Digital Transformation Market Market is Expected to Grow at a CAGR of 18.90% From 2022 To 2028
As stated by our extensive report, the global Digital Transformation Market market accounted for 511.90 USD Million in 2021.
The digital transformation process involves the integration and implementation of various digital technologies to create new or modify existing business culture, principles, processes, and customer experiences in order to meet the demand of changing business and market requirements. Due to digital transformation, most organizations are taking a step back in order to revisit their process and everything they do including internal systems along with customer interactions both online and in person. For instance, Netflix which started out as a mail-order service with the help of digital innovations, today made the wide-scale streaming video possible and took over the traditional broadcast and cable television networks and production studios by offering on-demand content at ultracompetitive prices. Digital transformations have changed many such organizations and have led to the success of businesses.
The increasing adoption of various technologies like big data, machine learning, and artificial intelligence and growing demand from end use industries is anticipated to augment the growth of the Digital Transformation Market market during the forecast period. Most of the end-use industries have integrated these technologies to leverage the benefits offered with the use of them. Further, AI- automation has been proved very useful across industries such as the medical, aviation, agriculture, energy, and manufacturing markets. AI helps to diagnose equipment malfunctions or detect product anomalies. For instance, in the case of the aviation industry, AI and ML may help to assist with passenger check-in, predict peak travel times, and automate routine maintenance tasks. AI is also applied in a variety of healthcare services such as data mining, carrying out accurate diagnosis and treatment of medical conditions, identifying patterns, medication management, medical imaging, drug discovery, and robotic surgery. This is expected to create demand for digital transformation solutions across all the industry verticals in near future. Additionally, the cost benefits of cloud-based digital transformation solutions are also supporting the growth of the market.
However, changing regional data regulations leading to the time-consuming restructuring of predictive models and data security concerns is expected to hinder the growth of the market in the years to come. Moreover, rising internet proliferation and growing usage of connected and integrated technologies are expected to create immense opportunities for the growth of the market within the forecast period. Additionally, an increase in demand for real-time analytical solutions to track and monitor the COVID-19 spread is also expected to strengthen b digital transformation demand in near future.
North America held the largest shares in 2021. This is attributable to the presence of major players in the region. Furthermore, the rapid adoption and use of digitally innovative solutions and the increased use of the internet is also expected to fuel the regional growth of the market. Additionally, high demand for software and advanced robotic solutions is also expected to support the growth of the market in the region.
Some of the prominent players operating in the global Digital Transformation Market market include Microsoft(US), IBM(US), SAP(Germany), Oracle(US), Google(US), Cognizant(US), HPE(US), Adobe(US), Accenture(Ireland), HCL Technologies(India), Broadcom(US), Equinix(US), Dell(US), Tibco(US), Marlabs(US), Alcor Solutions(US), Smart Stream(UK), Yash Technologies(US), Interfacing(Canada), Kissflow(India), Emudhra(India), Process Maker(US), Process Street(US), Happiest Minds(India), Scoro(UK), Brillio(US), and Aexonic Technologies(US)..
Browse the full Report - Digital Transformation Market Size, Share & Trends Analysis Report by Deployment Mode (Cloud, On-premises), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Technologies (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity), by Vertical (BFSI, Retail and eCommerce, IT and Telecom, Healthcare and Life Sciences), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)