New York, United States , Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Global Digital Transformation Market Size is to Grow from USD 1,258.4 Billion in 2022 to USD 10,571.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.04% during the projected period.
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Firms use digital transformation to incorporate technologies into their processes in order to produce major gains. It uses AI, automation, cloud computing, and other digital technologies to enable automated operations, more rapid and complex decision-making processes, and real-time responses to market events. Finally, it changes client expectations and brings up new business opportunities. They create efficient procedures that streamline operating models, increase efficacy, and empower employees to make better judgments in less time. The rapidly increasing popularity of cutting-edge technologies such as quantum computing, cyber security, big data analytics, IoT, and cloud has stimulated company creativity and change, resulting in increased income and productivity. Furthermore, the increasing usage of IoT-based devices and goods in daily life, the increased use of mobile devices and apps, and the growing reliance of businesses on IoT-based products and solutions all contribute to the growth of the digital transformation market. Furthermore, digital transformation improves client experiences through personalized interactions, shorter response times, and customized solutions.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Digital Transformation Market Size, Share, and COVID-19 Impact Analysis, By Offering (Solutions, Services), By Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI, IoT, Others), By Deployment (Hosted, On-premise), By Industry Verticals (Automotive, BFSI, Retail, Government, Healthcare, IT & Telecom, Manufacturing, Energy & Utilities, Education, Agriculture, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The solutions segment is dominating the market with the largest revenue share over the forecast period.
On the basis of offering, the global digital transformation market is segmented into the solutions and services. Among these, the solutions segment is dominating the market with the largest revenue share of 58.6% over the forecast period. This could be attributed to organizations' increasing reliance on digital transformation solutions to upgrade operations and meet client demand. As a result, enterprises must constantly seek ways to improve the end-user experience.
The cloud computing segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the global digital transformation market is segmented into cloud computing, big data & analytics, blockchain, cybersecurity, AI, IoT, and others. Among these, the cloud computing segment is witnessing significant CAGR growth over the forecast period. The cloud computing, the process of integrating cloud-based technology and services to optimize processes, boost flexibility, and drive innovation is referred to as digital transformation.
The on-premise segment is expected to hold the largest share of the Global Digital Transformation Market during the forecast period.
Based on the deployment, the global digital transformation market is classified into hosted and on-premise. Among these, the on-premise segment is expected to hold the largest share of the Digital Transformation market during the forecast period. On-premise systems enable improved data security, making it easier for end-user organizations to comply with a range of government criteria.
The BFSI segment accounted for the largest revenue share of more than 34.2% over the forecast period.
On the basis of industry verticals, the global digital transformation market is segmented into automotive, BFSI, retail, government, healthcare, IT & telecom, manufacturing, energy & utilities, education, agriculture, and others. Among these, the BFSI segment is dominating the market with the largest revenue share of 34.2% over the forecast period. This can be ascribed to financial institutions and banks moving their focus toward providing enhanced consumer experiences in order to boost their customer base and promote brand identity.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. North America has remained among the most advanced digital transformation markets, owing to early technology adoption, major R&D spending, and the presence of global tech giants such as Microsoft, Google, and Apple. Furthermore, industries such as banking, healthcare, retail, and manufacturing are pushing for digital transformation to improve efficiency, improve consumer experiences, and generate new revenue streams. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific area is seeing one of the most rapid rates of digital transformation, thanks to rising internet penetration, digital-native firms, and government measures fostering digitalization. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Digital Transformation Market include EY, Broadcom, Equinix, Oracle, SAP, Baidu, Adobe Systems, Microsoft, Alibaba, IBM, Google, Marlabs, Salesforce, Cognizant, Accenture, Tibco Software, Alcor Solutions, Smartstream, Kissflow, eMudhra, ProcessMaker, Brillio, Aexonic Technologies, CloudAngles, Magnetar IT, Scitara, Intrinsic, Soundful, and among others.
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Recent Market Developments
On April 2023, Applications Software Technology (AST), a leading provider of digital transformation solutions, announced the acquisition of IT and Oracle services provider 9EDGE to broaden AST's capabilities as an award-winning, full-service provider of Oracle and adjacent cloud ecosystems for enterprises. AST's capabilities will be expanded throughout the Oracle Cloud Application and Platform ecosystems, including Supply Chain, EPM, ERP, and JD Edwards, thanks to 9EDGE's strong consulting expertise.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Digital Transformation Market based on the below-mentioned segments:
Digital Transformation Market, Offering Analysis
- Solutions
- Services
Digital Transformation Market, Technology Analysis
- Cloud Computing
- Big Data & Analytics
- Blockchain
- Cybersecurity
- AI
- IoT
- Others
Digital Transformation Market, Deployment Analysis
- Hosted
- On-premise
Digital Transformation Market, Industry Verticals Analysis
- Automotive
- BFSI
- Retail
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Energy & Utilities
- Education
- Agriculture
- Others
Digital Transformation Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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