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Digital Transformation Market Outlook; Up-to-date Development Data, Trends & Forecast 2030
Digital Transformation Market Forecast
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Browse 318 market data Tables and 57 Figures spread through 365 Pages and in-depth TOC on "Digital Transformation Market"
As per verticals, the healthcare, life sciences & pharmaceuticals segment is to grow at the highest CAGR during the forecast period.
The healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. Healthcare and life sciences refers to the integration and utilization of digital technologies and solutions to improve patient care, enhance operational efficiency, and drive innovation in the healthcare and life science industries. It involves the adoption of various digital tools, platforms, and strategies to digitize processes, collect and analyze data, enhance collaboration, and deliver personalized care.
By Solutions, Cloud Segment to grow at the largest market size during the forecast period.
By solutions, the digital transformation market has been segmented into cloud and on-premises. The cloud offers cost optimization opportunities by reducing the need for on-premises infrastructure and providing pay-as-you-go models that align with business needs. Overall, these drivers have fueled the widespread adoption of digital transformation and cloud technologies, enabling organizations to streamline processes, drive innovation, and achieve strategic objectives in an increasingly digital world. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.
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By Business Function, the Human resource segment is to grow at the highest CAGR during the forecast period.
By business function, the digital transformation market has been segmented into accounting and finance, marketing and sales, HR, IT, and operation. HR is the growing need for organizations to adapt and thrive in an increasingly digital and competitive landscape. This transformation is fueled by several trends, including the integration of advanced technologies such as artificial intelligence, machine learning, and automation to streamline HR processes, enhance data-driven decision-making, and improve the overall employee experience. During the forecast period, the human resource segment is anticipated to grow at the highest CAGR for the digital transformation market.
Some major players in the digital transformation market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), EY (UK), Cognizant (US), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), Aexonic Technologies (India), CloudAngles (US), Magnetar IT (England), Scitara (US), Intrinsic (US), and Soundful (US).
Europe is set to exceed USD 833 billion in Digital transformation revenue by 2030
European brands are adopting digital transformation through migration from legacy systems to virtual environments at a slow pace. New technologies and business models are being introduced rapidly in the European region due to the fast-changing business requirements. The continuous innovations and increased spending on the adoption of newer technologies resulted in a broad shift in customer demands and witnessed dynamic changes in the business models of today's data-driven industry.
The digital transformation market in the UK has been rapidly advancing across industries, driven by the adoption of emerging technologies like AI, cloud computing, and IoT. This shift is enhancing business processes, customer experiences, and overall competitiveness, while also highlighting the importance of cybersecurity and data privacy in the digital age.
Germany has been actively pursuing digital transformation to enhance its economic competitiveness and innovation. With initiatives like Industry 4.0, the country aims to integrate cutting-edge technologies into its industrial processes, fostering automation, IoT, and AI adoption.
France has been experiencing robust growth, driven by the increasing adoption of cloud computing, data analytics, and automation technologies across various industries. French businesses are actively investing in digital strategies to enhance their competitiveness and agility in a rapidly evolving global landscape. Government initiatives and a skilled tech workforce further contribute to the country's thriving digital transformation sector.
Digital transformation has impacted the education sector in Spain, particularly in promoting online learning, virtual classrooms, and educational technology tools. Institutions have embraced e-learning platforms, interactive educational content, and digital assessment methods to support flexible and personalized learning experiences. Spain has witnessed significant growth in the fintech sector, with digital payment solutions, mobile banking apps, and online lending platforms gaining popularity.
Italy is witnessing significant growth driven by widespread adoption across industries. Italy's commitment to fostering digital skills and research capabilities, along with a thriving startup ecosystem, contributes to its position in the digital transformation market. In May 2023, the Italian government allocated 30 million euros to enhance the skills of unemployed individuals and those in sectors most impacted by AI innovation.
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