Digital Transformation Market

Digital Transformation Market

Market Synopsis:

Global Digital Transformation Market is valued at USD 606.05 Million in 2022 and is projected to reach a value of USD 2372.39 Million by 2030 at a CAGR of 18.60% over the forecast period. The increasing demand for industrial automation is a major key driver for the growth of the Digital Transformation market in the upcoming years. Growth in the adoption of wireless communication along with the other advanced innovative technologies across various businesses is expected to drive the demand for Digital Transformation during the forecast period. Moreover, several businesses across different industries are investing to a large extent in mobility, cloud platform, and big data technology to evolve digital experience platforms (DXP) which is expected to boost the demand for Digital Transformation in years to come. The organizations that generate a large amount of business data are highly adopting Digital Transformation solutions interconnected with advanced technology which is projected to boost the growth of Digital Transformation during the forecast period. The increasing spendings on advertising activities, increasing spending on marketing enterprises, and changing landscape of customers intelligence to drive the market are the important factors expected to drive the adoption of Digital Transformation technology during the forecast period. The evolution of digital technologies like big data and analytics, cloud computing, blockchain, mobility, Artificial Intelligence, robotics, internet of things, and cybersecurity has generated a need for digitalization among numerous industries, and these technologies are further used by enterprises to add or improve more feature to their traditional business processes and also help to enhance customer relationship which is driving the adaption of Digital Transformation in the years to come.

Market Segmentation:

The Digital Transformation market is segmented on the basis of deployment mode, organization size, technology, and vertical. On the basis of the deployment model, the market is segmented as Cloud and On-premises. On the basis of organization size, the market is segmented as Large Enterprises, and Small and Medium-sized Enterprises (SMEs). Based on technology the market is segmented as Cloud Computing, Big Data and Analytics, Mobility/social media, Cybersecurity, AI, and IoT. Based on vertical the market is segmented as BFSI, Retail and eCommerce, IT and Telecom, Healthcare and Life Sciences, Education, Government and Defense, Media and Entertainment, and Manufacturing.

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The on-premises segment grows at the highest CAGR during the forecast period

The on-premises segment in the deployment sector is expected to grow at the highest CAGR during the forecast period. The on-premises solutions are deployed with a former license fee and an annual service agreement, which involves free upgrades after a specific time period. Moreover, the on-premises software solutions are depreciable assets that are affordable for companies that possess a budget that helps in making initial investments. The on-premises deployment provides better control over the organization's confidential data. Moreover, the on-premise deployment also authorizes organizations to establish a customized network of the Digital Transformation that is efficient for the requirement of organizations most accurately.

The small and medium enterprise segment grows at the highest CAGR during the forecast period

The small and medium enterprise segment in the enterprise sector is estimated to grow at the highest CAGR during the forecast period. The growing focus on cloud computing and decreased prices of mobile devices are the factors making it much suitable for SMEs to enhance their businesses and grow organically. The growing awareness among SMEs about the advantages of digitalization is encouraging them to substantially invest in Digital Transformation to strengthen their position in the market, especially in a highly competitive market.

Asia Pacific region is projected to grow at the highest CAGR during the forecast period

The Asia Pacific region is projected to grow at the highest CAGR in the Digital Transformation market during the forecast period due to the increasing number of SMEs and the expansion of the service sector which is expected to grow the demand for Digital Transformation in upcoming years. Furthermore, the increasing awareness among consumers about the advantages of cloud technology and the other technological advancements are helping SMEs to expand in the region in order to modify their businesses and to ensure the future growth of businesses which is constantly boosting the growth of Digital Transformation in the Asia Pacific during the forecast period. The growth in the utilization of social media analytics and mobile devices along with the increasing online commerce are also the factors expected to drive the growth of the regional market in the upcoming years.