Digital Transformation Market Size is Expected to Reach US$ 3,375 Bn by 2032, Rising at a 20.8% CAGR During the Forecast Period
The majority share of the market, amounting to 42%, is now being dominated by North America, propelled by improved internet usage and the extensive adoption of a range of online payment modes. Furthermore, the government has launched various initiatives to accelerate the regions digital transformation.
New York, April 11, 2023 (GLOBE NEWSWIRE) — According to Market.us, The Global Digital Transformation Market was valued at USD 535 billion in 2022 and is projected to reach USD 3,375 billion by 2032, with a CAGR of 20.8%. Globally, The market growth can be registered to the rising adoption of cutting-edge technology, such as big data analytics, Artificial Intelligence (AI), and cloud, over others, which has affected the exponential growth of all sizes of businesses throughout the globe.
The COVID-19 pandemic has a major test for the whole world to sustain business consistency despite all the lockdown, social distancing, work-from-home, and other challenges. While several organizations were ready to face the challenges, others were not due to a lack of digital strategy and other significant tools or infrastructure essential for smooth functioning.
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- By solution, the analytics segment held a dominating revenue share of more than 36.3% in 2022
- By service, the professional service category had the highest revenue share of almost 75.0% in 2022
- By technology, an increasing number of IoT device connections is to expand the global market share in 2022
- By deployment, companies around the world have chosen on-premises deployment as a digital solution.
- By end-use, with a market share of about 30.0%, the BFSI sector led the market in 2022
- North America held a revenue share of approximately 42% in 2022
- Asia Pacific market is anticipated to record the fastest-growing CAGR.
Digital transformation supports organizations in managing several risks linked and handling interruptions such as marketplace fluctuation, transformation corporate, and geopolitical circumstances that are unexpected and can rapidly unpredictable outcomes. In addition, moving from a standard to a new digitalized setup supports the summary of many new technically advanced services and products. The market is anticipated to be motivated by the growing use of smartphones, mobile devices, and apps through corporate departments and processes, boosting digitalization.
Factors Affecting the Growth of the Digital Transformation Market
Several factors can affect the growth of the digital transformation market. Some of these factors include:
- Increase in digitalization in business: Businesses are implementing digital transformation plans that mostly concentrate on transforming digital connections with customers to advance on this front.
- Advancements in technology: Market traders provide highly modified digital transformations solution to deal with their client’s business concerns. This level of customization is made possible by the traders’ data, resulting in modified digital transformation fulfilling client demands and requirements.
- Rising adoption of industrial robots: The latest revolution in the market is the implementation of emerging developments, including SCARA robots, industrial robots, and AI-based robots. They have assisted the robotic industry in modernizing diverse processes, reducing errors, and improving efficiencies.
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Top Trends in Global Digital Transformation Market
Industrial robots are the main trend in the global digital transformation market. They are less error-prone, more efficient, and more modernized. Augmented safety at the workplace and increasing manufacturing competence have directed companies to invest more in robotic systems. Accordingly, industrial robotic technology will be the significant market trend in the global digital transformation market during the forecast period.
Advanced technologies have stimulated revolution and transformation in the business environment, heading toward an increase in income. Businesses are rapidly using big data and business aptitude to meet current data, gain intuitions that can be put to use, better recognize customer requirements, and upsurge productivity. Due to the increased usage of modern-day technology, consumers often use the digital customer experience as their primary principle at the time of rating firms. Businesses are hitting into practice digital transformation plans that mostly concentrate on transforming digital connections with customers to advance on this front.
In 2022, North America conquered the market by holding the majority share of 42% of the market due to the improved usage of the internet and the high implementation of diverse types of online payment modes. In addition, multiple initiatives are attempted by the government to boost the digital transformation journey in North America. North America has a leading dominance in software solutions and advanced programming, attributable to high manufacturing, retail, and automotive operations in Canada and U.S. Asia Pacific is anticipated to grow with the highest CAGR during the projected period due to rising foreign direct investment (FDI) for digital transformations and growing governments investment for the implementation of advanced technology.
Major Players can be seen fetching in partnerships and mergers & acquisitions to further advancement in their product and gain an economic advantage in the market. The competitive landscape of the market has also been examined in this report. Some of the major players include Accenture PLC, Apple Inc., Adobe Systems Incorporated, CA Technologies, Dell EMC, Microsoft Corporation, IBM Corp., Salesforce Inc., SAP SE, Alibaba Group Holding Ltd., Cisco System Inc., and Other Key Players.
Recent Development of the Digital Transformation Market
- June 2022: Tanla, a CPaaS supplier, and Kore.ai, an enterprise informal AI software platform and solutions provider company, declared the partnership in five countries: India, Vietnam, Philippines, UAE, and Indonesia. This partnership is crucial for contributing best-in-class informal (AI-based Natural Language Processing (NLP) systems to numerous brands and enterprises.
