USD 577.16 billion
Report ID: SQMIG45B2027 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 118 | Figures: 77
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).
Digital transformation assists organizations in dealing with various risks associated with disruption, such as reconstructing corporate, market fluctuation, and geopolitical conditions that are unexpected and can result in erratic outcomes. Furthermore, shifting from a traditional to a new digitalized setup facilitates the introduction of many new technically advanced products and services. By boosting performance, digital transformation can alter, integrate, and simplify daily corporate operations. It helps associations in arranging their operations to save time and effort while making efficient use of resources. Because digital transformation automates traditional corporate operations, it reduces the likelihood of user errors.
Through the use of software, organizations can focus on further developing their brand image by improving the customer experience and attaining improved customer retention ratios. Digital transformation assists firms in adapting to the changing technology landscape and dealing with rapid changes in the business. Furthermore, enterprises investing in analytics, mobility, cloud services, and big data technologies as part of the development of Digital Experience Platforms will account for a large segment of market growth (DXP).
US Digital Transformation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 577.16 billion
Largest Segment
Large Enterprises
Fastest Growth
Small and Medium-sized Enterprises
Growth Rate
26.7% CAGR
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Digital Transformation Market is segmented by Technology (Cloud Computing, Big Data and Analytics, Mobility/social media, Cybersecurity, AI, and IoT), by Deployment Type (Cloud and On-Premise), by Organization Size (Large Enterprises and Small and Medium-sized Enterprises (SMEs)) by Vertical (BFSI, Retail, Education) & based on region Digital Transformation Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Digital Transformation Market Analysis by Technology
Over the forecast period, the cloud computing segment is expected to increase significantly. The cloud segment includes public, private, and hybrid cloud technologies that provide on-demand deployment and scalability. Because of the lower implementation costs, this category is expected to grow rapidly, allowing not just large enterprises but also startups and Small and Medium Enterprises (SMEs) to benefit from these platforms. Furthermore, it is often used to create and adapt corporate processes and customer experiences in response to changing market circumstances.
Digital Transformation Market Analysis by Organization Size
The large enterprise segment holds the largest market share of over 55% in 2021. These companies are starting on a digital transformation journey because it delivers cost-effectiveness and smooth business process execution. Large businesses require a successful solution since they need framework coordination that is simple, adaptability, and data protection.
Larger organizations can use advanced strategies across channels and accelerate transformation in a variety of areas since they have more financial resources. Furthermore, Large enterprises play an important role in promoting innovation-driven thinking and promoting digital awareness.
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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.
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Digital Transformation Market Driver
Easy integration of digital platforms with existing business systems such as Customer Relationship Management (CRM), contact centers, and social media platforms is bolstering the Market.
Digital Transformation Market Restraint
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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.
Digital Transformation Market Top Players Company Profiles
Digital Transformation Market Recent Developments
Companies are choosing cloud-based digital experience platforms because they reduce investments in physical infrastructure and allow for rapid deployment. It can also be accessed from multiple devices such as smartphones, laptops, and desktop computers and deliver customized content based on customer preferences, purchasing behavior, and historical transactions. This current trend is fuelling the market growth .
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research has identified that, the COVID–19 outbreak showed weaknesses in business models across verticals, it also provided various opportunities for companies to digitalize and expand beyond geographies as the use and integration of technologies such as cloud, AI, analytics, IoT, and blockchain increased throughout the lockdown time. During the first and second quarters of 2020, the retail and manufacturing sectors experienced a severe drop in company performance. However, as vaccines become more widely available and the pandemic is better managed, these industries are expected to see increased investment over the forecast period as digital transformation solutions gain traction across various business activities.
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Report Metric | Details |
---|---|
Market size value in 2021 | USD 577.16 billion |
Market size value in 2030 | USD 731.13 billion |
Growth Rate | 26.7% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Transformation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Transformation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Transformation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Transformation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45B2027