LONDON, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the digital transformation market, the increasing adoption of machine learning and artificial intelligence is expected to drive the growth of the digital transformation market going forward. Digital transformation provides traditional businesses with solutions like cloud computing, big data & analytics, data management, and other advanced features such as artificial intelligence and machine learning, which help in the optimization of business operations, leading to reduced efforts in operations and increased efficiency. Thus, their usage increased in various sectors such as healthcare, banking, transportation, manufacturing, and others, increasing the demand in the digital transformation market.
For instance, according to the report published by Cloudmantra, an India-based technology services company, the usage of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20% while reducing material usage by 4% in 2021. It also gives manufacturers the ability to control Overall Equipment Effectiveness (OEE) at the plant level, increasing OEE performance from 65% to 85%. Furthermore, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers are using artificial intelligence to improve daily operations, design products, and plan their future operations. Therefore, the rising adoption of machine learning and AI drives the digital transformation market.
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The global digital transformation market size is expected to grow from $0.94 trillion in 2021 to $1.17 trillion in 2022 at a compound annual growth rate (CAGR) of 24.7%. The global digital transformation market share is expected to grow to $2.64 trillion in 2026 at a CAGR of 22.4%.
Technological advancement in digital solutions is gaining popularity among the digital transformation market trends. Major companies operating in the digital transformation market are focused on developing technologically advanced products to strengthen their market position. For instance, in April 2020, Oracle Corporation, a US-based computer technology corporation and software solutions provider, built a new cloud data storage service called GoldenGate, an oracle’s cloud infrastructure software that uses real-time data analytics for the analysis of data. Real-time data analysis provides a very quick analysis of data by using different logical and mathematical operations, which helps in understanding business requirements and implementing any decision instantly. GoldenGate provides clients with a highly automated and fully managed cloud service such as database replication, analyzing real-time data, and real-time data ingestion to the cloud, which will make daily business operations easy and analyzable.
Major players in the digital transformation market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Google Inc., Cognizant, Accenture PLC, Dell EMC, Siemens AG, Hewlett-Packard Company, Adobe Systems Inc., Capgemini, Cognex Corporation, Deloitte, Marlabs Inc., Equinix Inc., PricewaterhouseCoopers, Apple Inc., Broadcom, CA Technologies, KELLTON TECH, International Business Machines Corporation, Hakuna Matata Solutions, ScienceSoft Inc., SumatoSoft, Space-O Technologies, HCL Technologies, and Tibco Software Inc.
The global digital transformation market analysis is segmented by technology into cloud computing, big data and analytics, artificial intelligence (AI), internet of things (IoT), blockchain; by deployment mode into cloud, on-premises; by organization size into large enterprises, small and medium-sized enterprises (SMEs); by end-user into BFSI, healthcare, telecom and IT, automotive, education, retail and consumer goods, media and entertainment manufacturing, government, others.
North America was the largest region in the digital transformation market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global digital transformation market during the forecast period. The regions covered in the global digital transformation industry outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Digital Transformation Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide digital transformation market overviews, analyze and forecast market size and growth for the whole market, digital transformation market segments and geographies, digital transformation market trends, digital transformation market drivers, digital transformation market restraints, digital transformation market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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