Digital Transformation Market

Digital Transformation Market was valued at USD 735.2 Billion in 2022 and is expected to touch USD 2,494.8 Billion in 2030 and is predicted to expand at 16.5% CAGR during the forecast period.

Digital Transformation Market Overview

Digital transformation can be defined as the integration of digital technology including cloud computing, artificial intelligence, big data, social media, cybersecurity and internet of Things for modifying and developing business processes, culture, and customer experiences. The digital transformation help in collecting data to monitor performance, make more strategic business decisions, and in improving business processes in all areas including marketing, operations, human resources, administration, and customer service.

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Major Digital Transformation Market Drivers

Rapid industrialization; growing demand for industrial automation coupled with the increasing labour cost; increasing B2B & B2C e-commerce applications; the increasing penetration of smartphones and social media platforms; and the need to provide improved customer experience are some of the major factors expected to augment the growth of the digital transformation market size over the forecast period. In addition, the rising adoption of digital technologies, including Internet of Things (IoT), and Machine Learning (ML), Artificial Intelligence (AI), cloud computing, big data, social media, wireless communication, and robotics among business enterprises is further propelling the digital transformation market growth. Moreover, according to the World Bank, in 2018, around 51% of the global population use internet via a computer, mobile phone, personal digital assistant, games machine, and digital TV among others.

Restraint in the Digital Transformation Market

However, rising security and privacy concern pertaining critical enterprise data and increasing incidents of cyber-attack and data breaches in business organizations is expected to restraint the growth of the market. Additionally, implementation complexity and lack of skilled workforce may further hamper the growth of the global digital transformation market size.

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Technology – Segment Analysis

Based on the technology, the cybersecurity segment is expected to grow at a significant rate over the forecast period owing to the increasing amount of online business critical data and rapidly rising internet frauds, cybercrimes, and data breaches. Moreover, 32% of businesses faced cyber security breaches as per the Cyber Security Breaches Survey 2019, by the Department for Digital, Culture, Media and Sport, UK. This is expected to drive the growth of the market.

End-Use Industry – Segment Analysis

Based on the end-use industry, the retail segment is anticipated to account for a large share in the market. This is primarily due to the growing adoption of automation, IoT, and big data analytics in the retail sector. Additionally, according to the United Nations Conference on Trade and Development, the e-commerce sales reached $25.6 trillion globally in 2018, with an increase of 8% from the previous year. This is expected to support the market growth.

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Regional – Segment Analysis:

Based on region, Asia Pacific is expected to witness prominent CAGR over the forecast period owing to the increasing penetration of internet, growing adoption of digital technologies including robotics, artificial intelligence, and cloud computing in retail, IT and telecommunication, and BFSI sectors in the region. Moreover, according to the India Brand Equity Foundation (IBEF), the online penetration of retail is expected to reach 10.7% by 2024 versus 4.7% in 2019 and the e-commerce business in India is expected to reach $99 billion by 2024, growing at a CAGR of 27% over 2019, thereby contributing to the growth of the market in Asia-Pacific.

Top Market Players

Several Leading players operating in the market, include, Oracle Corporation, International Business Machines Corporation, SAP SE, Microsoft Corporation, SAS Institute Inc., Adobe, Inc., Cognizant Technology Solutions Corporation, SAS Institute Inc., Alphabet Inc., and HubSpot Inc. among others. 

Key Developments: 

• • In 2019, SAP SE launched SAP Leonardo Internet of Things (IoT), a platform-as-a-service offering. Leonardo IoT is designed to help enterprises in capturing data from a variety of IoT sources, analyze it in conjunction with SAP applications and create new business models.

Segments covered in the Report:

The global Digital Transformation Market has been segmented on the basis of technology, end-use industry, and key regions. Based on technology, the market is segmented into cloud computing, artificial intelligence, big data and analytics, mobility/social media, cybersecurity, internet of things, and others. Based on the end-use industry, automotive, food & beverages, information technology, telecommunication, BFSI, retail, and others. 

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Market Segmentation

Global Digital Transformation Market by Technology

• • Cloud Computing
  • Artificial Intelligence
  • Big Data and Analytics
  • Mobility/Social Media
  • Cybersecurity
  • Internet of Things
  • Others

Global Digital Transformation Market by End-Use Industry

• • Automotive
  • Food & Beverages
  • Information Technology
  • Telecommunication
  • BFSI
  • Retail
  • Others

Global Digital Transformation Market by Region

• • North America Digital Transformation Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Digital Transformation Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Digital Transformation Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Digital Transformation Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Digital Transformation Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle Corporation
  • International Business Machines Corporation
  • SAP SE
  • Microsoft Corporation
  • SAS Institute Inc.
  • Adobe, Inc.
  • Cognizant Technology Solutions Corporation
  • SAS Institute Inc.
  • Alphabet Inc.
  • HubSpot Inc.