Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The digital transformation market size hit USD 1.51 trillion in 2021. The market value is slated to rise from USD 1.79 trillion in 2022 to USD 6.78 trillion by 2029, exhibiting a CAGR of 20.9% during the forecast period. Rapid use of cutting-edge technologies, such as AI, IoT, cloud computing, and others, is driving the global market share for digital transformation, says Fortune Business InsightsTM in its report titled, “Digital Transformation Market Forecast, 2022-2029”.
COVID-19 Pandemic Spurred the Growth of the Global Market
Following the pandemic, a number of organizations planned to make investments in cutting-edge technologies to address the rising need for digitization. Due to lockdown scenarios caused by the COVID-19 pandemic for a set amount of time, organizations across the world were experiencing financial difficulties. Businesses have given their staff members the option of working remotely during this pandemic. Attributed to this, a number of IT businesses intend to use the software as a service and infrastructure as a service to handle their remote workforce.
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Segments-
By Technology, IoT is Anticipated to Dominate the Global Market Share
The expansion of the cloud-based digital transformation market share is anticipated to be driven by rising IoT device usage and an increase in data generation. IoT devices produce a significant volume of data, which needs additional storage space.
By Enterprise Type, Large Enterprises to Lead Driven by Digitization Need
The large enterprises segment is expected to have the largest share in the global market. This is primarily due to increased digitalization and large-scale businesses adopting cutting-edge technologies such as cloud computing, AI, and IoT.
By Deployment Model, Adoption of Cloud Services Drives Market Growth
The prediction period shows that the CAGR for the cloud segment will be the greatest. The market is growing as a result of increasing cloud infrastructure investments and the quick migration of company workloads from on-premises to cloud.
By Industry, Healthcare will Show Expansive Growth
The healthcare segment will witness the highest anticipated CAGR over the forecast period. The need for natural language processing has marginally increased as a result of the growing usage of digital technology platforms and government measures for digitization in the wake of the COVID-19 pandemic.
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five key regions that have been examined in terms of geography.
Report Coverage-
To give consumers a better idea, the research study on digital transformation highlights the world's top regions. The research also examines technologies that are being adopted quickly on a worldwide scale and offers insights into the most recent industry growth patterns. The reader will learn more about the market's drivers and restraints due to the additional highlights.
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Drivers & Restraints-
Growth to be Driven by Increased Cloud Infrastructure Adoption
The capacity, usefulness, and flexibility of many sectors will be improved by the integration of 5G, IoT, and cloud technologies, particularly for cloud firms. To offer quicker speed, lower latency, and greater capacity, many businesses are computing 5G with cloud services. For instance, Ericsson serves more than 230 clients globally with cloud infrastructure. Telefonica, Swisscom, Telkomse, XL Axiata, Far EasTone, and several other companies are among the company's top service suppliers.
Regional Insights-
North America to Dominate the Global Market Share
Due to growing government initiatives and investments in digital technologies such as cloud computing, the Internet of Things, Artificial Intelligence (AI), and others, North America is predicted to lead the digital transformation market growth.
During the projected period, Europe is anticipated to hold a sizable portion of the market. Key measures are being taken by governments in the U.K. and France to adopt digital technology and support regional prosperity.
Due to increasing foreign direct investment in digitization and rising government expenditure for the adoption of cutting-edge technologies, Asia Pacific is anticipated to develop at the highest CAGR throughout the projection period.
With increasing government initiatives and digitalization, the Middle East & African nations such as Saudi Arabia and the UAE are expanding at a moderate CAGR.
Throughout the predicted period, South America is expected to expand at a moderate CAGR. This is mostly due to the expansion of digital investments in cloud infrastructure.
Competitive Landscape-
Market Growth to be Propelled Owing to New Product Launches and Expansions
Due to the growing consumer demand, market participants sought to diversify their product offerings. Major market players are utilizing a variety of business tactics, including alliances, mergers, and collaborations to grow their enterprises internationally.
Key Industry Development-
November 2021 - In order to securely connect any item to the cloud and enable seamless integration with AWS IoT services, such as AWS IoT Core, AWS announced IoT ExpressLink. The developers would be assisted in overcoming technical challenges and reducing additional time to market using modules with AWS IoT ExpressLink.
List of Key Digital Transformation Market Players:
- Alphabet Inc. (U.S.)
- Amazon.com, Inc. (U.S.)
- Oracle Corporation (U.S.)
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- Apple Inc. (U.S.)
- Salesforce Inc. (U.S.)
- SAP SE (Germany)
- Cisco Systems, Inc. (U.S.)
- Alibaba Group Holding Limited (China)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Challenges, Opportunities, and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Key Players Market Share Insights and Analysis, 2021
- Global Cloud Computing Key Players Market Share Insights and Analysis, 2021
- Global Big Data and Analytics Key Players Market Share Insights and Analysis, 2021
- Global Cybersecurity Key Players Market Share Insights and Analysis, 2021
- Global Artificial Intelligence (AI) Key Players Market Share Insights and Analysis, 2021
- Global Internet of Things (IoT) Key Players Market Share Insights and Analysis, 2021
- Global Blockchain Key Players Market Share Insights and Analysis, 2021
- Global Business Intelligence (BI) Key Players Market Share Insights and Analysis, 2021
- Global Digital Transformation Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Technology (USD)
- Cloud Computing
- Big Data and Analytics
- Cybersecurity
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- Others (Blockchain, Business Intelligence)
- By Enterprise Type (USD)
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
- By Deployment Model (USD)
- On-Premises
- Cloud
- By Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Government
- Others (Oil and gas, Media and Entertainment, Etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Digital Transformation Market Size Estimates and Forecasts, By Segments, 2018-2029
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