New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Digital Transformation Market Size, Share, Growth and Trends Forecast to 2028 - COVID-19 Impact and Global Analysis by Components (Solution and Services), Deployment Type (Cloud and On-Premise), and End-User (BFSI, Healthcare, Education, Retail, IT & Telecom, Logistics & Transportation, Manufacturing, and Others)” the global digital transformation market growth is driven by the adoption of digital and smart technologies and the emergence of artificial intelligence (AI) across diversified industries. North America led the market with the largest share in 2022.
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Global Digital Transformation Market – Report Scope:
| Market Size Value in | USD 725.62 Billion in 2022 |
| Market Size Value by | USD 1650 Billion by 2028 |
| Growth rate | CAGR of 22.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 170 |
| No. of Tables | 27 |
| No. of Charts & Figures | 88 |
| Historical data available | Yes |
| Segments covered | Components; Deployment Type; and End-User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Global Digital Transformation Market: Competitive Landscape and Key Developments
Adobe Systems Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Accenture PLC, SAP SE, Dell Inc., Capgemini SE, Google Inc., and Cognizant Technology Solutions Corporation are among the key digital transformation market players.
In December 2022, Wipro inked a partnership contract with Finastra, a fintech firm, to bring digital transformation to corporate banks in the Middle East. Through this agreement, Wipro would install Finastra's trade finance solutions in the region. Wipro will assist the banks in transforming and digitizing financial processes.
In November 2022, Laiye and Pasia inked a reseller agreement. Through this agreement, Pasia aims to become the technology reseller of Laiye and help businesses to start their digital transformation using the work execution system of Laiye.
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Global Digital Transformation Market – Regional Overview:
The digital transformation market size is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In North America, companies are witnessing high adoption of digital transformation in various industry verticals such as BFSI, healthcare, retail, and IT & Telecom. Also, strong exposure and awareness of emerging technologies in developed countries is one of the major drivers for the market. Awareness about the advantages of the new technologies encourages companies in different verticals to adopt the technologies and make further advancements in the technologies currently used by the company.
Asia Pacific is one of the major regions in terms of digital transformation. The region will show further growth in the digital transformation market, owing to the increasing use of digital technology in various sectors such as BFSI and education. Also, early adoption of the technology in Japan and China and government initiatives toward a digital economy in India are projected to boost the digital transformation market growth in the region in the coming years.
Global Digital Transformation Market: Type Overview
Based on end-user, the digital transformation market size is segmented into BFSI, healthcare, education, retail, IT & telecom, logistics & transportation, manufacturing, and others. The education segment is projected to grow at the fastest CAGR in the digital transformation market. Digital transformation is gaining momentum in the education sector. The impact of modernized schools with digital transformation can be used for increasing learning outcomes. Educators in several countries are realizing the benefits of digital transformation and the importance of better technologies in the classrooms. This technology is helping teachers make effective changes in the way they teach, assess, and instruct in a better way and at a much faster rate than before.
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The digital transformation techniques in the education industry enhance the learning experience for teachers and students, along with other parties involved in the education process. Integration of digital technologies aims to enhance engagement and accessibility via interactive and customizable learning techniques. Better accessibility and access, personalized learning approaches, advent of virtual reality, cloud-based learning opportunities, big data, and integration of IoT in schools are some of the upcoming trends of digital transformation in the education sector. Emerging digital technologies in education sector will help in fueling the digital transformation market growth.
Impact of COVID-19 Pandemic on Global Digital Transformation Market Growth:
APAC is anticipated to grow at the fastest CAGR during the forecast period. As per the Asian Development Bank (ADB), digital platforms and other technology-based tools are providing new growth opportunities for businesses of all sizes and across all industries in APAC—a trend that could contribute significantly to the region's sustainable recovery from the COVID-19 pandemic. Moreover, the business-to-consumer revenues from digital platforms reached US$ 3.8 trillion in 2019 and got boosted in 2020 as many of the business transactions adopted digital platforms for their functioning. Activities such as food delivery, e-commerce, and ride-hailing shifted to adopting digital space in the mid of movement restrictions during the pandemic. Owing to the fact that digital transformation will continue to be used in APAC during the recovery phase of COVID-19 and later, ~65 million new jobs will be generated in the region by 2025 annually. Countries in the region continue to make technological progress by using digitalization to recover and reconnect with the global economy during the COVID-19 pandemic. Digital platforms and technological tools are helping Asian industries and enterprises to develop new global linkages that provide tremendous opportunities. Moreover, Southeast Asian countries, including Indonesia, Malaysia, and the Philippines, are among the fastest-growing markets of internet users. With the internet being adopted massively, the scope of digital transformation solutions and services is projected to grow amid the COVID-19 pandemic.
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