Global Digital Transformation Market, By Component (Solution, Services), Deployment Model (On-Premise, Cloud), Technology (Industrial Robotics, Internet of Things, 3D Printing/Additive Manufacturing, Advanced Human Machine Interface, Big Data and Analytics, Machine Learning, Artificial Intelligence), Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), End User (Banking Financial Services and Insurance (BFSI), Healthcare, Telecommunication and IT, Automotive, Education, Retail and Consumer Goods, Media and Entertainment, Manufacturing, Government, Others) – Industry Trends and Forecast to 2030.
Digital Transformation Market Analysis and Size
Advanced thinking and change in business have been sparked by advanced technologies such as the Internet of Things, cloud computing, big data analytics, mobility, and social media. The "digital transformation" of business operations refers to the tries to modify resources and technology and integrate digital technologies used to serve customers better. IoT, cloud migrations, and other projects. These technologies helped businesses to accelerate their digital transformation worldwide. Digital technology has accelerated to substitute antiquated processes with modern, efficient ones.
Data Bridge Market Research analyses that the digital transformation market was valued at USD 752.38 billion in 2023 and is expected to reach the value of USD 4339.82 billion by 2030, at a CAGR of 23.60% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Digital Transformation market Scope and Segmentation
Report Metric |
Details |
Forecast Period |
2023 to 2030 |
Base Year |
2022 |
Historic Years |
2021 (Customizable to 2015 - 2020) |
Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
Segments Covered |
Component (Solution, Services), Deployment Model (On-Premise, Cloud), Technology (Industrial Robotics, Internet of Things, 3D Printing/Additive Manufacturing, Advanced Human Machine Interface, Big Data and Analytics, Machine Learning, Artificial Intelligence), Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), End User (Banking Financial Services and Insurance (BFSI), Healthcare, Telecommunication and IT, Automotive, Education, Retail and Consumer Goods, Media and Entertainment, Manufacturing, Government, Others) |
Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America |
Market Players Covered |
Microsoft (U.S.), IBM (U.S.), SAP SE (Germany), Oracle (U.S.), Google (U.S.), Cognizant (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Adobe (U.S.), Accenture (Ireland), HCL Technologies Limited (India), Broadcom (U.S.), Equinix, Inc. (U.S.), Dell Inc., (U.S.), TIBCO Software Inc. (U.S.), Marlabs (U.S.), Alcor Solutions, Inc. (U.S.), SmartStream Technologies ltd. (U.K.), Yash Technologies (U.S.), Interfacing (Canada), Kissflow, Inc. (India), eMudhra (India), Process Maker (U.S.), Process Street (U.S.), Happiest Minds (India), Scoro Software (U.K.), Brillio (U.S.) and Aexonic Technologies (U.S.) |
Market Opportunities |
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Market Definition
Digital transformation involves digital technology into several areas of a business, primarily changing how you operate and deliver value to consumers. It's also a cultural change that requires organizations to frequently challenge the status experiment quo and get comfortable with failure. Digital transformation allows business services to improve operations, improve customer experiences, create a brand reputation, and improve customer retention.
Global Digital Transformation market
Drivers
- Advantages of digital transformation
Digital transformation can simplify, integrate and transform daily business operations by increasing performance proficiently. Moving from a conventional setup to a new digitalized setup helps introduce several technically advanced services and products. It aids associations in establishing their operations to save effort and time and proficiently use resources. Digital transformation replaces traditional business processes with the help of automation and reduces the chance of errors by users. The increasing advantages of digital transformation is anticipated to drive the market growth rate.
- Rising demand of latest and advanced technology
The increasing demand for digital and automated technologies across the manufacturing sector has surged rapidly in last few years. The manufacturers are progressively adopting the latest technologies to digitalize and automate the process to increase the quality and productivity of product. The growing demand for the latest and advanced technologies such as internet of things, big data analytics, artificial intelligence, and cloud computing across numerous business enterprises is considerably driving the global digital transformation market growth.
