London, May 24, 2023 (GLOBE NEWSWIRE) -- In its latest May 2023 report, Fairfield Market Research provides a detailed growth analysis and forecast of the global digital transformation market for a defined timeline of 2023 – 2030. Slated for a robust CAGR of 18.9% between the years of market assessment, the market will experience a leapfrog from approximately US$550 Bn in 2022, to more than US$2.2 Tn by the end of 2030. The report states that the evolving business environments, deepening penetration of advanced technologies, and readiness of a considerably high number of organizations for a shift to digitalization will account for a strong growth outlook estimated for the market in the years to come.
“The worldwide digital transformation space has been experiencing massive growth especially in the start-up ecosystem. Newer players are also augmenting investments in R&D activities. This will account for accelerated expansion of the market,” states an analyst at Fairfield Market Research.
Key Research Insights
- Approximately 28.5% of total adoption is contributed by the BFSI sector
- Large enterprises continue to lead in demand generation with more than half the market size
- North America remains the top market with more than 29% market value share
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Insights into Segmentation Analysis
Based on the analysis of the digital transformation market by vertical shows that the BFSI sector currently accounts for nearly 28.5% value share of the global market valuation. This segment will be dominant in the market through the end of forecast year, 2030. While demand from banking and financial institutions is likely to be the maximum during the period of projection, the report also indicates growing lucrativeness of the retail and e-Commerce segment that records noteworthy consumption of digital transformation technologies. Both the market segments will continue to be on the bandwagon in long term, show report findings. In addition, ample business opportunity exists in the government and defense sector, and manufacturing industry. By organizational size, large enterprises remain at the forefront with over 51% share of the market value. SMEs however continue to strive to overcome the cost barriers.
Key Report Highlights
- Unprecedented growth of automation technologies, and AI instrumental to market expansion
- Adoption of digital transformation technologies rises high as more businesses realize the significance of digital transformation to survive tech industry’s ever-evolving shifts and trends
- Growing ubiquity of remote work culture will complement market growth
Insights into Regional Analysis
North America that registered approximately 29.4% revenue share of the global digital transformation industry pie in the year 2022 will retain dominance throughout the period of forecast with a lion’s share in the overall market valuation, suggests the report. This is owing to brisk organizational shift to digital transformation technologies, as well as the governments’ favorable take on critical aspects like digitalization, and data security, privacy, and protection. Moreover, the IT infrastructure is high sophisticated, and market foothold of some of the top companies is the strongest across North America, especially the US. Asia Pacific follows as the second leading regional market, further trailed by the market in Europe.
Leading Players in Digital Transformation Market
Besides large players like IBM, Oracle, Microsoft Corporation, Cisco Systems, and Amazon Web Services, the report provides detailed strategic profiling and competitive analysis of some of the prominent industry participants. Dell, Hitachi, Sailpoint Technologies, Okta, CA Technologies, Centrify Corp, and Micro Focus include some of the profiled names in the report’s competitive analysis section.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$550 Bn | |
| Estimated Market Size in 2030 | US$2.2 Tn | |
| CAGR | 18.9 % | |
| Key Players | Microsoft Corporation, IBM, Cisco Systems, Oracle, Sailpoint Technologies, Dell, Okta, CA Technologies, Hitachi, Amazon Web Services | |
Global Digital Transformation Market is Segmented as Below:
By Components Coverage
- Solutions
- Services
By Org Size Coverage
- Small and Medium Enterprises
- Large Enterprises
By Verticals Coverage
- Banking & Financial Services
- Government and Public Utilities
- Healthcare and Life Sciences
- IT and Telecom
- Retail
- Others
By Offerings Coverage
- Fully managed
- Co-Managed
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Cisco Systems
- Microsoft Corporation
- Sailpoint Technologies
- Oracle
- DELL
- IBM
- HITACHI
- CA Technologies
- Okta
- Micro Focus
- Centrify Corp
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Digital Transformation Market Outlook, 2019 - 2030
4. North America Digital Transformation Market Outlook, 2019 - 2030
5. Europe Digital Transformation Market Outlook, 2019 - 2030
6. Asia Pacific Digital Transformation Market Outlook, 2019 - 2030
7. Latin America Digital Transformation Market Outlook, 2019 - 2030
8. Middle East & Africa Digital Transformation Market Outlook, 2019 - 2030
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/digital-transformation-market/more-information
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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