Newark, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global digital transformation market is expected to grow from USD 872.5 billion in 2023 to USD 8,125.79 billion by 2033, at a CAGR of 25% during the forecast period 2024-2033. Asia Pacific emerged as the most significant global digital transformation market, with a 55.2% market revenue share in 2022. Applying sophisticated technologies such as cloud computing, AI, big data and analytics, mobility/social media, cybersecurity, and IoT resulted in innovation and change, fuelling growth in the Asia-Pacific business environment. Digital technology has converted the traditional company model into a new one. Furthermore, the area is emerging as a new hotspot in the digital transformation market due to rising investments in digitalization across potential economies. Asia remains the world's most important market for industrial robots. China, the region's largest adopter, had a 20% increase in installations, with 168,400 units sold. This significant growth rate reflects China's fast robotization. The country's digital transformation market is expanding rapidly due to government efforts and vendor investments.
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Key Market Drivers
Several critical factors are fueling the expansion of the digital transformation market:
• Accelerated Cloud Adoption: The shift to cloud-based solutions is at the heart of digital transformation, enabling businesses to scale operations, enhance agility, and reduce costs. The global push towards remote and hybrid work models has further propelled the demand for cloud infrastructure.
• Artificial Intelligence and Machine Learning: The growing application of AI and machine learning technologies is transforming industries by enabling advanced analytics, automation, and personalized customer experiences, driving significant market growth.
• Rise of IoT: The proliferation of IoT devices is leading to the creation of interconnected ecosystems, allowing businesses to gather real-time data, optimize processes, and improve decision-making.
• Digital-First Customer Expectations: As consumer expectations evolve in a digital-first world, companies are increasingly adopting digital transformation strategies to meet demand for seamless, personalized, and convenient experiences.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 25% |
| 2023 Value Projection | USD 872.5 Billion |
| Market Size in 2033 | USD 8,125.79 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 233 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Deployment Mode, Organization Size, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Digital Transformation Market Growth Drivers | Digital Transformation, Technological Advancements |
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/digital-transformation-market-13624
Leading companies in the industry include Accenture plc, Apple Inc., Adobe Systems Incorporated, CA Technologies, Dell EMC, Hewlett Packard Enterprise Co., International Business Machines Corporation, Microsoft Corporation, Kellton Tech Solutions Ltd., and Google Inc. among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
The deployment mode segment is divided into cloud and on-premises. The on-premises segment dominated the market, with a market share of around 53.5% in 2023. On-premise systems enable improved data protection, making compliance with numerous regulatory standards simple. The organization size segment is divided into large enterprises and small and medium-sized enterprises (SMEs)). The large enterprises segment dominated the market, with a market share of around 67.7% in 2023. These enterprises are embracing the digital transformation journey as digital transformation offers cost-effectiveness and smooth execution of the business process.
With the recent emphasis on digital workplaces and remote working, expanding AI and automation technologies is critical in automating manual procedures and generating new options for organizations to improve productivity and streamline the process. For example, in May 2022, Wipro, an Information Technology (IT), consulting, and business services firm, announced a partnership with Scania, a transport solutions provider, to provide support, increased automation, and improved customer experience for Scania employees via Wipro's Live Workspace. This collaboration will assist Scania in driving towards sustainable transport solutions and a digital workplace experience while using the ecosystem's unique characteristics. As a result, service providers have multiple options to innovate their solutions by employing cutting-edge technologies, boosting the digital transformation market.
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