Digital Transformation Market Size Worth $3,810.05 Billion By 2030

 Digital Transformation Industry Overview

The global digital transformation market size was evaluated at USD 608.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 23.1% from 2022 to 2030. The COVID-19 pandemic posed a significant test for the entire world to endure the business congruity in between all the social distancing, lockdown, work from home, and other challenges. While few organizations were ready to face the challenges others were not due to a lack of digital strategy other important tools or infrastructure required for smooth functioning. Despite all the objections COVID-19 has delivered to personal, professional, and community life, it also gave new opportunities to businesses. Innovation, when utilized appropriately, upgrades proficiency and usefulness, the COVID-19 scenario offers the right opportunity for organizations to deal with their digital channels.

Digital transformation helps organizations to cope with various risks associated and handling disruption such as rebuilding corporate, marketplace fluctuation, and geopolitical conditions that are unforeseen and can prompt erratic outcomes. Moreover, moving from conventional to new digitalized setup supports the introduction of many new technically advanced products and services. Digital transformation can transform, integrate and simplify daily business operations by enhancing performance efficiently. It helps associations in organizing their operations to save time and effort and efficiently make use of resources. Digital transformation supplants traditional business processes with automation, and hence reduces the chance of errors by users.

 

Gather more insights about the market drivers, restrains and growth of the Global Digital Transformation market

 

Digital transformation through the implementation of software lets organizations focuses on further developing the brand reputation by enhancing customer experience and attaining higher customer retention ratios. Digital transformation helps organizations in adjusting to the progressing technological scenario and can handle abrupt changes in the business. All the more significantly, a significant piece of the market growth will come from organizations putting resources into analytics, mobility, cloud services, and big data technologies as a component of their development of Digital Experience Platforms (DXP).

In these recent years, the world witnessed numerous developments that took place in the field of technology, for instance, predictive analysis, blockchain, quantum computing, Artificial Intelligence (AI), and Machine Learning (ML), among others. Organizations are producing a tremendous amount of data for which they require technological support such as machine learning algorithms and powerful analysis tools to develop insights. This is one of the key factors promoting the adoption of technologies, and additionally, it makes the workflow more systematic for daily operations.

Significant difficulties that organizations face during the execution of digital transformation include the absence of systematic planning and budget allocation. To embrace the digital transformation journey, a company will require huge capital investment for the acquisition of such technological advancements and a suitably skilled team for the smooth execution process. Subsequently, the whole process demands a huge capital investment, which might prompt lower benefits at first, but over the long run, this huge investment could be one of the key reasons for a successful business. The absence of proper budget allocation hampers organizational decision-making power and makes the transformation initiative uneasy. To conquer this, organizations must come up with a strong strategy for the long term and have a sound capital arrangement.

 

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• Computer Aided Engineering Market - The global computer aided engineering market size was valued at USD 8,904.2 million in 2021 and is expected to expand at a CAGR of 8.8% from 2022 to 2030, owing to the increased outsourcing of manufacturing processes to emerging economies such as China, India, and Russia, among others.

 

• Voice And Speech Recognition Market - The global voice and speech recognition market size was valued at USD 14.42 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 15.3% from 2022 to 2030. The market is anticipated to be driven by technological advancements and the rising adoption of advanced electronic devices.

 

Digital Transformation Market Segmentation

Grand View Research has segmented the global digital transformation market report based on solution, service, deployment, enterprise size, end use, and region:

• Solution Outlook (Revenue, USD Billion, 2017 - 2030)
  • Analytics
  • Cloud Computing
  • Mobility
  • Social Media
  • Others

 

• Service Outlook (Revenue, USD Billion, 2017 - 2030)
  • Professional Services
  • Implementation & Integration

 

• Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
  • Hosted
  • On-premise

 

• Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
  • Large Enterprise
  • Small & Medium Enterprise

 

• End-use Outlook (Revenue, USD Billion, 2017 - 2030)
  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Retail
  • Others

 

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

• April 2021: Oracle made its GoldenGate technology available as a highly automated, fully managed cloud service that clients can use to help ensure that their valuable data is always available and analyzable in real-time, wherever they need it.
• March 2021: the U.K. government decided to set out an initiative known as Government Digital Service (DSG) which offers a simple digital identity solution and helps to “create a single sign-on” that works for everyone.

 

Key Companies profiled:

Some of the prominent players operating in the global digital transformation market are:

• Accenture plc
• Apple Inc.
• Adobe Systems Incorporated
• CA Technologies
• Dell EMC
• Hewlett Packard Enterprise Co.
• International Business Machines Corporation
• Microsoft Corporation
• Kellton Tech Solutions Ltd.
• Google Inc.

 

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