Digital Transformation Market Size is projected to reach USD 2.1 Trillion by 2030, growing at a CAGR of 23.72%: Straits Research

New York, United States, Aug. 25, 2022 (GLOBE NEWSWIRE) -- In the emerging digital society, digital co-creation and digital transformation are becoming fundamental business operations. The resulting adjustments have ushered in a new era of company operations management that supports business strategy, produces better results, and engages customers online. Digital transformation is applying digital technologies like big data, social media, cloud computing, and mobility to improve corporate processes. Integrating digital tools and technologies into all corporate operations and functional areas is known as "digital transformation." This profoundly changes how businesses operate and deliver value to their customers. Companies need to go through a digital transformation if they want to expand, cut operational expenses, boost productivity, and monitor in-the-moment company activity. Organizations undergoing digital transformation are better equipped to handle disruption-related risks, such as those connected to restructuring their operations, market instability, and unforeseen geopolitical circumstances that could have unpredictable outcomes.

Adopting automated processes in place of manual ones reduces the possibility of user error. Organizations and businesses are encouraged to adopt linked devices and data-rich analytics solutions due to the rising demand for cutting-edge technologies like cloud computing and the Internet of Things (IoT). With the aid of these solutions, it is feasible to integrate intelligence capabilities into organizational processes and procedures to improve customer engagement and operational efficacy. The market is expected to be driven by the growing adoption of mobile devices, smartphones, and programs across business processes and departments throughout the forecast period, boosting digitization.

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Digitalization of Business Operations Spur the Demand for Digital Transformation

Innovative thinking and change in the corporate world have been sparked by advanced technologies, increasing profits. Some examples are cloud computing, the Internet of Things, big data analytics, mobility, and social media. The "digital transformation" of corporate operations refers to the integration of digital technologies and tries to modify how resources and technology are used to serve customers better. IoT, cloud migrations, and other projects have helped businesses accelerate their digital transformation worldwide. Digital technology has hastened to replace antiquated processes with modern, efficient ones.

Big data analysis must provide organizations with quick, precise, and in-the-moment feedback to develop new products and services or improve existing ones and gain a competitive edge. Businesses increasingly rely on big data and business intelligence to collect up-to-date information, acquire actionable insights, better understand client needs, and boost productivity. The increased use of modern technology has made it standard for customers to rate businesses primarily based on their online customer experience. To improve this front, companies are implementing digital transformation plans to enhance digital connections with customers. The need for digital transformation solutions is growing across a broader range of industry sectors. Consequently, expanding the market for digital transformation worldwide.

Demand for Customized Digital Transformation Creates Lucrative Market Opportunities

Businesses encounter growth issues regarding expertise in some areas, such as sales activities, business alliances, and an online clientele. These problems, along with several others, are resolved with the help of digital transformation solutions. Market vendors also offer highly tailored digital transformation solutions to their client's business challenges. The suppliers' data allows for this level of personalization, and as a result, tailored digital transformation fits customer needs and demands. Custom development has quickly become one of the companies' most essential techniques to get customers interested in their goods and brand. Customized product for a brand means producing a distinctive user experience. The main driver of client growth is apps, and their popularity demonstrates how in-demand they are. As a result, the growing demand for digitally accessible apps and services that offer a customized user experience opens up new business prospects.

Report Scope

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Regional Insights

Asia-Pacific will command the highest market share, expanding at a CAGR of 25.55% over the forecast period. The market for digital transformation in Asia-Pacific is encouraged by the continued zeal with which businesses in the region utilize the benefits of cloud-based solutions, such as cost-effectiveness. In Asia-Pacific, most smartphone owners browse social media on their devices. As a result, the region offers a variety of choices for digital transformation technology. Asia-Pacific is emerging as a significant market for necessary providers due to developing firms operating primarily in swiftly expanding industries like BFSI and retail, which are gradually adopting sophisticated digital transformation solutions. The rising use of AI-driven advanced analytics solutions and IoT-based sensors and devices to deliver customized services for B2C and B2B consumers is one of the crucial factors driving the rise of the regional market.

North America is expected to generate USD 697 billion by 2030, growing at a CAGR of 22.53%. The widespread digital transformation across various sectors and industry verticals, including retail, banking, IT & telecom, and hospitality, is one of the reasons affecting the growth of the regional market. The increasing customer demand for posting reviews and sharing experiences on digital media is prompting businesses and organizations to undergo a digital transformation and adopt solutions as part of their efforts to adhere to a customer-centric business strategy. As a result, companies in the US and Canada are making significant investments and allocating a particular budget for marketing and digital media. The use of cloud computing for deploying various high-tech solutions, such as content management, marketing automation, and CRM on cloud platforms, is promoted by numerous organizations and institutions in the United States. Therefore, American businesses' continued use of advanced technology is favorable for market growth.

