Chicago, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The global digital transformation market is expected to exhibit strong growth, reaching USD 2038.9 billion by 2028. As per the report titled "Digital transformation Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Technologies (Cloud Computing, Big Data & Analytics, Mobility & Social Media Management, Cyber Security, AI, and IoT), By Deployment Type (Cloud and On-premises), By Organization Size (Large Enterprises and SMEs), By Business Function (Finance, Information Technology, Human Resources, and Marketing & Sales), By Vertical (BFSI, Retail & eCommerce, IT/ITES, Healthcare, Life Sciences & Pharmaceuticals, Government & Defense, Manufacturing, Energy & Utilities and Telecommunications) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 594.6 billion and USD 2038.9 billion in 2028. The market is expected to exhibit a CAGR of 22.80% during the forecast period.
Ducati Collaborated with SAP Solution to Make a Potential Business Change that Includes Critical Business Procedures
In May 2021, to create a potential business transformation that includes crucial business processes, Ducati worked with SAP solution. This collaboration aims to create an intelligent business network that enhances information quality and timeliness while further digitizing corporate processes.
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Market Overview
Digital transformation entails integrating technology into several business processes, most notably altering how you operate and provide customer value. Additionally, it's a culture shift that necessitates constant experimentation with the status quo and comfort with failure on the part of organizations. There has been a growth in the demand for digital and automated technology across the manufacturing sector. To improve the productivity of their products, manufacturers are gradually implementing the newest technologies to digitalize and automate their processes.
Digital Transformation Market Drivers
Business Operations That Are Conducted Digitally Are Driving Demand For Digital Transformation
Modern technology has inspired creative thinking and transformation among corporations, boosting profitability. Examples include social media, big data analytics, the Internet of Things, cloud computing, and the Internet of Things. The integration of digital technologies into corporate operations is referred to as "digital transformation." It aims to alter how resources and technology are employed to serve customers better. IoT, cloud migrations, and other initiatives have helped organizations speed up their digital transformation worldwide.
Growth Factor
Rising Industrial Robot Adoption to Drive Market Growth
Given that industrial robots perform several vital tasks for businesses, it is anticipated that they will play a crucial part in these systems. Manufacturers use robots of all kinds to carry out monotonous tasks, expanding the market. The most recent innovation on the market is the adoption of recent technologies, such as industrial robots, SCARA robots, and AI-based robotics. They have aided the robotics industry in streamlining numerous procedures, increasing productivity, and minimizing errors. Companies are investing more in robotic systems due to rising manufacturing capabilities and improved workplace safety. Therefore, an important market trend in the global market will be industrial robotic technology.
Ownership and Confidentiality of Data Gathered May Limit the Market Growth
Market competition has regularly risen due to the advent and development of new technologies like big data, machine learning, and others. Because of these technologies, there are a lot more endpoints collecting data, which means there is more dynamic data that is constantly changing. Any company that analyses data sets to predict customer behavior must respect the privacy of its customers. The confidentiality of collected data and concerns over data ownership pose potential risks to people's identities. Businesses are therefore required to abide by some limitations on the kinds, quantities, and methods of data collection. These limitations may vary from nation to nation throughout the world.
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List of Key Players Profiled in the Digital Transformation Market Report
- SAP SE
- International Business Machines Corporation
- Oracle Corporation
- Google Inc.
- Dell EMC
- Hewlett Packard Enterprise Co.
- CA Technologies
- Microsoft Corporation
- Adobe Systems Incorporated
- Accenture PLC
- Capgemini Group
- Apple Inc.
- Kellton Tech Solutions Ltd.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the digital transformation market plan acquisitions to improve their brand recognition globally. For instance, in June 2022, Tanla, a CPaaS provider, and Kore.ai, a provider of enterprise conversational AI software platforms and solutions, announced their partnership in five nations, including India, the UAE, Indonesia, Vietnam, and the Philippines. This partnership is a crucial first step in providing various businesses and brands with best-in-class conversational AI-based Natural Language Processing (NLP) systems.
Notable Industry Development
- April 2022: Amazon Inc. unveiled Amazon Aurora Serverless v2, an updated version. It can assist both Software as a Service (SaaS) providers and businesses with numerous applications that must manage capacity across their databases. It has no additional costs and offers pay-as-you-go services.
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Report Scope and Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 22.80 % |
| 2028 Value Projection | 2038.9 billion |
| Base Year | 2021 |
| Market Size in 2021 | 594.6 billion |
| Historical Data for | 2018 - 2021 |
| Segments covered | By Component, By Technologies, By Deployment Type, By Organization Size, By Business Function, By Vertical and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Segmentation of Global Digital Transformation Market
Global Digital Transformation Market – By Component
- Solutions
- Services
Global Digital Transformation Market – By Technologies
- Cloud Computing
- Big Data & Analytics
- Mobility & Social Media Management
- Cyber Security
- AI
- IOT
Global Digital Transformation Market – By Deployment Type
- Cloud
- On-premises
Global Digital Transformation Market – By Organization Size
- Large Enterprises
- SMEs
Global Digital Transformation Market – By Business Function
- Fiance
- Information Technology
- Human Resources
- Marketing & Sales
Global Digital Transformation Market – By Vertical
- BFSI
- Retail & eCommerce
- IT/ITES
- Healthcare, Life Sciences & Pharmaceuticals
- Government & Defense
- Manufacturing
- Energy & Utilites
- Telecommunications
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Regional Overview
North America is projected to hold the largest share of the digital transformation market over the forecast period because more people are using the internet, and more distinct online payment methods are being widely used. The government is also attempting to speed up the digital transformation process in North America through several efforts, such as rigorous adherence to regulatory standards for data protection. Many businesses rely on digital transformation to reach the general public and spur growth. Most of the organisations in this region have the extremely dynamic and adaptable IT support needed for digital transformation.
Further Report Findings
- The market in North America is expected to gain a huge portion of the global digital transformation market share in the coming years because of a rise in government programs and spending on digital technologies like cloud computing, the Internet of Things, artificial intelligence, and others.
- The Canadian government introduced digital government policies in 2021 to coordinate the adoption of digital technologies like cloud computing and artificial intelligence (AI) to modernize IT systems.
- In Asia Pacific, the growth in this region is primarily driven by growing government investment in the adoption of cutting-edge technologies and rising foreign direct investment for digital transformation.
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