What is the Global market size of the Digital Transformation Market?

Global Digital Transformation Market size was valued at USD 577.16 billion in 2021 and is poised to grow from USD 731.13 billion in 2022 to USD 4340 billion by 2030, growing at a CAGR of 26.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Digital Transformation Market?

The digital transformation market is semi consolidated, which would result in the market penetration to rise in the future. Along with the collaborations, and mergers & acquisitions activities are increasing in the market, which is expected to make penetration easier. For example, in April 2019, Smith and Nephew PLC acquired Osiris Therapeutics, Inc., intending to accelerate the development of its advanced wound management product portfolio. The initiative will expand its customer base. 'IBM Corporation', 'Accenture PLC', 'Deloitte Touche Tohmatsu Limited', 'Capgemini SE', 'Cognizant Technology Solutions Corporation', 'Infosys Limited', 'Wipro Limited', 'Tata Consultancy Services Limited', 'DXC Technology Company', 'Atos SE', 'PwC LLP', 'Hewlett Packard Enterprise Development LP', 'Tech Mahindra Limited', 'CGI Inc.', 'KPMG International Cooperative', 'Ernst & Young Global Limited', 'HCL Technologies Limited', 'Oracle Corporation', 'SAP SE', 'Microsoft Corporation'

What is the key driver of the Global Digital Transformation Market?

One of the key drivers identified for this market is AI-powered automation. It has proven effective in a variety of areas, including aviation, medical, agriculture, energy, and material handling. AI is being used not only to automate tasks but it is also being utilized to diagnose equipment failures and detect product irregularities. For instance, AI and machine learning could be used to predict peak travel periods, aid with passenger check-in, and automate routine maintenance activities in the aviation business.

What is the key market trend for the Global Digital Transformation Market?

Retail is an emerging vertical that is implementing a range of technologies, including cloud computing, big data analytics, DevOps, social networks, digital storefronts, and more. The need to meet customer expectations, as well as expanding consumer purchasing power, are driving this segment's growth, giving rise to new client acquisitions and aiding in the retention of existing clients.

Which region accounted for the largest share in the Global Digital Transformation Market?

In the digital transformation market, North America is expected to have the largest share. The rising technological advancements in the region are key factors encouraging the growth of the digital transformation market in North America. Market growth is likely to be aided by the growing number of digital transformation companies across regions.

Digital Transformation Market Size, Share, Growth Analysis, By Component(Solution and Service), By Industry Vertical(BFSI, Retail & E-commerce, IT & Telecom, Healthcare & Lifesciences), By Technology(Artificial Intelligence, Cloud Computing, Blockchain, Big Data & Business Analytics), By Region - Industry Forecast 2025-2032

Report ID: SQMIG45B2027 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 118 | Figures: 77

Digital Transformation Market News

In March 2024, Microsoft introduced AI tools for business analytics and automation on its Azure cloud platform that have greatly improved them. These technologies utilize sophisticated machine learning algorithms and possess great capacity for processing large volumes of data; hence they help in hastening digital transformations within firms, improving decision-making processes and optimizing operations.
In April 2024, IBM unveiled a security solution based on quantum computing intended for finance industry digital transformation initiatives. To address the escalating worries regarding cybersecurity, this advancement improves data encryption and protection. As more businesses embrace digital-first approaches, IBM’s inventiveness signifies an important stride in protecting digital frameworks.
In February 2024, The newer NLP features in Cloud AI of Google have been arranged to enhance customer interaction and automate content management for businesses. The adoption of this privilege enables these companies fasten their digital transformation process while at the same time cementing Google’s global market presence with advanced AI powered communication tools.

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Digital Transformation Market size was valued at USD 561.19 Billion in 2022 poised to grow from USD 695.88 Billion in 2023 to USD 3889.60 Billion by 2031, growing at a CAGR of 24% in the forecast period (2024-2031).

Global digital transformation market is market Growth by intense competition amongst the leading technology firms and service providers. The key players who are enabling innovation by use of sophisticated AI, cloud computing and Internet of Things (IoT) solutions include Google, SAP, IBM, Microsoft and Accenture. These organizations are entering into strategic partnerships, acquiring new technology companies and constantly expanding their digital service lines to cater for the growing need for digital transformation across various industries. 'Microsoft (US) ', 'SAP (Germany) ', 'Baidu (China) ', 'Adobe Systems (US) ', 'Alibaba (China) ', 'IBM (US) ', 'Google (US) ', 'Marlabs (US) ', 'Salesforce (US) ', 'Broadcom (US) ', 'Equinix (US) ', 'Oracle (US) ', 'Hewlett Packard Enterprise (US) ', 'HCL Technologies (India) ', 'EY (UK) ', 'Cognizant (US) '

North America is currently the global leader in digital transformation, due to its impressive technological structure, an elevated number of state-of-the-art option, and a lot of money spent on creativity. In addition, this region is home to many big IT firms, huge R&D projects, and supportive government policies therefore it has convenience for all these transformations. Additionally, North America’s developed economy and the quest for improved consumer experiences are largely responsible for the growing number of firms embracing digital solutions. The wide range of sectors using artificial intelligence (AI), internet of things (IoT), cloud computing, and big data analytics attests to North America’s role in leading the world in terms of digital transformation and puts it at the forefront when it comes to technology innovation.

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What is the global market size of Digital Transformation Market?

Who are the key vendors in the Digital Transformation Market?

What is the key driver of Digital Transformation Market?

What is the key market trend for Digital Transformation Market?

Which region accounted for the largest share in Digital Transformation Market?

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