Dublin, Dec. 23, 2024 (GLOBE NEWSWIRE) -- The "United States Digital Transformation Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering.
The United States Digital Transformation Market is estimated at USD 0.55 trillion in 2024, and is expected to reach USD 1.38 trillion by 2029, growing at a CAGR of 20.20% during the forecast period (2024-2029).
The US digital transformation market is highly developed and growing rapidly owing to the presence of major market vendors coupled with the high penetration of advanced technologies in businesses across various sectors. Emerging technologies such as data analytics, AI, ML, and cloud are rapidly increasing in the industries to increase efficiency and business agility and offer new value for employees, customers, and shareholders.
The highly developed cloud and edge computing market in the country further supports the market growth. The presence of major cloud vendors in the country, coupled with accelerated investments to enhance cloud infrastructure in the country by market vendors, is creating significant opportunities for market expansion. Cloud adoption and cloud migration are gaining significant traction in businesses owing to their flexibility and scalability, thus further supporting market growth.
For instance, in May 2024, Accenture Federal Services secured the US Army's Enterprise Application Modernization and Migration (EAMM) contract, valued at up to USD 127 million. Accenture Federal Services plans to leverage its expertise in cloud migration and modernization to conduct comprehensive assessments and execute large-scale migrations to the cloud.
Moreover, digital transformation technologies such as AI, ML, and cybersecurity services are witnessing significant demand among organizations across the country. The evolving cyber-attacks and rising volume of cyberattacks across businesses, coupled with stringent cybersecurity regulations such as HIPPA, necessitate the demand to enhance the cybersecurity posture of the companies in the country. Such factors are further analyzed to support the market growth over the forecast period.
In the coming years, accelerated digital transformation initiatives in businesses of all sizes across the country, coupled with the growing use of advanced technologies in businesses to enhance business operations and efficiency, are expected to shape the future of the US digital transformation market. In addition, the expanding 5G ecosystem in the country is analyzed to boost the adoption of advanced technologies in the country's businesses, driving the growth of the market over the forecast period.
United States Digital Transformation Market Trends
Analytics, Artificial Intelligence and Machine Learning is Analyzed to Gain Significant Traction
- The demand for analytics, artificial intelligence, and machine learning is witnessing an increase across industries in the United States to identify repetitive, time-consuming, and labor-intensive tasks and automate them to simplify business processes. Generative AI models, such as ChatGPT and Bard, are playing a pivotal role in the widespread adoption of AI across various industries in the United States.
- For instance, in July 2024, Kore.ai, a US-based prominent player in enterprise generative and conversational AI technology, unveiled GALE - Generative AI and LLM Platform for Enterprises. GALE emerged as the industry's inaugural platform tailored for GenAI applications, empowering businesses to rapidly develop, deploy, and scale advanced AI applications within an enterprise setting. Featuring a no-code toolset and an intuitive visual interface, GALE streamlines the process, allowing developers without specialized AI expertise to experiment with various models and create and launch AI agents.
- According to a 2023 survey by Fishbowl involving US professionals, 37% of advertising or marketing used artificial intelligence (AI) for work tasks. In contrast, healthcare reported the lowest adoption, incorporating only 15% of AI in their work. Moreover, 35% of those working in the technology sector used artificial intelligence (AI) to assist with work-related tasks.
- Partnerships among major market vendors in the data analytics and GenAI field are analyzed to augment the adoption of analytics, AI, and ML among the country's businesses over the forecast period. For instance, in April 2024, Informatica announced new solutions, product innovations, and an expanded collaboration with Google Cloud. Informatica launched its Master Data Management (MDM) Extension for Google Cloud BigQuery, making it faster and easier to get trusted MDM data that can be used for analytics and generative AI (Gen AI) applications across industries such as financial services, retail, and healthcare.
Healthcare Sector is Analyzed to Hold a Significant Market Share
- The country's healthcare sector is witnessing significant growth in the adoption of advanced technologies to enhance patient care. The use of advanced technologies such as artificial intelligence, machine learning, cloud, cybersecurity, and edge computing is growing at a rapid pace in healthcare organizations across the country. Generative AI (GenAI) is emerging as the crucial technology to be adopted in the country's healthcare sector, with many market vendors launching innovative solutions to equip healthcare organizations with Gen AI capabilities.
- For instance, in March 2024, NVIDIA unveiled over two dozen new microservices tailored for global healthcare enterprises. These microservices leverage cutting-edge generative AI, empowering users to leverage these advancements across various cloud platforms. The suite comprises NVIDIA NIM AI models, complete with industry-standard APIs. These APIs act as foundational elements, facilitating the seamless creation and deployment of cloud-native applications. The microservices cater to a range of functions, including advanced imaging, natural language processing, speech recognition, and digital biology for prediction and simulation.
