Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Digital Transformation Market by Offering (Solutions & Services), Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI), Business Function (Accounting & Finance, IT, HR), Vertical,& Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering

The digital transformation market size is to grow from USD 695.5 billion in 2023 to USD 3,144.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period.

The process of digital transformation entails the integration of cutting-edge digital technologies, including AI, ML, cloud computing, big data & analytics, mobility, and social media management, across various dimensions of a business. This integration aims to enhance operational efficiency and deliver enhanced value to all stakeholders involved.

Through the strategic implementation of these digital tools, business process models can be revolutionized to effectively bolster revenue generation. In fact, digital transformation solutions have the potential to elevate customer engagement, empower the workforce, streamline business workflows, and refine product offerings.

The pivotal capability to gather, analyze, and harness substantial volumes of real-time data has emerged as a vital asset for enterprises, serving as a linchpin for making informed decisions grounded in data insights. This resourceful approach facilitates data-driven decision-making, personalization of offerings, and overall process optimization. Additionally, the pervasive utilization of digital channels and the increasing tech-savviness of consumers have cultivated a demand for integrated and seamless digital interactions across all points of engagement.

Furthermore, a comprehensive evaluation of market shares, growth strategies, and service portfolios is conducted on prominent players within the digital transformation domain. This analysis encompasses leading industry names such as Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), and Marlabs (US), offering insights into their strategic positions within the dynamic landscape of the digital transformation market.

The AI technology has the highest CAGR during the forecast period.

By technology, the digital transformation market has been segmented into cloud computing, big data & analytics, blockchain, cybersecurity, AI, and IoT. The CAGR of AI technology is estimated to be the highest during the forecast period. Digital transformation with AI technology is the increasing demand for enhanced customer experiences and personalized services.

AI-powered solutions enable businesses to analyze vast amounts of data in real-time, allowing them to gain valuable insights into customer preferences and behaviour. This empowers organizations to deliver tailored and proactive services, resulting in improved customer satisfaction and loyalty.

By offering, the Services segment has the highest CAGR during the forecast period.

By offering, the digital transformation market has been segmented into solutions and services. The CAGR of services is estimated to be the largest during the forecast period. Digital transformation services are experiencing a surge in popularity driven by several key factors.

The growing demand for enhanced customer experiences and engagement has pushed organizations to adopt innovative technologies and strategies that enable personalized interactions and seamless omnichannel experiences.

By vertical, the BFSI segment has the largest market size during the forecast period.

The increasing customer demand for seamless and personalized digital experiences has led financial institutions to invest in technologies such as AI, machine learning, and data analytics to enhance customer engagement, streamline processes, and offer personalized financial solutions.

The regulatory requirements and the need for enhanced security measures have pushed the BFSI sector to adopt advanced technologies like blockchain and biometrics to ensure secure transactions and protect sensitive data.

Additionally, the rise of fintech startups and their disruptive business models have compelled traditional institutions to transform digitally in order to stay competitive, innovate their offerings, and collaborate with fintech players to leverage their technological expertise.

Among regions, Asia Pacific registered the highest CAGR during the forecast period.

By region, the Asia Pacific region has witnessed rapid advancements in technology, such as the proliferation of mobile devices, widespread internet connectivity, and the adoption of cloud computing. These advancements have created a strong foundation for digital transformation initiatives.

Governments in the Asia Pacific region are actively promoting digital transformation to drive economic growth and enhance competitiveness. They are implementing policies, providing incentives, and investing in digital infrastructure to facilitate this transformation.

Key Attributes:

Premium Insights

• Demand for Personalized Digital Transformation to Drive Market Growth During Forecast Period
• Market to Witness Minor Decline in Y-O-Y Growth in 2023
• North America to Account for Largest Market Share in 2023
• Bfsi to Account for Largest Market Share During Forecast Period
• Cloud Computing and Bfsi Segments to Account for Largest Shares in 2023

Market Dynamics

Drivers

• Rising Adoption of Big Data and Other Related Technologies
• Advent of ML and Digital Transformation
• Cost Benefits of Cloud-based Digital Transformation Solutions
• Rapid Proliferation of Mobile Devices and Apps
• Adoption and Scaling of Digital Initiatives