Key Highlights

• The global digital transformation market size had a revenue holding of USD 400.34 billion in 2021. It is expected to reach USD 2,198 billion by 2030, growing at a CAGR of 23.72% during the forecast period (2022–2030).
• By solution, the global digital transformation market includes Analytics, Cloud Computing, Mobility, Social Media, and Others. The Analytics section is projected to advance at a CAGR of 20.72% and hold the largest market share over the forecast period.
• By service, the global digital transformation market includes Professional Services and Implementation & Integration. The Professional section is projected to advance at a CAGR of 25.35% and hold the largest market share over the forecast period.
• By deployment, the global digital transformation market includes Hosted and On-premise. The Hosted section is projected to advance at a CAGR of 28% and hold the largest share over the forecast period.
• By enterprise size, the global digital transformation market includes Small & Medium Enterprises (SMEs) and Large Enterprises. The Large Enterprises section is projected to advance at a CAGR of 22.4% and hold the largest market share over the forecast period.
• By end-user, the global digital transformation market includes BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, and Others. The BFSI section is projected to advance at a CAGR of 24.5% and hold the largest market share over the forecast period.
• By region, the global digital transformation market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the highest market share.

Competitive Players in the Market

• 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.

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Global Digital Transformation Market: Segmentation

By Solution

• Analytics
• Cloud Computing
• Mobility
• Social Media
• Others

By Service

• Professional Services
• Implementation & Integration

By Deployment

• Hosted
• On-premise

By Enterprise Size

• Small & Medium Enterprises (SMEs)
• Large Enterprises

By End-user

• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA 

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Digital Transformation Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Solution Overview
   1. Introduction
      1. Market Size & Forecast
   2. Analytics
      1. Market Size & Forecast
   3. Cloud Computing
      1. Market Size & Forecast
5. Service Overview
   1. Introduction
      1. Market Size & Forecast
   2. Professional Services
      1. Market Size & Forecast
   3. Implementation & Integration
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Solution
         2. By Service
      3. Canada
         1. By Solution
         2. By Service
      4. Mexico
         1. By Solution
         2. By Service
      5. Latin America
         1. By Solution
         2. By Service
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Solution
         2. By Service
      3. France
         1. By Solution
         2. By Service
      4. U.K.
         1. By Solution
         2. By Service
      5. Italy
         1. By Solution
         2. By Service
      6. Spain
         1. By Solution
         2. By Service
      7. Rest of Europe
         1. By Solution
         2. By Service
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Solution
         2. By Service
      3. China
         1. By Solution
         2. By Service
      4. Australia
         1. By Solution
         2. By Service
      5. India
         1. By Solution
         2. By Service
      6. South Korea
         1. By Solution
         2. By Service
      7. Rest of Asia-Pacific
         1. By Solution
         2. By Service
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Solution
         2. By Service
      3. South Africa
         1. By Solution
         2. By Service
      4. Kuwait
         1. By Solution
         2. By Service
      5. Rest of Middle East & Africa
         1. By Solution
         2. By Service
7. Company Profile
   1. Accenture plc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Apple Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Adobe Systems Incorporated
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/digital-transformation-market/toc 

Market News

• In 2022, Accenture plc acquired Romp, an Indonesian brand and experience agency. The expansion will improve Accenture Song's capacity to provide customers in Southeast Asia with tech-driven and creative brand experiences.
• In 2022, Adobe Systems Incorporated launched Frame.io, providing its Creative Cloud users with a top-tier video collaboration platform.

News Media

Digital Transformation to Uplift Security Standards and Easy Authority Access and Drive Image Recognition Market

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BigData Analytics Market: Information by Component (Solution and Services), Application (Customer Analytics, IoT), End users (Healthcare, IT Telecom), and Region — Forecast till 2026

Digital Marketing Software Market: Information by Software (CRM Software, Email Marketing, Social Media), Service (Professional Services, Managed Services), and Region — Forecast till 2030

Cloud Computing Market: Information by Model (IaaS, SaaS, PaaS), Deployment (Public, Private, Hybrid), Application, Vertical (IT and Telecom, Manufacturing), and Region — Forecast till 2027

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