Dubai, UAE, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to the latest report by Kings Research, the global Digital Transformation Market registered a valuation of USD 710.87 billion in 2022 and is estimated to be worth USD 4,207.38 billion by 2030, growing at a CAGR of 24.89% from 2023 to 2030. A major factor propelling market growth is the widespread adoption of digital solutions, particularly in developing and underdeveloped regions. This surge is primarily boosted by the imperative for businesses to streamline their operations, enhance customer interactions, and harness the potential of emerging technologies.
In addition, the increasing adoption of IoT technologies, the growing prevalence of BYOD (Bring Your Own Device) practices, and government initiatives are aimed at promoting digital transformation. Furthermore, this growth is fueled by the ever-pressing need for businesses to optimize their processes, enhance customer experiences, and harness the transformative capabilities of cutting-edge technologies such as big data analytics, artificial intelligence, and cloud computing.
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Competitive Landscape
Leading companies in the global digital transformation industry are strategically pursuing various key business tactics to bolster their market presence. These tactics include forming partnerships, engaging in mergers and acquisitions, driving product innovations, and entering into joint ventures.
Key manufacturers in the global digital transformation market include:
- Microsoft
- Amazon Web Services, Inc.
- Oracle
- Salesforce, Inc.
- Cisco Systems, Inc.
- Accenture
- Adobe
- IBM
- SAP SE
Trending Now: DEWA and Abu Dhabi Public Prosecution Collaborate to Drive Digital Transformation
In September 2023, DEWA, the Dubai Electricity and Water Authority, and the Abu Dhabi Public Prosecution announced a collaboration to drive innovation, excellence, and digital transformation. The collaboration focuses on exchanging expertise in various aspects of digital transformation as well as highlighting DEWA's best practices and global experiences in these vital areas.
This collaboration is a significant step towards accelerating digital transformation in the UAE. DEWA and the Abu Dhabi Public Prosecution are two of the most respected organizations in the country, and their combined expertise in digital transformation will be invaluable.
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Increased Penetration of Analytics Solutions to Boost Digital Transformation Efficiency
Based on solution, the market is further segmented into analytics, cloud computing, mobility, social media, and others.
The analytics segment dominated the global digital transformation market in 2022. This growth is attributable to the increased penetration of versatile analytics solutions in various industries. There is a rising demand for big data analysis and valuable insights. Analytics solutions help improve operational efficiency, yield optimization and reduce equipment downtime. By using these solutions effectively, businesses gain a better understanding of consumer behavior and can make accurate sales forecasts.
On-Premise Deployment of Advanced Data Security to Aid Digital Transformation Market Development
In terms of deployment, the market is divided into hosted, cloud, and on-premise.
The on-premise segment accounted for the lion’s share of the market in 2022 and is slated to observe notable progress over the assessment period of 2023-2030. On-premise solutions are highly favored due to their advanced data security, helping companies comply with government regulations. They further offer more control over sensitive data.
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Growing Demand for Better Customer Experience to Propel Digital Transformation Market Expansion
The digital transformation market is experiencing robust growth due to the rising demand for improved customer experiences. As a result, businesses are embracing digital transformation strategies to enhance customer engagement, foster loyalty, and provide superior experiences, which is propelling market expansion.
Moreover, the continuous influx of new technologies and innovations is another factor fostering market progress. The adoption of digital services and solutions empowers businesses to streamline operations, reduce expenses, and enhance overall efficiency. As companies increasingly leverage digital technologies to facilitate interconnected systems and data-driven decision-making, the market is poised to observe substantial growth.
Advanced Technological Infrastructure in North America to Bolster Digital Transformation Market Penetration
North America has emerged as a key player in the digital transformation market, driven by several factors such as advanced technological infrastructure, widespread internet penetration, and a strong focus on innovation. The region is home to some of the world's largest technology companies and has a highly skilled workforce, making it an ideal environment for digital transformation initiatives.
In addition, surging digital maturity in countries such as the United States and Canada owing to well-established digital infrastructure, including high-speed internet connectivity, and advanced telecommunications networks, supports domestic market growth. This infrastructure provides a solid foundation for the adoption of digital technologies across various industries.
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Key Points from TOC:
1 Introduction of the Global Digital Transformation Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Digital Transformation Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Digital Transformation Market, By Solution
7 Global Digital Transformation Market, By Deployment
8 Global Digital Transformation Market, By End-Use
9 Global Digital Transformation Market, By Enterprise Size
10 Global Digital Transformation Market, By Geography
11 North America
12 Europe
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Digital Transformation Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 Microsoft
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Amazon Web Services, Inc.
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Google
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Oracle
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Salesforce, Inc.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued…
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