Opportunities
- Growth and developments in the field of technology
In these last few years, the world witnessed several developments that took important place in the field of technology, for instance, quantum computing, Artificial Intelligence (AI), predictive analysis, blockchain and Machine Learning (ML), among others. Organizations are generating a remarkable amount of data, requiring technological support such as powerful analysis tools and machine learning algorithms to develop insights. This is one of the major factors promoting the adoption of technologies such as digital transformation and makes the workflow more organized for daily operations. These growth and developments in the field of technology will create immense opportunities for market growth in upcoming years.
- High usage of digital transformation in healthcare sector
Digital technology is highly used in the healthcare sector due to the increasing end-user dependency on digital health platforms, government initiatives and growing geriatric population. As per the report of U.S. Department of Commerce’s International Trade Administration, overall social protection expenditures amounted in Finland to 31% of GDP in 2017, while social expenditures for healthcare accounted for 22.1% of GDP. This has further helped the healthcare industry in the field of global digital transformation market.
Restraints
- Issues associated with digital transformation
Lack of skilled personnel and increasing privacy and security concerns for confidential data are some of the major factor among other will act as limitations for the growth of digital transformation during the forecast period of 2023-2030. The various issues related to IT modernization have the potential to challenge the digital transformation market growth.
This digital transformation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital transformation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Digital Transformation Market
The outbreak of coronavirus has positively affected the digital transformation market. Most of the businesses suffered huge losses owing to the lockdown condition and they were forced to invest highly on the digitization of their operations. Thus, the COVID-19 pandemic has significantly and positively impacted the global digital transformation market growth. The rapid adoption of the internet, wireless connectivity and cloud computing is anticipated to change the way of several industries. The BFSI, pharmacies, healthcare, retail, education are some of the industries that are projected to predict a drastic change owing to the mounting importance of smart devices and internet during pandemic.
Recent Development
- In July 2021, Microsoft declared that they secured 5 years partnership with Telstra, the largest Australian company, to fuel Australia’s digital transformation. This partnership also aid Telstar in achieving its objective of running around 9% of its service on cloud infrastructure by 2025. Microsoft Azure is one of Telstra preferred cloud partner because of its multi cloud strategy
- In May 2021, Ducati collaborated with SAP solution to make a possible business change which encompasses important business procedures. This collaboration aims to make an intelligent business network that increases the digitization of processes and improves the timeliness and quality of information.
Global Digital Transformation Market Scope
The digital transformation market is segmented on the basis of component, technology, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solution
- Services
- Deployment Model
- On-Premise
- Cloud
Technology
- Industrial Robotics
- Internet of Things
- 3D Printing/Additive Manufacturing
- Advanced Human Machine Interface
- Big Data and Analytics
- Machine Learning
- Artificial Intelligence
- Organization Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
End User
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Telecommunication and IT
- Automotive
- Education
- Retail and Consumer Goods
- Media and Entertainment
- Manufacturing
- Government
- Others
Digital Transformation Market Regional Analysis/Insights
The digital transformation market is analyzed and market size insights and trends are provided by country, component, technology, and end user as referenced above.
The countries covered in the digital transformation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the digital transformation market in terms of revenue and market share. This is due to the growing usage of different types of online payment modes mainly in retail sector, increasing penetration of the internet, and strong availability of various digital transformation solution providers in this region.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to the increasing awareness regarding the profits of switching to the cloud with rapid growth in technological advancements in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Digital Transformation Market Share Analysis
The digital transformation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital transformation market.
Some of the major players operating in the digital transformation market are:
- Microsoft (U.S.)
- IBM (U.S.)
- SAP SE (Germany)
- Oracle (U.S.)
- Google (U.S.)
- Cognizant (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- Adobe (U.S.)
- Accenture (Ireland)
- HCL Technologies Limited (India)
- Broadcom (U.S.)
- Equinix, Inc. (U.S.)
- Dell Inc., (U.S.)
- TIBCO Software Inc. (U.S.)
- Marlabs (U.S.)
- Alcor Solutions, Inc. (U.S.)
- SmartStream Technologies ltd. (U.K.)
- Yash Technologies (U.S.)
- Interfacing (Canada)
- Kissflow, Inc. (India)
- eMudhra (India)
- Process Maker (U.S.)
- Process Street (U.S.)
- Happiest Minds (India)
- Scoro Software (U.K.)
- Brillio (U.S.)
- Aexonic Technologies (U.S.)
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