Global Digital Transformation Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2030

Global Digital Transformation Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2030

Global Digital Transformation Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 – 2030

The Global Digital Transformation Market was valued at around US $743.12 billion in 2022 and is expected to reach US $4623.63 billion by 2030 with a CAGR of 26.21% during the forecast period.

The application of digital technologies to alter and enhance many facets of businesses, procedures, and consumer experiences is at the heart of the rapidly expanding and changing digital transformation market. Additionally, it involves integrating digital technologies into every facet of a business's operations to boost efficacy, efficiency, and innovation. Examples of these technologies include cloud computing, data analytics, the Internet of Things (IoT), automation, artificial intelligence, and other digital tools.

A wide range of services and products from consulting companies, technology suppliers, and service providers are included in the concept of digital transformation. These solutions seek to improve customer engagement, streamline operations, facilitate data-driven decision-making, optimise procedures, and generate new revenue streams. Furthermore, it affects a wide range of industries, including manufacturing, healthcare, retail, and finance, and it has a significant impact on how companies compete, run, and innovate in the digital age.

The increasing prevalence of smartphones and tablets is compelling companies to reconfigure their strategies and operations to conform to a mobile-first environment. Because of the shift in consumer behaviour towards mobile-first engagements, businesses must optimise their digital presence to provide smooth mobile experiences. This change affects a number of industries, including telemedicine, banking apps, streaming services, and the healthcare, retail, finance, and entertainment sectors. The widespread use of mobile apps as point-of-contact between companies and customers emphasises how important digital transformation is. To improve consumer interaction, tailor offerings, and analyse user behaviour, businesses must use cutting-edge technologies. Additionally, mobile smartphones are essential hubs for Internet of Things connectivity, managing smart devices and services, which highlights the need for digital transformation solutions even more. Furthermore, companies need to embrace digital transformation projects in order to adjust to the changing mobile paradigm. This means maximising the development of mobile apps, protecting data, utilising analytics to gain insights, and producing engaging user experiences. As the industry reacts with creative solutions to enable organisations in leveraging the enormous opportunities given by the mobile revolution, the symbiotic relationship between mobile adoption and digital transformation grows. Thus, one of the main factors driving the need for the digital transformation market is the increasing use of mobile devices and applications.

“Analytics segment, by solutions, to be dominating market from 2023 to 2030.”

The market is segmented into analytics, cloud computing, mobility, social media, and other categories based on solutions. In 2022, analytics dominated the global market for digital transformation. This is so that companies may improve customer experiences, optimise workflows, and fine-tune their marketing tactics thanks to data. Businesses may have a thorough grasp of consumer behaviours and preferences by utilising data analytics, which enables tailored communications and campaigns. Consequently, encourages client loyalty and propels the segment's revenue growth. Because cloud computing makes it possible to seamlessly integrate different digital tools and solutions, it will grow at the quickest rate during the projected period, spurring innovation and agility.

“Professional services segment, by service, to be dominating market from 2023 to 2030.”

Based on service, the global market for digital transformation is divided into two segments: professional services and implementation & integration. In 2022, professional services dominated the global market for digital transformation, and this trend is anticipated to continue during the forecast period. This is due to the fact that professional services are essential in helping companies plan, organise, and carry out successful digital transformation projects. A thorough understanding of the organization's objectives, market trends, and technology capabilities is necessary for digital transformation. Experts in their field, professional services providers may evaluate an organization's present situation, spot areas for development, and create a personalised plan for a successful digital transition. By following this strategic approach, organisations may maximise their return on investment and link their digital initiatives with larger objectives.

“On premise segment, by deployment, to be dominating market from 2023 to 2030.”

The worldwide digital transformation market is divided into hosted and on-premise segments based on deployment. In 2022, on-premise dominated the worldwide digital transformation market, and it is anticipated that it would hold that position for the duration of the forecast. This is due to the fact that on-premise solutions provide a greater level of personalisation and adaptation to particular company requirements. With minimum disruption during the shift, this level of control enables organisations to conduct digital transformation programs that seamlessly interact with current systems and processes.

“Large enterprises segment, by enterprise size, to be dominating market from 2023 to 2030.”

