Richmond, Dec. 15, 2023 (GLOBE NEWSWIRE) -- According to a research report "Digital Transformation Market”, By Technology (Cloud Computing, Big Data and Analytics, Mobility/ Social Media, Cybersecurity, Artificial Intelligence, Internet of Things, Others), Deployment (Cloud, On-premises), Organization (SMEs, Large Enterprises), Vertical (BFSI, Retail and E-Commerce, IT and Telecom, Media and Entertainment, Manufacturing, Healthcare and Life Sciences, Education, Government, and Defense, Others), and Region - Global Forecast to 2030".
Global Digital Transformation Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 648.39 Billion |
| Market size value in 2030 | USD 3,113.9 Billion |
| CAGR (2023-2030) | 21.67% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Technology, Deployment, Organization, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Digital Transformation Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities and product Offerings / Mapping), Technology Assessment (Developments and economic Impact), Partner and customer Ecosystem (Product Services, Proposition and key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The digital transformation market is experiencing unprecedented growth as organizations worldwide increasingly embrace technological advancements to redefine their business processes and operations. Fueled by the integration of cutting-edge technologies such as artificial intelligence, cloud computing, and the Internet of Things, digital transformation initiatives are reshaping industries. This shift is driven by the imperative to enhance efficiency, agility, and customer experiences. Key trends include a widespread adoption of cloud-based solutions, the infusion of AI and machine learning into business strategies, and an overarching focus on elevating customer experiences through digital channels. Businesses across various sectors are navigating this landscape to stay competitive, with North America leading in adoption, closely followed by Europe and the Asia-Pacific region. As the digital transformation market continues to evolve, it presents both challenges, such as legacy system upgrades and security concerns, and opportunities, including the integration of emerging technologies and the development of industry-specific solutions.
Major vendors in the global Digital Transformation Market:
- Accenture plc
- Adobe Systems Inc.
- Broadcom, Inc.
- Cisco Systems, Inc.
- Dell EMC
- Dempton Consulting Group
- Google Inc.
- Happiest Minds
- Hewlett Packard Enterprise Co.
- International Business Machines Corporation
- Kellton Tech Solutions Ltd.
- Microsoft Corporation
- Salesforce, Inc.
- SAP SE
- TIBCO Software
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The expanding reach of mobile technology and apps in modern life
The pervasive influence of mobile devices and applications has brought about a significant revolution in numerous facets of contemporary living. The advent of mobile devices has facilitated uninterrupted connectivity, empowering individuals to seamlessly access the internet and various digital services irrespective of their location or time. This transformation has not only reshaped how people engage with information, services, and each other but has also given rise to novel business models and prospects for organizations.
Mobile devices serve as conduits for a myriad of tools and applications that enhance productivity and efficiency. Through the accessibility of business applications, the ability to collaborate remotely, and the capability to manage tasks on the fly, employees are empowered to be more productive and agile in responding to the dynamic needs of businesses.
Market Dynamics
Drivers:
- Increasing Adoption and Investment in Cloud Infrastructure, IoT, and 5G
- The growing adoption of digital experience platforms
- The growing importance of artificial intelligence (AI)
Opportunities:
- Streamlining Operations and Improving Efficiency
- Rapid Evolution And Integration Of Emerging Technologies
The rise of cloud-native applications
The ascendancy of cloud-native applications stands out as a pivotal trend in the digital transformation market. Organizations are increasingly shifting away from traditional, on-premise software architectures in favor of cloud-native solutions, driven by the need for greater agility, scalability, and cost-effectiveness. Cloud-native applications are designed specifically for cloud environments, capitalizing on containerization, microservices, and continuous integration/continuous deployment (CI/CD) pipelines. This approach enables faster development cycles, easier scalability, and seamless integration with other cloud services. The trend toward cloud-native applications is not only reshaping how software is developed and deployed but is also fostering a culture of innovation within organizations, allowing them to adapt more swiftly to changing market dynamics and deliver enhanced user experiences. As businesses continue to prioritize digital transformation, the adoption of cloud-native applications is likely to accelerate, becoming a cornerstone for modern, agile, and efficient operations.
The market for Digital Transformation Market is dominated by North America.
North America dominated the market with the highest revenue share, primarily driven by the widespread adoption of diverse online payment methods and the rapid uptake of cloud computing technologies. Additionally, the increasing inclination of consumers in the region towards utilizing digital platforms for posting reviews and sharing experiences is compelling brands and enterprises to embrace digital transformation solutions and cultivate customer-centric business models. Consequently, enterprises in both the U.S. and Canada are displaying robust investment initiatives, allocating dedicated budgets for marketing and digital channels to align with and support this prevailing industry trend.
The Asia Pacific region is poised to emerge as the most rapidly advancing market, with a significant share CAGR. This growth is primarily attributed to the increasing adoption of digital transformation solutions among Small and Medium Enterprises (SMEs). The region's market expansion is further propelled by the widespread uptake of AI-driven advanced analytics tools and the integration of IoT-based sensors and devices, enabling the provision of personalized services to both B2C and B2B consumers. A significant number of smartphone users in the Asia Pacific are actively engaging with social media platforms via their mobile devices, adding to the impetus behind the region's digital transformation market surge.
Large Enterprises Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Digital Transformation market share was dominated by the large enterprise segment. Large enterprises are prioritizing digital transformation due to its facilitation of seamless business process execution and cost-effectiveness. This emphasis is crucial for their need for enhanced adaptability, robust data protection, and streamlined framework coordination. With superior financial capabilities, large enterprises can implement advanced techniques across their entire organizational spectrum, thereby enhancing overall business profitability.
The Small & Medium Enterprise (SME) segment is anticipated for a significant growth during the forecast period. The escalating importance of improved customer experiences, heightened business scalability, and the rapid pace of digitization are driving the adoption of digital transformation solutions in SMEs. Additionally, there is a growing demand for cloud-based solutions among SMEs due to their cost-effectiveness and wider availability, factors expected to fuel the market's growth in this segment throughout the forecast period.
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