Digital Transformation Market Is Expected to Reach USD 4,617.78 Billion by 2030, Grow at a CAGR Of 26.7% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
Contrive Datum Insights Pvt Ltd
9 min read
Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, North America is expected to dominate the global digital transformation market due to the presence of several large technology companies, high IT spending, and strong internet infrastructure.
Farmington, March 30, 2023 (GLOBE NEWSWIRE) -- The Global Digital Transformation Market Size Was Valued At USD 731.13 Billion In 2022 And Is Anticipated To Witness USD 4,617.78 billion By 2030 at a CAGR Of 26.7% From 2023 To 2030. The global digital transformation market is the market for technologies and services that help organizations modernize their operations, processes, and customer experiences in response to the growing use of digital technologies. This market has a wide range of products and services, such as cloud computing, big data analytics, artificial intelligence (AI), the Internet of Things (IoT), and blockchain.
The COVID-19 pandemic is also driving the digital transformation market. This is because the pandemic has sped up the shift to digital technologies, as more businesses try to digitize their operations and processes to stay competitive in a world after the pandemic.
Infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS) are all parts of cloud computing (SaaS). Cloud computing lets businesses scale their IT infrastructure and cut costs by only paying for the resources they use.
The Artificial Intelligence (AI) segment includes solutions for developing and deploying AI applications like natural language processing (NLP), machine learning (ML), and computer vision. AI solutions are used in a wide range of areas, such as customer service, catching fraud, and figuring out when repairs need to be made.
The cloud computing segment is expected to be the biggest part of the digital transformation market, since more and more people are using the cloud to meet their needs for scalability and low costs. The big data analytics and artificial intelligence (AI) markets are also expected to grow quickly as companies try to learn more from large amounts of data and make better decisions.
Also, the Internet of Things (IoT) and blockchain are expected to grow a lot as these technologies are used more and more in different industries. The COVID-19 pandemic has also sped up the adoption of digital technologies in a number of industries, which is expected to drive the growth of the digital transformation market in the coming years.
Enterprise Size Insights:
In the next few years, the global digital transformation market is expected to grow by a lot. Businesses of all sizes and in many different industries are looking to adopt digital technologies to improve their operations, make them more efficient, and make the customer experience better.
The digital transformation market is split into small and medium-sized enterprises (SMEs) and large enterprises based on the size of the business. The SME segment is expected to grow quickly because digital technologies like cloud computing, AI, and Internet of Things (IoT) devices are becoming more widely available and more affordable. SMEs are also realizing more and more that they need to use digital technologies to stay competitive and meet customers' changing needs.
The large enterprise segment is expected to remain a major driver of the digital transformation market. This is because many large organizations are already putting a lot of money into digital technologies to improve their operations and customers' experiences. Large businesses have the money to invest in more advanced technologies like big data analytics, machine learning, and blockchain, and they are likely to continue to be the first to use these cutting-edge solutions.
Overall, the global digital transformation market is expected to continue to grow quickly as businesses of all sizes and in all fields use digital technologies more and more. This is because businesses need to stay competitive in a world that is becoming more digital, and more and more advanced technologies and services are becoming available to help them do this.
Regional Outlook:
The global digital transformation market is studied in North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa, and others.
North America is expected to lead the world market for digital transformation because it has a lot of big tech companies, spends a lot on IT, and has a strong internet infrastructure. The United States is the biggest market in the area, and a big chunk of the digital transformation market is made up of sales there.
Europe is likely to be a big market for digital transformation because more and more people are using digital technologies and the government is taking steps to encourage digitalization. Some of the biggest markets in the area are the UK, Germany, and France.
North America: (US, Canada, Mexico, Rest of North America)
Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America(Brazil, Argentina, Rest of Latin America)
Rest Of the World
Base Year
2022
Historical Year
2017 to 2022
Forecast Year
2023 to 2030
Market Dynamics:
Driving Factors:
Advancements in technology: The speed at which technology is changing has made it easier and cheaper for businesses to adopt digital technologies. New technologies like cloud computing, big data analytics, AI, and the Internet of Things (IoT) have made it possible for businesses to change how they run and how their customers feel about them.
Changing customer expectations: Customers want digital experiences that are more and more personalized, easy to use, and available anytime, anywhere. Because of this, businesses are putting money into digital technologies to meet the changing needs of their customers.
Need for cost and operational efficiency: Digital technologies like automation, machine learning, and AI can help organizations streamline their operations and cut costs. By automating tasks that used to be done by hand, companies can save time and reduce the chance of mistakes.
Restraining Factors:
High cost of implementation: The cost of implementing digital transformation technologies and solutions can be high, which could be a barrier for some organizations, especially small and medium-sized businesses..
Security and privacy concerns: As the use of digital technologies has grown, so has the risk of cyberattacks and data breaches, which can be a big problem for businesses. This could make businesses less likely to use new digital technologies.
Resistance to change: For digital transformation to happen, an organization's culture, processes, and structure often need to change a lot. This can make people not want to change, which can slow or stop digital transformation efforts from working.
Opportunity Factors:
Development of cloud-based solutions: Cloud computing is becoming more popular, and there is a growing need for cloud-based Digital Transformation tools. This gives Digital Transformation companies a chance to make cloud-based solutions that are easier to use and less expensive than traditional solutions that are installed on-site.
Need for real-time analytics: Businesses are looking for more and more ways to get insights from data as it is being created. This gives Digital Transformation companies a chance to come up with real-time analytics solutions that can give insights right away.
Challenges Factors:
Personalization of customer interactions: As the need for personalized interactions with customers grows, businesses have a chance to set themselves apart from their competitors. Contact centers can use data analytics and AI technologies to give customers personalized help, which makes customers happier and more loyal.
Outsourcing of contact center operations: Businesses can give their contact center operations to third-party service providers so they can focus on their core business operations. Outsourcing can also save money, give access to specialized knowledge, and allow operations to grow or shrink as needed.
Key Segments Covered:
Top Market Players: Cisco Systems, Inc., Palo Alto Networks, McAfee, Inc., Broadcom, Trend Micro Incorporated, CrowdStrike, Check Point Software Technology Ltd., and others.
By Solution
Analytics
Cloud Computing
Mobility
Social Media
Others
By Service
Professional Services
Implementation & Integration
By Deployment
Hosted
On-premise
By Enterprise Size
Large Enterprise
Small & Medium Enterprise
By End-use
BFSI
Government
Healthcare
IT & Telecom
Manufacturing
Retail
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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