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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).

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 Limited', 'HCL Technologies Limited', 'Oracle Corporation', 'SAP SE', 'Microsoft Corporation'

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.

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.

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

Product ID: SQMIG45B2027