Digital Transformation Market by Offering (Services, Solutions), Function (Customer Transformation, Operational Transformation, Product Transformation), Technology, Deployment, End-User - Global Forecast 2024-2030

Digital Transformation Market by Offering (Services, Solutions), Function (Customer Transformation, Operational Transformation, Product Transformation), Technology, Deployment, End-User - Global Forecast 2024-2030

The Digital Transformation Market size was estimated at USD 821.03 billion in 2023 and expected to reach USD 987.21 billion in 2024, at a CAGR 20.91% to reach USD 3,102.32 billion by 2030.

The digital transformation uses digital technologies to develop new or modify existing business operations and customer experiences to fulfill changing business and market requirements. Digital transformation increases efficiency and provides greater business agility, ultimately unlocking new value for employees, customers, and shareholders. Increased penetration of evolving technologies for digitizing business and government enforcement towards digitization in developing economies has further driven the market demand. However, data security and privacy concerns in digital transformation systems may hamper the market demand in the forecasted period. Integrating AR/VR technologies in the transformation systems to enhance consumer experience presents future market opportunities.

Regional Insights

The Americas has a significant landscape in the digital transformation market owing to a strong innovation ecosystem, with major technology companies leading the way in AI, IoT, and 5G adoption. The government supports digital transformation initiatives through funding and partnerships, with programs to accelerate public-private collaboration in key industries such as advanced manufacturing, agri-food, and clean technology. The European Union's (EU) significant investments in AI, 5G networks, and cybersecurity across member countries and key initiatives and funding for various sectors, including digital transformation, have driven the market growth in the region. The Middle East's governments are implementing initiatives to diversify their economies by embracing digitalization. Africa is experiencing rapid mobile penetration, which presents significant opportunities for digital transformation across industries. The APAC has a developing landscape in the digital transformation market due to government initiatives promoting investment in IoT, AI, robotics, and other advanced technologies, and numerous initiative seeks to strengthen connectivity and infrastructure while encouraging investment in emerging technologies.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Digital Transformation Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing preference for digitized solutions to improve operational efficiency and customer experience
Rising deployment of digital solutions across diverse end-user industries
Government investments and initiatives for digitization

Market Restraints

High costs associated with solutions and services of digital transformation

Market Opportunities

Advancing applicability in automation and supply chain management
Novel developments and emergence of new technologies for digital transformation

Market Challenges

Concerns related to data security and privacy

Market Segmentation Analysis

Offerings: Significant adoption of solutions in digital transformation
Function: Increasing use of customer transformation owing to the personalized engagement strategies
Technology: Burgeoning utilization of big data and analytics technology owing to its data-driven decision-making processes
Deployment: Preferences for cloud-based deployment for better flexibility and services
End-User: Proliferating applications across banking and insurance sector with expanded digital infrastructure

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Digital Transformation Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Digital Transformation Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Salam Collaborates with Oracle to Accelerate Digital Transformation

Salam, a part of the Mawarid Media & Communications Group (MMCG) and Mawarid Holding Company, has chosen Oracle to drive 5G innovation in the Middle East. Salam's objective is to facilitate the establishment of a digital society in accordance with Saudi Arabia's Vision 2030 digital transformation plans. By leveraging Oracle's technologies, Salam will enhance and expand its capabilities to efficiently and swiftly introduce digital services.

Accenture To Acquire Objectivity to Expand Platform Engineering Capabilities in Europe

Accenture recently completed the acquisition of Objectivity, a digital engineering firm specializing in cloud computing and platform development services. Accenture's acquisition of Objectivity strengthens its capabilities in cloud computing and platform development. This integration will empower Accenture to better support clients in advancing their digital transformation initiatives.

Telenor Norway to Accelerate Digital Transformation with Support from Accenture

Telenor Norway has partnered with Accenture to modernize its IT organization and transition to a cloud-based environment as part of its digital transformation initiative. This collaboration aims to enhance customer experiences, drive revenue growth, and expedite product and service launches. The partnership between Telenor Norway and Accenture, boasting over 25 years of experience, encompasses the implementation of new technologies, operating models, and growth strategies.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Digital Transformation Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Digital Transformation Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, AVEVA Group PLC, Baidu, Inc., Cisco System Inc., Cognex Corporation, Emerson Electric Co., Ericsson AB, General Electric Company, Google LLC by Alphabet, Inc., Hewlett Packard Enterprise Company, Innominds, Intel Corporation, International Business Machines Corporation, Kellton Tech Solutions Ltd., Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Red Hat, Inc., Salesforce, Inc., SAP SE, Siemens AG, THALES group, TIBCO Software, Inc, Wipro Limited, and Yokogawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Digital Transformation Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering
Services
Solutions
Function
Customer Transformation
Operational Transformation
Product Transformation
Workforce Transformation
Technology
3D Printing or Additive Manufacturing
Big Data & Analytics
Cloud Computing
Cybersecurity
Industrial Robotics
Internet of Things
Machine Learning or Artificial Intelligence
Mobility or Social Media
Deployment
On-Cloud
On-Premises
End-User
BFSI
Education
Government
Healthcare
IT & Telecom
Manufacturing
Media & Entertainment
Retail & Consumer Goods
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year