GLOBAL DIGITAL TRANSFORMATION MARKET REPORT 2022-expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,348.9 billion by 2032 from USD 584.5 billion in 2022

GLOBAL DIGITAL TRANSFORMATION MARKET REPORT 2022-expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,348.9 billion by 2032 from USD 584.5 billion in 2022

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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.

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Solution Insights
The analytics segment accounted for the largest market share of over 30% in 2021, attributable to the high demand to integrate enormous volumes of business information to generate powerful insights. The analytics segment helps industries to reduce their equipment downtimes, increase operational efficiency, and improve yield. Businesses depend upon analytics due to its accurate prediction capabilities which leads to improved business performance. With the help of analytics, organizations can better understand consumers purchasing patterns, and hence forecast can be more précised.

Deployment Insights
The on-premises segment accounted for a revenue share of over 50% in 2021. Many organizations have selected on-premise deployment as it offers plausible choices for the extreme customization of the product. The on-premise deployment offers more information security and assists organizations to comply with different regulations and guidelines. Large organizations have intensely funded the on-premise deployment as it is a safer option to keep classified information confidential. On-premise deployment helps establish a customized network of digital transformation that best suits the interest of the organization

Market Dynamics
Driver: Rapid proliferation of mobile devices and apps
The increasing penetration of mobile devices and apps has revolutionized several aspects of modern life. This has subsequently made it possible for several verticals to go digital. Businesses and organizations all around the world are using digital technology to convert their conventional brick-and-mortar operations into online enterprises. There were 4.47 billion mobile device users worldwide as of 2018, according to data from Statista, which led to the adoption of the Bring Your Own Device (BYOD) policy in a number of enterprises. BYOD refers to the idea of allowing employees to use their own mobile devices, such as laptops, smartphones, or tablets, to access the office network. According to a study by ComScore, mobile devices accounts for 65% of all digital media time, with desktops serving as a secondary touchpoint.

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Enterprise Size Insights
The large enterprise segment holds the largest market share of over 55% in 2021. These enterprises are embracing the digital transformation journey as digital transformation offers cost-effectiveness and smooth execution of the business process. Large enterprises must have a successful solution because they need the simplicity of framework coordination, better adaptability, and data protection. Due to better financial capability, large enterprises can implement advanced techniques across organizations and speed up change across various areas. Moreover, large enterprises play a significant role in advancing innovation-driven thoughts and supporting digital awareness.

The Small and Medium Enterprise (SME) segment is expected to register the highest CAGR of 24.6% over the forecast period. The development of this segment can be credited to variables, such as the decreased expense of owning gadgets and expanded spotlight on cloud computing, hence making it easier for SMEs to simplify their business activities. The high awareness rate among organizations about the advantages of digitalization has driven companies to invest heavily to grow and sustain their current situations in an extremely competitive market. Besides, quick progressions in cloud innovation and the development of advanced technologies such as machine learning, predictive analysis, AI, the IoT, and others have made it feasible for SMEs to embrace them.

Key Companies & Market Share Insights
The key players operating in the market include Apple Inc.; Microsoft Corporation; Adobe System Incorporated; Dell EMC; CA Technologies; and International Business Machines Corporation. Heavy investments in research and development activities can be witnessed across the industry to ensure the growth of the company as well as to increase its market share. Plus, the players are actively focusing on new product development to enhance and extend their current products and services, consequently offering organizations a potential chance to secure new clients and approve the new technological changes. For instance, in 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. Some of the prominent players operating in the global digital transformation market are:

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.

Service Insights
The professional service segment accounted for a revenue share of over 70% in 2021. Professional service is a mix of consulting and managed services that support businesses of all sizes across varied industries. Businesses undergoing digitalization need professional services to tackle issues such as vendor selection or cultural transformation. This segment is expected to grow as professional service providers help in utilizing and deploying the right resources at the right time.

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