Press release
Digital Transformation Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Digital Transformation Market Size
The growth of the digital transformation market is expected to be driven by the expanding utilization of machine learning and artificial intelligence. Digital transformation equips traditional businesses with solutions like cloud computing, big data & analytics, data management, and other innovative features such as machine learning and artificial intelligence. These tools aid in the streamlining of business operations, thus reducing operational efforts and boosting efficiency. Their use has expanded across various sectors like healthcare, banking, transportation, and manufacturing, spurring the demand in the digital transformation market. In May 2022, for instance, the International Business Machines Corporation (IBM), a US-tech firm, reported that 35% of global businesses utilized artificial intelligence (AI) in 2022, marking a 4% rise from 2021. There was also a 13% surge in organizations adopting AI in 2022, compared to 2021. Consequently, the increasing adoption of machine learning and AI is propelling the digital transformation market.
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What Is the projected market size and growth rate for the digital transformation market?
The market size of digital transformation has seen phenomenal growth in the past few years. Its projected growth is from $1755.44 billion in 2024 to $2116.91 billion in 2025, with a compound annual growth rate (CAGR) of 20.6%. Factors contributing to this historical surge include robust economic development in emerging markets, higher integration of digital transformation in healthcare, an upswing in data volume generation, and the expanding use of 5g networks.
In the coming years, the market size of digital transformation is anticipated to witness a significant surge, reaching a value of $4416.39 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 20.2%. The projected growth during this period can be associated with factors such as the rising prevalence of mobile devices, initiatives launched by governments, enhanced internet accessibility, increased enterprise spending on marketing and advertising, and a heightened demand for industrial automation. Key trends predicted to emerge in this period involve capabilities in artificial intelligence, series of digital transformations, innovative networks, product launches, Internet of things, new ventures in the field of big data and analytics, as well as strategic partnerships and collaborations.
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What new trends are reshaping the digital transformation market and its opportunities?
One significant trend making waves in the digital transformation industry is artificial intelligence proficiency. It can't be denied that artificial intelligence (AI) serves as a powerful catalyst for digital transformation with its numerous breakthroughs such as machine learning, natural language processing (NLP), predictive analytics, and data labelling systems. For example, in June 2024, the government department Innovation, Science and Economic Development Canada (ISED) estimated that by 2028, the AI market might touch the $891 billion mark and could even surpass $1 trillion by 2030. Currently, in Canada, the AI market for 2023 is estimated to be worth $6.5 billion and is predicted to escalate at a yearly rate of 33.9% from 2023 to 2028, ultimately amounting to $28.2 billion by 2028.
What major market segments define the scope and growth of the digital transformation market?
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
Subsegments:
1) By Cloud Computing: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS)
2) By Big Data And Analytics: Data Management Solutions, Predictive Analytics, Business Intelligence Tools
3) By Artificial Intelligence (AI): Machine Learning, Natural Language Processing, Computer Vision
4) By Internet Of Things (IoT): Smart Devices, IoT Platforms, Industrial IoT Solutions
5) By Blockchain And Other Technologies: Supply Chain Solutions, Smart Contracts, Augmented Reality (AR) And Virtual Reality (VR), Robotic Process Automation (RPA), Cybersecurity Solutions
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Which region dominates the digital transformation market?
North America was the largest region in the digital transformation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the digital transformation industry growth?
Major companies operating in the digital transformation market include Google LLC, Microsoft Corporation, IBM Corporation, accenture* PLC, 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
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What Is Covered In The Digital Transformation Global Market Report?
• Market Size Forecast: Examine the digital transformation market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the digital transformation market for a structured understanding.
• Key Players Overview: Analyze major players in the digital transformation market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital transformation market.
• Segment Contributions: Evaluate how different segments drive overall growth in the digital transformation market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital transformation market.
• Industry Challenges: Identify potential risks and obstacles affecting the digital transformation market.
• Competitive Landscape: Review strategic developments in the digital transformation market, including expansions, agreements, and new product launches.
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