Digital Transformation Market– Market Size & Forecast To 2032

Digital Transformation Market– Market Size & Forecast To 2032

The global Digital transformation market is estimated to reach a value of USD 2.58 Billion in 2032 and it is projected to register a CAGR of 16.90% during the forecast period. The increasing demand for advanced technology, such as the Internet of Things (IoT), across businesses and enterprises, is encouraging the adoption of connected devices as well optimization.

The growing utilization of mobile devices, smart phones, and applications across business processes and departments is also encouraging digitization and is anticipated to drive the market over the predicted period. Shifting from traditional to digitalized business models facilitates the introduction of additional advanced technological products and services across industries and sectors.

Digital transformation enables organizations to enhance their operational performance, customer experience, brand reputation, and customer retention ratios. However, digitally transformed businesses can efficiently adapt to the changing technological landscape and can address sudden shifts in the industry, especially the one currently brought in by the Covid-19 pandemic; studies suggest that the efficiency and rate of adaptation of digitally transformed businesses to a post-pandemic era are much higher than traditional businesses.

Digital transformation market is segmented based on technology, component, organization size, deployment, industry vertical and region.

Based on technology, the global digital transformation market is segmented into cloud computing, artificial intelligence, big data and analytics, mobility/ social media, cyber security, internet of things (IOT), and others. The integration of different digital transformation technologies, such as the internet of things (IoT), is remarkably becoming prevalent, as it offers exceptional benefits. Also, Digital transformation helps organizations in enhancing their brand’s reputation, customer experience, and customer retention ratios through the implementation of the software.

Based on component, the global Digital transformation market is segmented into solutions and services. Services are segmented into training and implementation, support and maintenance, and consulting. The solution is estimated to be the dominating segment. The solution segment holds the highest market share in 2021 and is expected to remain the highest growing market during the forecast period. The segment growth can be attributed to the rapidly emerging technological landscape that involves businesses timely upgrade their systems to uphold an inexpensive edge.

Based on organization size, the global digital transformation market is segmented into large enterprise and small & medium enterprises. Small and medium enterprises hold the highest CAGR during the forecasted period. The digital transformation market by organization size is segmented into large enterprises and small and medium-sized enterprises. Small and medium sized enterprises and IT ecosystems are highly impacted due to digital transformation. Technology and infrastructure vendors have started realizing the importance of innovative technologies, such as cloud, big data, mobile, social, and sensors.

Based on deployment, the global digital transformation market is bifurcated into on-premises and cloud. The deployment of digital transformation solutions on the cloud enables users to access solutions from their desktops or any mobile devices. Major benefits of this deployment type include easy deployment, low deployment cost, and easy upgradeability and accessibility. Thus, cloud digital transformation solutions are adopted by small organizations and individual users generally.

Based on region, the global Digital transformations market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to hold the highest market size in the global digital transformation market, while Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the digital transformation market, due to increasing investments in the process of digitalization across potential economies.