- The healthcare sector in the country faces an escalating number of data breaches, underscoring the urgent need for heightened cybersecurity measures. This urgency is further amplified by stringent data privacy regulations and an uptick in sophisticated cyber attacks targeting the sector. Consequently, there is a surging demand for cybersecurity solutions and services catalyzing the digital transformation within the healthcare industry. In 2023, the US healthcare sector witnessed over 809 data compromise incidents, as reported by the Identity Theft Resource Center, marking a record high.
- The healthcare industry in the United States continually leverages technological advancements to enhance patient care, striving for more personalized treatments and more successful outcomes. Technological breakthroughs, such as telemedicine, robotic process automation, and remote patient monitoring, have significantly reshaped patient care in the United States. In the coming years, a greater adoption of emerging technologies will shape the future of digital transformation in the country's healthcare sector.
United States Digital Transformation Industry Overview
The US digital transformation market is semi-consolidated, with some of the major market vendors holding a significant share of the market. Market players are advancing their cloud infrastructure, data center investments, and AI and ML capabilities in the country to expand their market share. In addition, partnership, acquisition, and merger activities are shaping the future of the United States digital transformation market. Major players in the market include IBM Corporation, Oracle Corporation, Cisco Systems, Google (Alphabet Inc.), and Microsoft Corporation.
- In May 2024, SolarWinds, a prominent supplier of observability and IT management software, introduced SolarWinds AI. This innovative AI, crafted with the company's cutting-edge AI by Design framework, aims to revolutionize IT operations. It equips tech professionals with the tools to navigate the complexities of contemporary digital landscapes, prioritizing privacy, security, and reliability.
- In April 2024, Cloud Software Group Inc. and Microsoft Corp. unveiled their plans for an extensive eight-year strategic partnership. This collaboration aims to enhance the marketing of the Citrix virtual application and desktop platform. It also focuses on co-developing cutting-edge cloud and AI solutions underpinned by a shared product roadmap. As part of the deal, Cloud Software Group is committing a substantial USD 1.65 billion investment towards Microsoft's cloud infrastructure and its generative AI technologies.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 INDUSTRY ECOSYSTEM ANALYSIS
(Detailed Coverage of Key Stakeholders in Digital Transformation Industry Product/Solution Providers, System Integrators/VARs, Connectivity Providers, Regulatory Bodies, End-users, Service Providers, etc.)
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in the Adoption of Big Data Analytics and Other Technologies Across Businesses
5.1.2 The Rapid Proliferation of Mobile Devices and Apps
5.2 Market Restraints
5.2.1 Data Privacy and Security Concerns
6 CURRENT MARKET SCENARIO AND EVOLUTION OF DIGITAL TRANSFORMATION PRACTICES
7 KEY METRICS
7.1 Technology Spending Trends
7.2 Number of IoT Devices
7.3 Total Cyberattacks
7.4 Technology Staffing Trends
7.5 Internet Growth and Penetration in the United States
7.6 Digital Competitiveness Ranking
7.7 Fixed and mobile broadband coverage
7.8 Cloud adoption
7.9 AI adoption
7.10 e-commerce penetration
8 MARKET SEGMENTATION
8.1 By Type
8.1.1 Analytics, Artificial Intelligence and Machine Learning
8.1.1.1 Current Market Scenario and Market Projections for the Forecast Period
8.1.1.2 Key Growth Influencers (Drivers, Challenges, and Opportunities)
8.1.1.3 Use Case Analysis
8.1.1.4 Market Outlook
8.1.2 Extended Reality (XR)
8.1.3 IoT
8.1.4 Industrial Robotics
8.1.5 Blockchain
8.1.6 Additive Manufacturing/3D Printing
8.1.7 Cyber security
8.1.8 Cloud and Edge Computing
8.1.9 Others
8.2 By End-User Industry
8.2.1 Manufacturing
8.2.2 Oil, Gas and Utilities
8.2.3 Retail & e-commerce
8.2.4 Transportation and Logistics
8.2.5 Healthcare
8.2.6 BFSI
8.2.7 Telecom and IT
8.2.8 Government and Public Sector
8.2.9 Others
9 COMPETITIVE LANDSCAPE
9.1 Company Profiles
9.1.1 Google LLC (Alphabet Inc.)
9.1.2 IBM Corporation
9.1.3 Microsoft Corporation
9.1.4 Cisco Systems, Inc.
9.1.5 Oracle Corporation
9.1.6 Accenture PLC
9.1.7 Adobe Inc.
9.1.8 Siemens AG
9.1.9 Hewlett Packard Enterprise
9.1.10 EMC Corporation (Dell EMC)
9.1.11 SAP SE
10 KEY TRANSFORMATIVE TECHNOLOGIES
10.1 Quantum Computing
10.2 Manufacturing as a Service (MaaS)
10.3 Cognitive Process Automation
10.4 Nanotechnology
For more information about this report visit https://www.researchandmarkets.com/r/sk1jld
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