The Digital Transformation by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Transformation, The digital transformation market size has grown exponentially in recent years. It will grow from $1382.64 billion in 2023 to $1666.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growing adoption of digital transformation in healthcare, increase in data volume generation, and increasing adoption of 5g networks.
The digital transformation market size is expected to see rapid growth in the next few years. It will grow to $3248.34 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to increasing availability of mobile devices, government initiatives, increasing internet penetration, increasing spending on marketing and advertising activities by enterprises, increasing demand for industrial automation. Major trends in the forecast period include artificial intelligence capabilities, digital transformation series, creative networks, product launch, internet of things, startups in big data and analytics and strategic partnership and collaboration.
The increasing adoption of machine learning and artificial intelligence is expected to drive the growth of the digital transformation market going forward. Digital transformation provides traditional businesses with solutions like cloud computing, big data & analytics, data management, and other advanced features such as artificial intelligence and machine learning, which help in the optimization of business operations, leading to reduced efforts in operations and increased efficiency. Thus, their usage increased in various sectors such as healthcare, banking, transportation, manufacturing, and others, increasing the demand in the digital transformation market. For instance, according to the report published by Cloudmantra, an India-based technology services company, the usage of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20% while reducing material usage by 4% in 2021. It also gives manufacturers the ability to control Overall Equipment Effectiveness (OEE) at the plant level, increasing OEE performance from 65% to 85%. Furthermore, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers are using artificial intelligence to improve daily operations, design products, and plan their future operations. Therefore, the rising adoption of machine learning and AI drives the digital transformation market.
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The digital transformation market covered in this report is segmented –
1) By Technology: Cloud Computing, Big Data and Analytics, Artificial intelligence (AI), Internet Of Things (IoT), Blockchain And Other Technologies
2) By Deployment: Cloud, On-Premises
3) By Organization: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
4) By End Users: BFSI, Healthcare, Telecom and IT, Automotive, Retail and Consumer Goods, Manufacturing, Government, Others
Artificial intelligence capabilities are a key trend gaining traction in the digital transformation market. Artificial intelligence (AI) is an increasing force behind digital transformation, surrounding innovations like machine learning, natural language processing (NLP), data labeling platforms and predictive analytics. For example, in May 2021, IBM, a US-based company that produces and sells computer hardware and software, as well as cloud computing and data analytics, launched hybrid cloud and AI capabilities to accelerate digital transformation. The innovations highlight IBM’s assistance to its clients and partners in accelerating their digital transformations, getting back to work more intelligently and creating strategic ecosystems that can lead to improved business outcomes. According to a recent IBM study on the use of AI in business, the need to incorporate AI into company operations became much more pressing during the pandemic.
The digital transformation market report table of contents includes:
1. Executive Summary
2.Digital Transformation Market Characteristics
3.Digital Transformation Market Trends And Strategies
4. Digital Transformation Market analysis
5. Digital Transformation Market Size And Growth
6.Digital Transformation Segmentation
7.Digital Transformation Regional And Country Analysis
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27.Digital Transformation Competitive Landscape And Company Profiles
28.Digital Transformation Key Mergers And Acquisitions
29.Digital Transformation Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Accenture PLC
- Adobe Systems Inc.
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