Pune,India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Digital Transformation Market Size hit USD 1.51 trillion in 2021 and is slated to rise from USD 1.79 trillion in 2022 to USD 6.78 trillion by 2029, exhibiting a CAGR of 20.9% during the forecast period. Rapid use of cutting-edge technologies, such as AI, IoT, cloud computing, and others, is driving the global market share for digital transformation, says Fortune Business InsightsTM in its report titled, “Digital Transformation Market Forecast, 2023-2029”.
Key Industry Development-
In order to securely connect any item to the cloud and enable seamless integration with AWS IoT services, such as AWS IoT Core, AWS announced IoT ExpressLink. The developers would be assisted in overcoming technical challenges and reducing additional time to market using modules with AWS IoT ExpressLink.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 20.9% |
| 2029 Value Projection | USD 6.78 Trillion |
| Base Year | 2021 |
| Digital Transformation Market Size in 2021 | USD 1.51 Trillion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 217 |
| Segments covered | Technology, Enterprise, Deployment, Industry |
| Digital Transformation Market Growth Drivers | Rising Adoption and Investment in the Cloud Infrastructure, IoT, and 5G to Drive Growth |
| Data Privacy and Security Concerns Associated with Digital Technologies Hinder the Market Growth |
Key Takeaways
- Digital Transformation Market is expected to flourish & reach USD 6.78 Trillion in 2029
- Companies are investing more in robotic systems due to increased manufacturing capabilities and improved worker safety.
- Through partnerships, acquisitions, and collaborations, the corporations are making investments in the adoption of 5G and the development of cloud infrastructure.
- Throughout the projection period, the SMEs category is expected to develop with a modest CAGR. Several SMEs and start-ups have begun to see the value of integrating digital technology into their operations.
- Digital Transformation Market Size in North America was USD 697.23 Billion 2021
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Drivers & Restraints-
- The integration of 5G, IoT, and cloud technologies is expected to drive growth in many sectors, particularly for cloud firms.
- By combining 5G with cloud services, businesses can improve capacity, speed, and latency. Ericsson, for example, offers cloud infrastructure to more than 230 clients worldwide, while Telefonica, Swisscom, Telkomse, XL Axiata, Far EasTone, and other leading service providers rely on the company for their top services.
- The adoption of these advanced technologies is set to enhance the capability, functionality, and flexibility of many industries.
Regional Insights-
North America to Dominate the Global Market Share
Due to growing government initiatives and investments in digital technologies such as cloud computing, the Internet of Things, Artificial Intelligence (AI), and others, North America is predicted to lead the digital transformation market growth.
During the projected period, Europe is anticipated to hold a sizable portion of the market. Key measures are being taken by governments in the U.K. and France to adopt digital technology and support regional prosperity.
Due to increasing foreign direct investment in digitization and rising government expenditure for the adoption of cutting-edge technologies, Asia Pacific is anticipated to develop at the highest CAGR throughout the projection period.
With increasing government initiatives and digitalization, the Middle East & African nations such as Saudi Arabia and the UAE are expanding at a moderate CAGR.
Throughout the predicted period, South America is expected to expand at a moderate CAGR. This is mostly due to the expansion of digital investments in cloud infrastructure.
List of Key Players Mentioned in the Report:
- Alphabet Inc. (U.S.)
- Amazon.com, Inc. (U.S.)
- Oracle Corporation (U.S.)
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- Apple Inc. (U.S.)
- Salesforce Inc. (U.S.)
- SAP SE (Germany)
- Cisco Systems, Inc. (U.S.)
- Alibaba Group Holding Limited (China)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Challenges, Opportunities, and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Key Players Market Share Insights and Analysis, 2021
- Global Cloud Computing Key Players Market Share Insights and Analysis, 2021
- Global Big Data and Analytics Key Players Market Share Insights and Analysis, 2021
- Global Cybersecurity Key Players Market Share Insights and Analysis, 2021
- Global Artificial Intelligence (AI) Key Players Market Share Insights and Analysis, 2021
- Global Internet of Things (IoT) Key Players Market Share Insights and Analysis, 2021
- Global Blockchain Key Players Market Share Insights and Analysis, 2021
- Global Business Intelligence (BI) Key Players Market Share Insights and Analysis, 2021
- Global Digital Transformation Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Technology (USD)
- Cloud Computing
- Big Data and Analytics
- Cybersecurity
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- Others (Blockchain, Business Intelligence)
- By Enterprise Type (USD)
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
- By Deployment Model (USD)
- On-Premises
- Cloud
- By Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Government
- Others (Oil and gas, Media and Entertainment, Etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Digital Transformation Market Size Estimates and Forecasts, By Segments, 2018-2029
TOC Continued…!
Related Report:
Cloud Computing Market Share, Industry Report, 2023-2029
Cyber Security Market Revenue Growth Forecast to 2029
Big Data Analytics Market Share, Revenue And Growth Rate Till 2029
Artificial Intelligence Market Share, Industry Report, 2023-2029
Internet of Things Market Share, Revenue And Growth Rate Till 2029
Blockchain Market Share, Industry Report, 2023-2029
FAQ:
How big is the Digital Transformation Market?
The market is projected to grow from USD 1.79 trillion in 2022 to USD 6.78 trillion by 2029, exhibiting a CAGR of 20.9% during the forecast period.
How big is Digital Transformation Market in North America?
The market in North America stood at USD 697.23 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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