Digital Transformation Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment (Hosted, On-premise); By Enterprise Size; By End-Use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others); By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 112
- Format: PDF
- Report ID: PM2057
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global digital transformation market was valued at USD 588.05 billion in 2021 and is expected to grow at a CAGR of 23.6% during the forecast period. The increasing acceptance of digital solutions across industries such as BFSI, automotive, healthcare, manufacturing, and others impels market growth worldwide. In addition, deployments of various transformation technologies like IoT for accelerating productivity and proficiencies of the conversion systems and the emergence of industry 4.0 foster the digital transformation market demand.
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Moreover, growing smart gadgets, rising investment in the IT sector, and development of the networking infrastructure may further propel the digital transformation market growth in the upcoming years. The widespread COVID-19 exhibits a significant impact on various industries. The major challenge for the economies is ensuring business continuity among lockdowns in multiple regions, work-from-home policies, social distancing rules, and other challenging factors. This witnessed a positive impact on the transformation market growth due to the increasing requirements for conversion in numerous sectors.
Availability of digital conversion may lead to the continuation of several business operations, even in remote areas. It offers employees flexibility, convenience, collaboration, and performance of organizational functions. Accordingly, these applications increase competence and productivity even in a pandemic, creating lucrative growth opportunities in the digital transformation market.
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Industry Dynamics
Growth Drivers
The arrival of the digital transformation in industry 4.0 has significantly led to the development. Integrating digital transformation technology solutions such as IoT facilitates advancement, modernization, and automation in the manufacturing process. The transition of industry 4.0 relies entirely on digitally transformed organizations as they can quickly adapt to developing technological landscapes. It offers less resource wastage, enhances flexibility and efficient working, and boosts the productivity of the manufacturing of goods.
Moreover, it also provides an opportunity for the extension of machinery life by monitoring every detail, predictive maintenance, supporting rapid handling of resources, and influencing synchronization between mobile communication and robots. For instance, in August 2021, Intel India and Society for Innovation & Entrepreneurship (SINE)-IIT Bombay collaborated and introduced their Plugin Alliance to boost the growth of Industry 4.0.
This initiative facilitates the creation of special interest groups in the industry for impelling the potential and innovation adoption in the era of developing technologies. Thereby, these types of initiatives may strengthen the digital transformation market demand across the globe. Hence, the foundation of this secure, innovative, and wireless connectivity supports factories in accomplishing their goals, which, in turn, propels the market growth of the digital transformation industry over the forecasting years.
Report Segmentation
The market is primarily segmented based on type, deployment, enterprise size, end-use, and region.
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By Type |
By Deployment |
By Enterprise Size |
By End-Use |
By Region |
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Insight by Type
The solution segment is the leading segment in revenue generation in the year 2021 and is projected to dominate the market in the upcoming years. Increasing market development needs of the technical landscape by organizations for timely improvement in their systems leads to the company's survival in the global market's competitive edge. Furthermore, the growing market need for actionable insights from a significant quantity of business data created by organizations and the increasing usage of apps in processes and intelligent devices may contribute to the digital transformation segment's global growth.
The service segment is estimated to show substantial growth in the coming period. Implementing digital transformation solutions boosts sector growth by increasing market demand for services like support and training. Furthermore, rising digitization in numerous industries is driving the need for executive training programs to help workers navigate technical environments successfully. As a result, these factors may affect sector growth throughout the forecasted period.
Insight by End-Use
The healthcare segment is the largest revenue generator, holding the most significant shares in the global market in 2021. Growing needs for the e-data in patient outreach and operation channels boost the market demand for digital transformation across the healthcare industry. The rising amount of patient information requires scalable business models that support the efficient management of patient data. These models will likely help alleviate risks and create new business strategies. Hence, these factors accelerate the segment's market demand because the digital transformation assists in maximizing patient experience and providing better decision-making skills.
The retail segment is expected to show the highest CAGR over the forecast period owing to the growing penetration of innovative and developing technologies, such as DevOps, social networking, cloud computing, big data analytics, and digital transformation stores. Increasing customer expectations and rising market demand for customer-centricity are the further impelling factors that fuel the need for digital transformation across the retail sector. In addition, evolving web applications and digital e-commerce coupled with continuous incorporation of customer services, pricing, merchandising, and stock supports end-users in increasing convenience and productivity. Accordingly, these may be attributed to the segment transformation growth in the near future.
Geographic Overview
Geographically, North America is the most significant contributor to revenue and dominates the global market. The region has the highest adoption rate of technologies like analytics, digital transformation, big data, cloud, IoT, and mobility, coupled with the increasing internet penetration. Moreover, the growing adoption of digital payment methods, leading market players, and skillful technical expertise are the additional driving factors contributing to regional growth. Therefore, the rising transformation market demand for advanced robotic solutions and software creates a productive demand for digital transformation in the forecasting period.
Moreover, Asia Pacific is projected to grow at the highest pace across the globe in the upcoming years. The demand for digital transformation is expected to rise due to the growing number of small and medium-sized enterprises (SMEs) and the service industry's transformation, as well as growing responsiveness regarding benefits offered by the cloud-based solutions and further technological developments, are supporting SMEs in the expansion of the business operations. Thus, these factors are gaining significant prominence globally due to the increasing adoption of smartphones and social media analytics, and emerging e-commerce activities fuel the digital transformation market growth.
Competitive Insight
Some of the major players operating in the global digital transformation market include Accenture, Adobe, Alcor Solutions, Inc., Apple, Inc., Broadcom, Inc, CA Technologies, Cognizant, Dell Technologies Inc., Equinix, Inc., Google, Inc., HCL Technologies, Hewlett Packard Enterprise, Interfacing, International Business Machines Corp., KELLTON TECH, Marlabs, Microsoft Corp, Oracle Corporation, SAP Company, Smartstream, TIBCO Software Inc., and Yash Technologies.
Digital Transformation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 588.05 billion |
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Revenue forecast in 2030 |
USD 3,739.06 billion |
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CAGR |
23.6% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Deployment, By Enterprise Size, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Accenture, Adobe, Alcor Solutions, Inc., Apple, Inc., Broadcom, Inc, CA Technologies, Cognizant, Dell Technologies Inc., Equinix, Inc., Google, Inc., HCL Technologies, Hewlett Packard Enterprise, Interfacing, International Business Machines Corp., KELLTON TECH, Marlabs, Microsoft Corp, Oracle Corporation, SAP Company, Smartstream, TIBCO Software Inc., and Yash Technologies |
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