Press release
Digital Transformation Market Poised to Surpass $3,392.15 Billion by 2030
Meticulous Research®, a premier global market research company, proudly presents its latest research report titled, 'Digital Transformation Market by Technology (IoT, Cloud Computing, Big Data Analytics, AI/ML, Cybersecurity, Mobility Solutions, AR/VR, RPA), Offerings, Enterprise Size, Deployment Mode, End-use Industry, and Geography - Global Forecast to 2030.'
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In the wake of this groundbreaking publication, Meticulous Research® predicts that the global digital transformation market will skyrocket to an impressive $3,392.15 billion by 2030, boasting a remarkable Compound Annual Growth Rate (CAGR) of 19% from 2023-2030. The robust growth of this market is attributed to increasing investments in sustainability initiatives across various industries, the rapid proliferation of smart devices and apps, the adoption of cutting-edge technologies such as adaptive AI, and an unwavering focus on cybersecurity. Additionally, the high growth of e-commerce in Asian countries, a significant penetration rate of social media in the region, and the increasing adoption of blockchain as a mainstream technology are anticipated to provide substantial opportunities for market growth.
However, the ever-evolving regional data regulations and budget constraints for technological changes in many legacy organizations pose challenges to the market's growth. The escalating risk of cybersecurity threats and the widening digital skills gap also present significant obstacles to the market's expansion.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/digital-transformation-market-4980
Meticulous Research® has meticulously segmented the market based on technology, offerings, deployment mode, enterprise size, end-use industry, and geography to facilitate efficient analysis. The study not only evaluates industry competitors but also analyzes the market at the country level.
Key Market Dynamics:
1. Technology Evolution: The global digital transformation market encompasses an array of technologies, including mobility solutions, internet of things, network connectivity, digital twins & simulation, robotic process automation, cloud computing, artificial intelligence and machine learning, AR & VR, additive manufacturing & 3D printing, big data & analytics, and cybersecurity. In 2023, the cloud computing segment is anticipated to claim the largest market share, driven by its ability to easily scale resources, reduce upfront investments, and offer a wide range of services and deployment options, fostering rapid deployment of new applications and technologies.
2. Offerings Influence: The market's offerings are divided into hardware, software, and services. In 2023, the services segment is expected to dominate, playing a critical role in guiding, enabling, and sustaining the transformation process. Services assist organizations in defining their digital transformation goals, identifying the right technologies, and creating a roadmap for implementation. Acting as facilitators and enablers, services guide organizations through the complex process of digital transformation, making them the largest offering segment.
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Based on enterprise size, the global digital transformation market is segmented into small & medium enterprise, and large enterprise. In 2023, the large enterprise segment is expected to account for the largest share of the global digital transformation market. The large share of this segment is attributed to the ability of large enterprises to invest in digital transformation technologies and faster scale up the digital technologies to meet the business requirements. Moreover, large enterprises are heavily investing in sustainable solutions to achieve the net zero carbon emissions targets set by various entities at the government level as well as the organization level. Digital transformation technologies are at the forefront of sustainability initiatives, and hence, the share of large enterprises is expected to be highest during the forecast period.
Based on deployment mode, the global digital transformation market is segmented into cloud and on-premise. In 2023, the cloud segment is expected to account for the largest share of global digital transformation. The large market share of this segment is attributed to the increasing adoption of cloud architecture by various organizations, enhanced IT compliances and security, lowered complexity of IT infrastructure management, and reliability of cloud solutions.
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Based on end use industry, the global digital transformation market is segmented into retail, government & public sector, healthcare, supply chain & logistics, utilities, manufacturing, BFSI, IT & telecom, media & entertainment, transportation, and other end-use industries. In 2023, the BFSI segment is expected to account for the largest share of the global digital transformation market. The large share of this segment is attributed to the high adoption of data-driven decision-making for risk assessment, fraud detection, customer insights, and financial analysis; increasing demand for convenient and digital-first services; the rise of fintech start-ups; implementation of advanced security measures, including multi-factor authentication, encryption, and fraud detection systems; and increasing demand for personalized banking experiences, tailoring services and products to individual customer preferences.
Based on geography, the global digital transformation market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, North America is expected to account for the largest share of the global digital transformation market. The North America region has some of the largest technology companies, research institutions, and startups. This ecosystem of innovation fosters the development and adoption of digital technologies; the region has a robust venture capital ecosystem, which provides funding for emerging tech startups and innovative digital transformation projects; North American consumers have high expectations for digital services and experiences; and the availability of well-developed digital infrastructure, including high-speed internet, data centers, and cloud computing facilities supporting the large share of this region.
Key Players:
The key players operating in the global digital transformation market are IBM Corporation (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.), SAP SE (Germany), Capgemini SE (France), ABB Ltd. (Switzerland), Deutsche Telekom AG (Germany), Telefónica S.A. (Spain), plc (Ireland), TE Connectivity Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata Consultancy Services (India), Cisco Systems, Inc. (U.S.).
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Related Research:
1. Europe Digital Transformation Market by Technology (IoT, Cloud Computing, Big Data Analytics, AI/ML, Cybersecurity, Mobility Solutions, AR/VR, RPA), Offerings, Enterprise Size, Deployment Mode, End-use Industry, and Geography - Forecast to 2030 https://www.meticulousresearch.com/product/europe-digital-transformation-market-5697
2. Asia-Pacific Digital Transformation Market by Technology (AI and ML, IoT, RPA), Deployment Mode, Offering (Hardware, Software), Enterprise Size (Small & Medium Enterprises, Large Enterprises), End-use Industry, and Geography - Forecast to 2030 https://www.meticulousresearch.com/product/asia-pacific-digital-transformation-market-5699
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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