USD 577.16 billion
Global Digital Transformation Market Size, Share, Growth Analysis, By Technology(Cloud Computing, Big Data Analytics), By Deployment Type(Cloud and On-Premise), By Organization Size(Large Enterprises, Small), By Vertical(BFSI, Retail) - Industry Forecast 2024-2031
Report ID:
SQMIG45B2027 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
118 |
Figures:
77
Global Digital Transformation Market Insights
Digital Transformation Market size was valued at USD 577.16 billion in 2019 and is poised to grow from USD 731.13 billion in 2023 to USD 4340 billion by 2031, growing at a CAGR of 26.7% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
Large Enterprises
Growth Rate
26.7% CAGR
Global Digital Transformation Market ($ Bn)
Country Share for North America Region (%)
Global Digital Transformation Market By Organization Size ($ Bn)
Global Digital Transformation Market By Organization Size (%)
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Global Digital Transformation Market Segmental Analysis
Digital Transformation Market is segmented by Technology (Cloud Computing, Big Data 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.
Global Digital Transformation Market By Organization Size, 2023 (%)
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Global Digital Transformation Market Regional Insights
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.
Global Digital Transformation Market By Region, 2024-2031
- Largest
- Fastest
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Global Digital Transformation Market Dynamics
Digital Transformation Market Driver
- 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.
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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
- One of the key restraining factors identified for this market is that data interchange is a significant concern for firms that deal with individuals' personal data, such as BFSI and healthcare. As the demand for data interchange grows, it must be balanced against risk-mitigation capabilities. Data exchange is not expected to be a major concern in the coming years as organizations use digital transformation software that is coupled with data protection features.
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Global Digital Transformation Market Competitive Landscape
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
- 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
Digital Transformation Market Recent Developments
- In April 2022, Salesforce, inc. launched new features to its Customer Data Platform, an AI-powered conversational intelligence platform, including service and marketing cloud capabilities. These features enable service and marketing teams to develop personalized experiences.
- In January 2022, Alphabet LLC’s subsidiary Google invested around USD 1 billion by entering into a partnership with Airtel. The partnership aimed to offer affordable access to smartphones and speeding up the usage to cloud-based computing for businesses. The investment helped in the digitalization of India’s small businesses to adopt digital tools.
- In April 2021, Oracle and SailGP, the world's finest sailing racing league, have expanded their successful Digital Transformation platform. SailGP uses Oracle Cloud Infrastructure (OCI) to provide real-time data to each of the league's eight national teams, as well as media partners and fans worldwide.
- In April 2021, Oracle launched its GoldenGate technology as a highly automated, fully managed cloud service that clients can utilize to help ensure that their valuable data is always available and analyzable in real-time, wherever they need it.
- In April 2020, IBM introduced new AI-powered technologies. IBM has introduced unique AI-powered tools to assist the Health and Research Community in the discovery of medical insights and treatments for COVID-19.
Global Digital Transformation Key Market Trends
- 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.
- Another trend leading a positive market growth is retailers use e-commerce, online, and other apps to digitally attract and retain customers. By focusing on each area, such as inventory management, customer service, pricing, merchandising, and supply chain procedures, digital transformation allows retailers to maximize convenience, save time, and stay connected with their customers.
- 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 .
Global Digital Transformation Market SkyQuest Analysis
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 2023 | USD 577.16 billion |
| Market size value in 2031 | USD 4340 billion |
| Growth Rate | 26.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Digital Transformation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Digital Transformation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Global Digital Transformation Market Report Snapshots
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