Digital Transformation Market Growth Drivers, Opportunities, Share Report And Forecast To 2033

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.

Market Overview -
Digital transformation, referred to as the process of using digital technology to create new or alter existing business processes, cultures, and consumer experiences by using tools such as cloud computing, big data analytics, artificial intelligence, and the Internet of Things, are examples of digital transformation solutions that enable traditional enterprises to optimize company operations, minimize operational efforts, and boost efficiency.

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Rising Adoption Of Machine Learning And Artificial Intelligence Drives Growth In The Digital Transformation Market
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.

Competitive Landscape -
Major companies operating in the digital transformation market report are Google LLC, Microsoft Corporation, IBM Corporation, Adobe Systems Inc, Oracle Corporation, SAP SE, Capgemini, Salesforce.com, Dell EMC, Shanghai Electric Group Co., Ltd., Chongqing Changan Automobile Co., Ltd., Hakuna Matata, Midea Group's, Weichai Power Co., Ltd, Lianbao (Hefei) Electronic Technology Co., Ltd., Sany Heavy Industry Co., Ltd., CITIC Dicastal Co., Ltd., Space-O Technologies, Sophie Candau Communication, Xella, SQLI, Siemens AG, Deloitte, Nixu, Honeywell International Inc, 4iG Plc., Tibco Software Inc, ASG, CIOReview, Protiviti, Cognex Corporation, Cognizant, Apple Inc., Hewlett-Packard Company, Hisense Group Holdings Co., Ltd

Rising Significance Of Artificial Intelligence Drives Digital Transformation Market Growth
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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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