Digital Transformation Market - Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

Digital Transformation Market - Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

Enterprises across the globe are making seismic shifts towards digitalization, rapidly transforming traditional business models to more sophisticated ones. This has initiated a wave of breakthrough developments across the domain, leading to the incorporation of cutting-edge technologies such as big data, AI, and cloud computing. With such rampant advancements and acceptance of the latest technology, governing authorities have crafted a favorable environment to incentivize the uptake and development of digital transformation.

In a bid to establish robust connectivity across the public, enterprises are ramping up their process to enhance their customer engagement, further fueling digital transformation. Such a favorable scenario has set the stage for the phenomenal expansion of the digital transformation market.

According to Fairfield Market Research, the global digital transformation market is set to surpass US$2.2 Tn worth by the end of 2030. The market is predicted to grow at a stellar CAGR of 18.2%, exceeding the US$550 Bn market value mark. Such exceptional figures serve as a testament to the digital transformation market’s progressive upturn.

Key Insights and Trends Across Digital Transformation Market

Plummeting technology costs and growing use of social media applications are spearheading market growth

Greater connectivity through cloud computing and increased awareness of data science are cumulatively contributing to market revenue

The BFSI sector is anticipated to record the highest adoption rate, while retail and e-Commerce follow suit.

Automation Ascendance Across Industries Puts Digital Transformation on Steady Growth Trajectory

While dealing with disruption which includes the re-establishment of business identity in a highly volatile environment, it is critical for organizations to manage them with utmost diligence. Furthermore, the constantly shifting geopolitical landscape may generate a stimulating environment for organizations. To cope with disruptive forces, organizations are embedding modern products and services into their systems and business models. These systems are primed with the ability to automate repetitive tasks and extend customer support.

With these features on hand, organizations across a spectrum of industries such as BFSI, manufacturing, and healthcare, can create personalised interactions that boost client relationships. Connected digital experiences are the need of the hour and customer relationship management (CRM), call centres, and social media platforms are actively gaining from the meaningful insights. Digital transformation has made this possible, resulting in better ROIs and brand building. This has created tailwinds for the digital transformation market.

North America Reigns Supreme with Strong Government Support

North America, with a notable share of 29.4% of the global digital transformation market in 2022, stands firmly in the leading market position. Paced adoption of digital transformation across an array of organizations and strong government support to uphold data integrity and safety have unlocked substantial opportunities across the market.

Closely following the footprints of North America, Asia Pacific, and Europe are fast-tracking the adoption of digital technologies. It’s worthwhile to note that Europe comprises one-fourth of the overall market revenue.

Distinguished Market Players

Some of the most competitive players operating at the forefront of the global digital transformation market include Amazon Web Services, CISCO, Dell, and Oracle. On the other hand, Cisco Systems, IBM, Sailpoint Technologies, Microsoft Corporation, DELL, HITACHI, Oracle, CA Technologies, Okta, Micro Focus, and Centrify Corp. are a few key vendors leading the market.

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