- April 2022: Amazon Inc. introduced an updated Amazon Aurora Serverless v2. It can support enterprises with several applications that must manage capability through their databases and Software as a Service (SaaS) vendors. In addition, it proposes pay-as-you-use services and has no extra costs.
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Scope of the Report
|Market Value (2022)||USD 535 Billion|
|Market Size (2032)||USD 3375 Billion|
|CAGR (from 2023 to 2032)||20.8%|
|North America Revenue Share||42%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Advanced technologies have stimulated revolution and transformation in the business environment, heading toward increased income. For instance, big data and analytics, IoT, mobility, cloud, and social media. Including digital technology within the corporate operation is known as “digital transformation.” It objects to changing how resources and technology are engaged to provide the customer with better worth. Companies worldwide have hustled up their digital transformation, concluded IoT, cloud relocations, and other initiatives.
Security concern for enterprise data is a key concern throughout the implementation of digital technologies. AI, cloud, blockchain technologies, and IoT are increasing at rapid growth, which needs the requirement for better privacy and protection to minimize cyber-attacks and data breaches.
Market traders provide highly modified digital transformations solution to deal with their client’s business concerns. This level of customization is made possible by the traders’ data, resulting in modified digital transformation fulfilling client demands and requirements. Custom expansion has quickly recognized itself as an acute strategy businesses use to engage people with their brands and products.
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Report Segmentation of the Digital Transformation Market
Product Type Insight
The analytics segment is anticipated to hold the major market share during the forecast period. Functions for analytics-based solutions are varied and cross several sectors. For instance, it can be used in production for an anticipatory maintenance program to propel the output and reduce interruption. Enterprises are being stimulated to digitize their developments by the expanding fall of data, including raw data, unstructured and structured, with massive volume.
The professional service sector has conquered the market and recorded a major revenue share of 75% in 2022. This sector delivers managed and consulting services to businesses in multiple industries. Businesses experiencing digitalization require professional services to challenge issues such as the selection of vendors or the transformation of culture. This market is anticipated to grow as professional service suppliers assist in deploying and utilizing the appropriate resources at a suitable time.
Increasing acceptance of IoT devices and a rise in data volume generation are anticipated to propel the cloud-based digital transformation market growth. IoT devices generate a large amount of data, which needs further space for storage. The use of digital technology is converted into a full-fledged upgrading of tools, processes, and experiences in a virtual environment that is accessible from anywhere with the help of the addition of cloud computing, which gives it an extra dimension. Digital and cloud transformation are mutually connected nowadays. Businesses may achieve more, update operations, and save money with the help of cloud technologies.
The on-premises sector dominated the global market in 2022. Companies around the world have chosen on-premises deployment as a digital solution due to its customization and security facilities. The cloud segment is anticipated to grow with the highest growth rate during the forecast period. Increasing cloud infrastructure investments with rapid fluctuating of the business workloads from on-premises to the cloud will drive market growth.
The BFSI segment has conquered the market and recorded a major market share of over 30% in 2022. Due to changing attention of banks and further financial institutions towards offering boosted experience since products and services within the industries are becoming commoditized. The improved focus of banking institutions to provide technical and unified support to develop a consumer-centric approach drives the market.
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Based on Solution
- Cloud Computing
- Social Media
- Other Solutions
Based on Service
- Professional Services
- Implementation & Integration
Based on Technology
- Cloud Computing
- Big Data & Analytics
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- Other Technologies
Based on Deployment
Based on End-Use
- IT & Telecom
- Other End-Uses
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Accenture PLC
- Apple Inc.
- Adobe Systems Incorporated
- CA Technologies
- Dell EMC
- Microsoft Corporation
- IBM Corp.
- Salesforce Inc.
- SAP SE
- Alibaba Group Holding Ltd.
- Cisco System Inc.
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- Digital Twin Market size is expected to be worth around USD 1,83,652.73 million by 2032 from USD 6,970 million in 2022, growing at a CAGR(compound annual growth rate) of 38.70% during the forecast period from 2022 to 2032.
- Digital photography market is valued at USD 47.8 billion in 2022. It is expected to reach USD 68.08 billion at a 3.6% CAGR between 2023 and 2032.
- Digital workplace market was worth 27.432 billion in 2021. This number will increase at a CAGR of 20.5% between 2023-2032.
- Retail Analytics Market size is expected to be worth around USD 39.6 Billion by 2032 from USD 5.7 Billion in 2022, growing at a CAGR of 22% during the forecast period from 2023 to 2032.
- Workforce Analytics Market is expected to grow at a CAGR 16.5% By 2028 and will reach at US$ 2,951.2 Mn in 2028, from US$ 641.6 Mn.
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