The worldwide digital transformation market is divided into two segments based on the size of the enterprise: small and medium enterprises and large organisations. In 2022, large organisations dominated the worldwide digital transformation market, and they are anticipated to hold that position throughout the forecast period. This is due to the fact that large businesses are in a better position to start extensive digital transformation projects that completely overhaul their business processes and consumer relationships since they have established infrastructures and substantial expenditures. Big businesses can gain a competitive edge and increase efficiency by investing in cutting-edge technology like automation, data analytics, Internet of Things (IoT), and artificial intelligence. They are able to execute digital initiatives that span departments and functions inside the organisation, resulting in a comprehensive transformation strategy.

“BFSI segment, by end use service, to be dominating market from 2023 to 2030.”

The global market for digital transformation is divided into BFSI, government, healthcare, IT & telecom, manufacturing, retail, and other segments based on the end use. In 2022, BFSI was the market leader for digital transformation globally, and it is anticipated that it would hold this position for the duration of the forecast. This is so that financial institutions can provide seamless, individualised customer experiences across a variety of touchpoints, such as mobile apps and online banking, thanks to BFSI. Improved digital interaction increases client retention and loyalty. Additionally, BFSI companies can now analyse enormous information, get insights into customer behaviour, and make well-informed decisions thanks to data analytics and AI-powered solutions. Fraud prevention, risk assessment, and targeted marketing are all influenced by this information.

“North America to be largest region in Digital Transformation Market.”

The market is segmented geographically into North America, Europe, Asia-Pacific, and other regions. In 2022, North America took the lead in the digital revolution. This is because some of the top technology businesses, research centres, and innovation hubs in the world are located in North America. These companies have led the way in the development of fields like cloud computing, artificial intelligence, data analytics, and more by being early adopters of digital transformation techniques. Modern digital technologies are developed and quickly adopted thanks to this environment.

Due to the increased availability of reasonably priced smartphones and better internet connectivity in APAC nations, which have spurred a surge in online activity and increased demand for digital solutions and services, APAC is expected to grow at the fastest rate during the forecast period. This also helps to support the growth of the Asia-Pacific digital transformation market.

Digital Transformation Competitive Landscape

The competitive landscape of the Digital Transformation Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Digital Transformation technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Digital Transformation Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Digital Transformation Market include:

Major Players:

Accenture plc

Apple Inc.

Adobe Systems Incorporated

Aexonic Technologies

Alcor Solutions

Broadcom

Brillio CA Technologies

CloudAngles

Cognizant

Dell EMC

Dempton Consulting Group

Equinix

EY

Happiest Minds

HCL Technologies

Hewlett Packard Enterprise Co.

International Business Machines Corporation

Interfacing

Kellton Tech Solutions Ltd.

Kissflow

eMudhra

Microsoft Corporation

Kellton Tech Solutions Ltd.

Google Inc.

ProcessMaker

Process Street

Salesforce

Scoro

Scitara

Smartstream

Tibco Software

Yash Technologies

Recent Developments:

August 07, 2023: On Free Ad-supported Streaming TV (FAST) platforms, Sistema Brasileiro de Televisão (SBT) will distribute, launch, and monetise TV Zyn, its first FAST channel. SBT has teamed with AD Digital and Amagi to achieve this goal. SBT advances its digital transformation strategy once further with the introduction of its first FAST channel.

August 03, 2023: Capgemini declared that it is providing generative AI services, industry knowledge, and delivery resources to help customers navigate their next phase of digital transformation.

August 03, 2023: To further advance its Digital Transformation Journey, Indian Overseas Bank (IOB) introduced two products: the IOB RERA current account scheme and online real-time safe deposit locker allocation.

August 02, 2023: Driving Digital Transformation in Africa, Xoxoday and Retention Concierge collaborated. Through the agreement, digital transformation will be accelerated across Africa and other regions, resulting in further improvements to customer satisfaction, employee experience, operational effectiveness, and revenue growth.

On July 14, 2023, Prodapt declared that it would cooperate with Amazon Web Services (AWS) to speed up its digital transformation efforts in order to assist Communications Service Providers (CSPs) in realising financial gains.