REDDING, Calif., July 29, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Digital
Transformation Market by Offering (Solutions, Services),
Organization Size, Deployment Mode, Technology (Cloud Computing,
AI&ML, IoT, AR&VR), End Use Industry (BFSI, Healthcare,
Retail & E-commerce), and Geography—Global Forecast to
2031,' the global digital transformation market is
projected to reach $5275.7 billion by
2031, at a CAGR of 22.4% from 2024–2031.
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Digital transformation is a process that incorporates digital
technology across all areas of an organization. It evaluates and
modernizes an organization's processes, products, operations and
technology stack to enable continuous, rapid, customer-driven
innovation. Digital transformation helps companies to increase
customer loyalty, attract talented employees, foster competitive
advantage and build business value. There are various technologies
are used in digital transformation such as IoT, cloud computing, AR
& VR, artificial intelligence & machine learning.
The growth of the digital transformation market is driven by the
rapid proliferation of smart devices and apps, and the increasing
adoption of artificial intelligence & machine learning.
However, the lack of data privacy and security concerns restraint
growth of the market. Furthermore, the increasing adoption of
blockchain as a mainstream technology is expected to generate
growth opportunities for the players operating in this market.
However, the reliance on legacy systems and outdated technologies
is a major challenge impacting the market's growth. Additionally,
the growing use of IoT and edge computing in manufacturing
facilities and the rising integration of robotic process automation
(RPA) in E-commerce are the latest trend in the market.
The digital transformation market is segmented by offering
(solutions and services [consulting services, planning and
designing services, engineering services, support and maintenance
services, application development services, network infrastructure
management services, and other services]), deployment mode
(cloud-based deployment and on-premise deployment), organization
size (large enterprises and small & medium-sized enterprises),
technology (mobile technology, internet-of-things (IoT), network
connectivity, digital twin & simulation, robotic process
automation, cloud computing, artificial intelligence & machine
learning, AR & VR, additive manufacturing & 3D printing,
big data & real-time analytics, cybersecurity, and other
technologies), end-use industry (retail & E-commerce,
government & public sector, healthcare, supply chain &
logistics, energy & utility, manufacturing, BFSI, IT &
telecommunications, media & entertainment, education,
transportation, and other end-use industries), and geography. The
study also evaluates industry competitors and analyses the market
at the country & regional levels.
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Based on offering, in 2024, the services segment is
expected to account for the larger share of around 57.0% of
the digital transformation market. The segment's large market share
is attributed to the growing need to improve productivity and
profitability through enhanced resource management using digital
transformation services; increasing adoption of digital
transformation services to increase organizational agility and
resilience in business operations; and the rising use of digital
transformation to stop errors by eliminating time-consuming manual
data entry and human inefficiencies. Also, this segment is expected
to register a higher CAGR during the forecast period.
Based on organization size, in 2024, the large
enterprises segment is expected to account for the larger share of
the digital transformation market. However, the small &
medium-sized enterprises segment is expected to register a
higher CAGR during the forecast period. The growth of this segment
is attributed to the growing adoption of digital transformation in
SMEs to reduce operational costs and improve productivity by
automating routine tasks & processes, and the rising use of
digital technologies in SMEs helps to adapt changing market
conditions and customer demands for better agility in
decision-making and operations.
Based on deployment mode, in 2024, the cloud-based
deployment segment is expected to account for the larger share
of over of the digital transformation market. The segment's large
market share is attributed to the growing adoption of cloud-based
digital transformation systems that helps to improve access to
data, allowing collaboration and communication of business process
in real-time; the cloud-based digital transformation provides
robust security measures such as data encryption, multi-factor
authentication, and regular security audits to protect data and
applications.
Also, this segment is expected to register a higher CAGR during
the forecast period.
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Based on technology, in 2024, the cloud
computing segment is expected to account for the largest share
of around 26.0% of the global digital transformation market.
However, the artificial intelligence & machine
learning segment is expected to register a highest CAGR during
the forecast period. The growth of this segment is attributed to
the growing adoption of AI in digital transformation to facilitate
better decision-making through advanced analytics and predictive
modeling, and the rising integration of AI in digital
transformation due to advanced machine learning algorithms to
analyze patterns & predict potential security threats.
Based on end use industry, in 2024, the BFSI segment is
expected to account for the largest share of around 29.0% of
the global digital transformation market. The segment's large
market share is attributed to the growing adoption of digital
transformation in BFSI to streamline processes, improve customer
services, and offer personalized experiences; the increasing
integration of digital technologies such as AI & ML in banks
& financial institutions to detect anomalous activity and
prevent fraud.
However, the healthcare segment is expected to register the
highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to account for the
largest share of over 44.0% of the digital transformation
market. North America's
significant market share can be attributed to the increasing
investments in digital technologies such as cloud computing, IoT,
and AI & ML in the region and the rising integration of robotic
process automation (RPA) in retail & E-commerce companies in
North America. However, the
Asia-Pacific market is expected to
register the highest CAGR of over 24.0% during the
forecast period. The growth of this market is attributed to the
increasing government initiatives & policies toward
digitization in developing nations in Asia-Pacific; the increasing adoption of AI
& robotics in manufacturing industries in the region, and the
growing integration of AR & VR to enhance consumer experience
in retail & E-commerce sector.
The key players operating in the digital transformation market
are International Business Machines Corporation (U.S.), Siemens AG
(Germany), Microsoft Corporation
(U.S.), SAP SE (Germany),
Capgemini SE (France), ABB Ltd.
(Switzerland), Deutsche Telekom AG
(Germany), Telefónica, S.A.
(Spain), Accenture plc
(Ireland), TE Connectivity Ltd.
(Switzerland), NXP Semiconductors
N.V. (Netherlands),
Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata
Consultancy Services Limited (India), and Cisco Systems, Inc. (U.S.).
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Scope of the Report:
Digital Transformation Market Assessment—by Offering
- Solutions
- Services
- Consulting Services
- Planning & Designing Services
- Engineering Services
- Support and Maintenance Services
- Application Development Services
- Network Infrastructure Management Services
- Other Services
Digital Transformation Market Assessment—by Organization
Size
- Large Enterprises
- Small & Medium-sized Enterprises
Digital Transformation Market Assessment—by Deployment
Mode
- Cloud-based Deployment
- On-premise Deployment
Digital Transformation Market Assessment—by
Technology
- Mobile Technology
- Internet-of-Things (IoT)
- Network Connectivity
- Digital Twin & Simulation
- Robotic Process Automation
- Cloud Computing
- Artificial Intelligence & Machine Learning
- AR & VR
- Additive Manufacturing & 3D Printing
- Big Data & Real-time Analytics
- Cybersecurity
- Other Technologies
Digital Transformation Market Assessment—by End-use
Industry
- Retail & E-commerce
- Government & Public Sector
- Healthcare
- Supply Chain & Logistics
- Energy & Utility
- Manufacturing
- BFSI
- IT & Telecommunications
- Media & Entertainment
- Education
- Transportation
- Other End-use Industries
Digital Transformation Market Assessment—by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Netherlands
- Spain
- Sweden
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of Middle East &
Africa
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