delivery, and scaling of new products and services; improve the security and availability of its products; and build digital capabilities and skills across its workforce.
- On 31 March 2021, SAP SE introduced a new service package that assists businesses in developing sustainability data to improve efficiency and operational responsibility. By applying a sustainability perspective to the value-creation process, the sustainability service package reimagines business operations and organizational decision-making. The new service package provides customers with a structured, easy-to-implement approach to achieving long-term business success. It provides an overview of the SAP product and service portfolio and enables customers to align their processes and business requirements to create an innovation or implementation roadmap.
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Some Key Highlights from the Report
- The cloud segment is expected to register a significantly fast revenue growth rate over the forecast period. Cloud Computing is a powerful technology that organizations can use to accelerate transformation plans as they recover to pre-COVID-19 levels. Cloud computing empowers organizations to collaborate with cloud service providers to provide intelligent digital solutions that are accessible, adaptable, and agile.
- The healthcare segment is expected to account for a significant revenue share over the forecast period. Digital transformation in healthcare can reduce paperwork, speed up patient exams, and make it simpler and more convenient to access accurate patient health data. In addition, The COVID-19 pandemic significantly altered the current system of the healthcare industry. Virtual health and home care became the model of not only a necessity but also a preference, which is boosting the revenue growth of this segment.
- Market in North America accounted for the largest revenue share in the global digital transformation market in 2021 due to the various initiatives being attempted by government bodies in the region to speed up the digital transformation process in countries across the region, especially in U.S. and Canada. A digital transformation initiative for 200 micro, small, and medium-sized businesses in the manufacturing, agricultural, and metalworking sectors was launched by the US government in April 2022, which is expected to boost the revenue growth of the market in this region.
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Emergen Research has segmented the global digital transformation market on the basis of component, deployment, organization size, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019-2030)
-
- Solutions
- Services
- Deployment Outlook (Revenue, USD Billion; 2019-2030)
-
- Cloud
- On-Premises
- Organization Size Outlook (Revenue, USD Billion; 2019-2030)
-
- Large Enterprise
- Small & Medium Enterprise
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
-
- BFSI
- Healthcare
- Manufacturing
- IT & Telecom
- Government
- Retail
- Media and Entertainment
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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