Restraints

• Changing Regional Data Regulations to Lead to Time-Consuming Restructuring of Predictive Models
• Data Security Concerns
• Issues About Privacy and Security of Information

Opportunities

• Rising Internet Proliferation and Growing Usage of Connected and Integrated Technologies
• Demand for Personalized Digital Transformation
• Increasing Willingness of Organizations to Use Digital Technology

Challenges

• Integration of Data from Data Silos
• Issues Related to IT Modernization
• Ownership and Privacy of Collected Data

Technology Analysis

Case Study Analysis

Bfsi

• Case Study 1: Cognizant's AI and Automation Solution Helped Insurance Company Improve Insurance Claims Process
• Case Study 2: Microsoft Azure Platform Enabled Milliman Consulting to Improve Its Business Models
• Case Study 3: Bse Made Real-Time Decisions and Reduced Operational Costs with Cloudera Solutions

Telecommunication

• Case Study 1: American Telecommunication Service Provider (Tsp) Collaborated with Hcl to Refine Its Digital Journey
• Case Study 2: A1 Srbija Accelerated 5G, Revolutionizing Digital Services with Hpe Solutions

Retail & Ecommerce

• Case Study 1: Asos Used Microsoft Azure ML Service to Reduce Time-To-Market for Recommendation Model
• Case Study 2: Walmart Optimized Shopping Experience by Applying Data Mining
• Case Study 3: Docomo Digital Categorized User Behavior and Improved Campaign Targeting by Deploying Cloudera Solutions

Energy & Utilities

• Case Study 1: Searcher Seismic Made Easy Access in Oil & Gas Industry with Cloudera Solutions
• Case Study 2: Technipfmc Created Data Centralization by Deploying Cloudera Solutions

Healthcare & Life Sciences

• Case Study 1: Leading Healthcare Company Adopted Cognizant's AI-Driven Solution to Identify Drug-Seeking Behavior
• Case Study 2: Inspire Used ML to Connect Millions of Patients and Caregivers on Aws

Manufacturing

• Case Study 1: IBM Helped Shenzhen Csot Boost Production Quality and Output
• Case Study 2: Dell Built 360-Degree Customer View with Cloudera

Media & Entertainment

• Case Study 1: Leading Media Conglomerate Adopted Hcl's Digital Transformation Solution to Redefine User Experience Through Human-Centric Design
• Case Study 2: Gaia Boosted Subscriber Engagement and Data-Driven Decision-Making

Government & Defense

• Case Study 1: Oanda Provided Real-Time Access to Foreign Exchange Trading Market by Moving to Equinix's Ty3 Facility
• Case Study 2: Dubai Government Monetized and Harnessed Real-Time Data for Community Benefit with Cloudera

Key Technologies

• Cloud Computing
• Artificial Intelligence and Machine Learning
• Internet of Things
• Big Data Analytics
• Blockchain

Adjacent Technologies

• Edge Computing
• 5G Networks
• API Management
• Devops
• Digital Twin
• Ar/Vr

Market Analysis, by Application

• Customer Transformation
• Workforce Transformation
• Operational Transformation
• Product Transformation

Best Practises in the Market

• Synchronizing Efforts
• Aligning Staffs
• Looking Through the Perspective of Customers
• Leveraging the Latest Technology

Company Profiles

Key Players

• Microsoft
• IBM
• SAP
• Oracle
• Google
• Salesforce
• Hpe
• Adobe
• Baidu
• Hcl Technologies
• Ey
• Cognizant
• Accenture
• Broadcom
• Equinix
• Alibaba
• Tibco Software
• Marlabs

SMEs and Startups

• Alcor Solutions
• Smartstream
• Yash Technologies
• Interfacing
• Dempton Consulting Group
• Kissflow
• Emudhra
• Processmaker
• Process Street
• Happiest Minds
• Scoro
• Brillio
• Aexonic Technologies
• Cloud Angles
• Magnetar IT
• Scitara
• Intrinsic
• Soundful

For more information about this report visit https://www.researchandmarkets.com/r/50f9qm

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Attachment

• Global Digital Transformation Market