Digital Transformation Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2030

August 08 05:03 2023
Digital Transformation Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2030
Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), EY (UK), Cognizant (US), Accenture (Ireland ), Tibco Software (US), Alcor Solutions (US), and Soundful (US).
Digital Transformation Market by Offering (Solutions & Services), Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI), Business Function (Accounting & Finance, IT, HR), Vertical,& Region – Global Forecast to 2030

The Digital Transformation Market size is to grow from USD 695.5 billion in 2023 to USD 3,144.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period. Rapid advancements in technology, such as cloud computing, artificial intelligence (AI), Internet of Things (IoT), big data analytics, and blockchain.

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As per verticals, the healthcare, life sciences & pharmaceuticals segment is to grow at the highest CAGR during the forecast period.

The healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. Healthcare and life sciences refers to the integration and utilization of digital technologies and solutions to improve patient care, enhance operational efficiency, and drive innovation in the healthcare and life science industries. It involves the adoption of various digital tools, platforms, and strategies to digitize processes, collect and analyze data, enhance collaboration, and deliver personalized care.

By Solutions, Cloud Segment to grow at the largest market size during the forecast period.

By solutions, the digital transformation market has been segmented into cloud and on-premises.  The cloud offers cost optimization opportunities by reducing the need for on-premises infrastructure and providing pay-as-you-go models that align with business needs. Overall, these drivers have fueled the widespread adoption of digital transformation and cloud technologies, enabling organizations to streamline processes, drive innovation, and achieve strategic objectives in an increasingly digital world. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.

Unique Features in Digital Transformation Market:

The market for digital transformation saw an increase in adoption as businesses realised how critical it was to use cutting-edge technology to stay competitive. The pandemic accelerated this process even more, forcing businesses to quickly digitise their operations and services. Industry transformations were largely attributed to the Internet of Things (IoT), which produced enormous volumes of data used for analytics, proactive maintenance, and better consumer experiences. Significant industry-wide changes resulted from IoT integration, from manufacturing and healthcare to logistics and smart cities.

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Big data analytics became crucial for the digital transformation because they helped companies obtain insightful information, spot trends, and develop data-driven business plans. Businesses have tapped into the potential of data to improve operational efficiency and make wise decisions. Companies’ attempts to meet customer wants and deliver seamless experiences were heavily centred on being customer-centric. Forging enduring consumer relationships, personalization and multichannel engagement were essential.

Edge computing, which processes data closer to the source, has developed as a way to decrease latency and boost speed. Edge computing has grown in importance as a component of digital transformation initiatives due to the proliferation of IoT devices and the need for real-time data processing. As businesses increased their digital footprints, cybersecurity challenges got worse. To battle complex cyber threats and protect vital data and activities, proactive defence techniques were necessary.

Major Highlights of the Digital Transformation Market:

Businesses embraced digital tools for continuity and remote work throughout the pandemic, which boosted adoption. The capacity to scale and be flexible without making large investments was made possible by cloud computing, which was essential.Various processes were revolutionised by the integration of AI and ML, and IoT connected devices to provide real-time insights. Personalised content and data-driven insights were given top priority in customer-centric strategies.

For gaining insights and defending against threats, data analytics and cybersecurity have become crucial. The market was also shaped by the innovation of blockchain technology, the upgrading of legacy systems, and sustainability objectives. For their staff to transition to the digital era, businesses placed a strong emphasis on developing digital skills. Keep in mind that the market is constantly changing, thus new trends may have developed since then.

Top Companies in Digital Transformation Market: 

Some major players in the infrastructure as code market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (USScitara (US), Intrinsic (US), and Soundful (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global digital transformation market.

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Oracle is a multinational technology company that specializes in developing and providing a wide range of software and hardware solutions for businesses. Oracle’s primary focus is on enterprise software solutions, particularly in the areas of database management systems, cloud infrastructure, and enterprise resource planning (ERP) software. The company offers a comprehensive suite of products and services designed to help businesses manage and analyze their data, automate their processes, and enhance decision-making. Oracle has made significant investments in cloud computing and offers a comprehensive portfolio of cloud-based services. This includes Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) offerings. Oracle Cloud Infrastructure (OCI) provides a robust and scalable cloud platform for businesses to run their applications and store their data. It has a global presence across the Americas, Europe, Asia Pacific, and Middle East & Africa.

IBM is a globally renowned technology and consulting company with a long-standing history of innovation and leadership in the IT industry. With a strong presence across multiple business segments, IBM offers a diverse range of products, services, and solutions to cater to the needs of enterprises worldwide. It serves several industries, including aerospace and defense, government, manufacturing, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer goods, banking & finance, life sciences, telecommunications, media & entertainment, chemicals, and more. With customers in more than 175 nations, IBM has a significant presence in the Americas, Europe, the Middle East & Africa, as well as Asia Pacific. It was now the preferred platform for all corporate applications. IBM focuses on advanced technologies like artificial intelligence (AI), data analytics, and cloud platforms. The flagship offering within this segment is Watson, an AI platform renowned for its natural language processing and machine learning capabilities. Watson enables organizations to analyze vast amounts of data, derive valuable insights, and enhance decision-making processes across various industries.

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