Fort Collins, Colorado, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Digital Transformation Market size was valued at USD 713.2 Billion in 2022 and is expected to reach USD 5,850.6 Billion by 2032 at a CAGR of 23.5%.
Adopting digital transformation enables business entities to enhance their operations and helps create brand presence and reputation, which enhances the customer experience and contributes to their retention. The best example is many digital businesses across industries that either started pre-covid or transformed into the digital space.
Implementing different technologies such as AI, ML, IoT, and blockchain techniques has helped businesses grow exponentially. According to the research paper Convergence of Blockchain, IoT, and AI. Smart home devices, buildings, sensors, machines, cars, and smart grids collect data. This information is frequently saved on a centralized server, where the data format is not standardized. Companies use various legacy systems, resulting in complex cross-platform data extraction and interpretation. Blockchain technology helps in data standardization by establishing a unified digital platform for IoT data accessible to multiple parties. The data is then saved in a single data format. Consequently, data management is optimized due to increased interoperability of stored data.
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Segmentation Overview:
The global digital transformation market has been segmented into solution, mobility, deployment, end-use, and region. North America dominated the digital transformation market. The growth in the region is attributed to aggressive investments in technologies such as big data analytics, cloud technologies, and AI. The early adoption of the technologies has played a significant part in the development of the market. Moreover, government initiatives help speed up the digital transformation journey in the region, for instance, strict adherence to regulatory norms to protect data.
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Digital Transformation Market Report Highlights:
- The global digital transformation market growth is anticipated at a CAGR of 23.5% by 2032.
- Adopting the latest technologies to digitalize and automate the manual processes and implementation of AI, IoT, and cloud computing across businesses is driving the digital transformation market.
- The IoT segment dominates the overall market based on solutions.
- The BFSI category leads the market. An increase in the adoption of smart devices for banking purposes has led to the development of different smart software.
- Some prominent players in the digital transformation market report include Microsoft, Accenture, Adobe, Dell, CA Technologies, Google, Apple, HP, IBM, Salesforce, and SAP.
Industry Trends and Insights:
- In 2022, Bank of America launched technology-based CashPro, which helps predict the possibilities of where the cash will stand.
- In 2023, Cygnet introduced Cygnet Digital which is an innovative framework catering to the digital transformation industry.
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Digital Transformation Market Segmentation:
- By Solution: Analytics, cloud computing, IoT, blockchain mobility, social media, others.
- By Mobility: Professional, implementation & integration.
- By Deployment: Machine learning, biomedical solution, financial mobility.
- By End-use: BFSI, IT & Telecom, healthcare, manufacturing, retail.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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