Global Digital Transformation Market Size To Worth USD 9,126.18 Billion By 2033 | CAGR Of 28.26%
Category: Information & TechnologyGlobal Digital Transformation Market Size To Worth USD 9,126.18 Billion By 2033
According to a research report published by Spherical Insights & Consulting, The Global Digital Transformation Market Size was valued at USD 757.28 Billion in 2023 and is Expected to reach USD 9,126.18 Billion By 2033, Growing at a CAGR of 28.26% from 2023 to 2033
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Browse key industry insights spread across 200 pages with 120 Get Detailed Report Description Here: Market data tables and figures & charts from the report on the "Global Digital Transformation Market Size, Share, and COVID-19 Impact Analysis, By Solution (Big Data & Analytics, Artificial Intelligence (AI), Cyber Security, and Cloud Computing,), By Deployment (Hosted and On-premise), By Service (Professional Services and Implementation & Integration), By End-use, (BFSI, Government, Healthcare, and IT & Telecom), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/digital-transformation-market
Digital transformation refers to the shift from traditional working techniques to more modern, technology-driven processes that utilize automation, cloud computing, big data, artificial intelligence (AI), and the Internet of Things (IoT). This industry includes the banking, healthcare, retail, manufacturing, and government sectors, all of which are using digital technologies to increase their innovation, competitiveness, and productivity. Businesses benefit from digital transformation as it helps them handle a variety of risks and disruptions, such as changing market conditions, geopolitical events, and corporate reconstruction. Businesses are using big data, BI, and AI more and more to collect data in real time, obtain actionable insights, comprehend client needs better, and boost overall productivity. Market expansion is fueled by the market participants' significant emphasis on mergers and acquisitions to increase their market share and diversify their product offerings. The growing preference of customers for digital media for writing reviews and sharing experiences is also pushing firms to adopt digital transformation solutions and develop a customer-centric business model. However, business operations that rapidly incorporate digital technologies run the danger of experiencing cybersecurity and data privacy problems. Business concerns about rapidly evolving cyberthreats make it very challenging to secure digital infrastructures and safeguard sensitive data. Strict regulations and cyber security threats force businesses to invest in robust data protection solutions, which further drives up operating expenses.
The big data & analytics segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the solution, the global digital transformation market is classified into big data & analytics, artificial intelligence (AI), cyber security, and cloud computing. Among these, big data & analytics segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The growth can be attributed to analytical solutions' ability to handle a wide range of applications across many end-use industries, and end-use firms' growing need to extract meaningful knowledge from huge amounts of data are the main causes of the increase. Businesses may improve operational efficiency, reduce equipment downtime, and increase production with the use of the market's analytical solutions. End-user businesses can better estimate sales and comprehend consumer purchase patterns by utilizing analytical solutions.
The on-premise segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the deployment, the global digital transformation market is categorized into hosted and on-premise. Among these, the on-premise segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth can be attributed to the expansion, which is explained by the fact that on-premises solutions offer excellent data security and make it easy for end users' companies to adhere to a number of governmental regulations. Similar to this, companies can use a range of on-premises digital transformation options to get greater control over their sensitive data. However, end-use companies are focusing on implementing cloud-based digital transformation solutions due to their low operating costs and range of subscription options.
The professional services segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period.
Based on the service, the global digital transformation market is divided into professional services and implementation & integration. Among these, the professional segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period. The growth can be attributed to the demand for professional services, such as managed and consulting services, is rising across a variety of industries. Companies focused on digitizing their operations require professional help to handle a variety of issues, such as vendor selection and cultural shift. The market is anticipated to expand as expert service providers help end-user businesses deploy and utilize the best resources.
The BFSI segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the end use, the global digital transformation market is categorized BFSI, government, healthcare, and IT & telecom. Among these, the BFSI segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The growth can be attributed to the fact that banks and other financial institutions are focusing on improving customer experiences to boost their brand recognition and expand their clientele overall, which is why the expansion has occurred. Financial institutions' heightened focus on providing aid to boost the overall rate of client retention and provide seamless technical support is fueling segment growth. The growing popularity of remote work has been a major factor in the BFSI sector's market expansion.
North America is anticipated to hold the largest share of the global digital transformation market over the projected timeframe.
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North America is anticipated to hold the largest share of the global digital transformation market over the predicted timeframe. The growth can be attributed to increased demand for and rate of implementation of advanced digital automation technology in North America has led to market expansion. Due to the growing usage of online payment methods by the retail industry, the North American market for digital transformation has experienced tremendous growth. Government initiatives to promote automation and digital technologies in the automotive, pharmaceutical, and healthcare sectors are also driving the North American market for digital transformation. In the years to come, the rapid growth of e-commerce in the US and Canada is expected to sustain the region's significance.
The Asia Pacific region is expected to grow the fastest during the forecast period, SMEs are using digital transformation solutions more frequently. The growing use of AI-driven advanced analytics technologies to offer customized services for both B2B and B2C clients is a major factor driving the regional market's growth. In the Asia Pacific region, a sizable portion of smartphone users use social media on their smartphones. As a result, the region offers numerous opportunities for digital transformation solutions.
Major key players in the digital transformation market include, International Business Machines Corporation, Kellton Tech Solutions Ltd., Microsoft Corporation, Cisco Systems, Inc., Dell EMC, Dempton Consulting Group, Google Inc., Happiest Minds, Hewlett Packard Enterprise Co., SAP SE, Accenture plc, Other.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In January 2024, Google LLC partnered with Worldline in order to boost its digital transformation initiatives and streamlines their operations. Worldline will use Google’s cloud-based technologies for enhancing their digital payment for customers across Europe.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global digital transformation market based on the below-mentioned segments
Global Digital Transformation Market, By Solution
- Big Data & Analytics
- Artificial Intelligence (AI)
- Cyber Security
- Cloud Computing
Global Digital Transformation Market, By Deployment
- Hosted
- On-premise
Global Digital Transformation Market, By Service
- Professional Services
- Implementation & Integration
Global Digital Transformation Market, By End Use
- BFSI, Government
- Healthcare
- IT & Telecom
Global Digital Transformation Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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