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Rising Adoption Of Machine Learning And Artificial Intelligence Drives Growth In The Digital Transformation Market: An Emerging Driver Transforming The Digital Transformation Market Landscape
Digital Transformation
What Is the Projected Growth of the Digital Transformation Market?
The size of the digital transformation market has seen a considerable increase in the past few years. It is projected to rise from $1755.44 billion in 2024 to $2116.91 billion in 2025, showcasing a compound annual growth rate (CAGR) of 20.6%. Factors contributing to the growth during the historic period include robust economic development in emerging markets, higher implementation of digital transformation in the healthcare sector, growth in data volume creation, and increased adoption of 5g networks.
The expected market size of digital transformation is anticipated to experience significant expansion in the upcoming years, reaching $4416.39 billion in 2029 with a compound annual growth rate (CAGR) of 20.2%. The growth during the forecast period can be associated with the rising prevalence of mobile devices, governmental plans, surging internet access, increased enterprise expenditure on marketing and promotional activities, and a booming demand for industrial automation. The major emerging trends during this period are expected to be the incorporation of artificial intelligence, series of digital transformation, inventive networks, product introductions, Internet of things, burgeoning startups focusing on big data and analytics, and strategic partnerships and collaborations.
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What Are the Different Digital Transformation Market 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
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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What Are the Primary Drivers Shaping the Digital Transformation Market?
The digital transformation market's growth is expected to be fueled by the surging adoption of machine learning and artificial intelligence. Conventional businesses are leveraging digital transformation's offerings such as cloud computing, big data & analytics, data management, artificial intelligence, and machine learning to streamline their operations. This not only trims down operational efforts but also bolsters efficiency. As a result, these advancements have witnessed increased application in sectors like healthcare, banking, transportation, manufacturing among others, escalating the demand in the digital transformation market. As per the International Business Machines Corporation (IBM), a technology firm based in the US, in May 2022, the use of artificial intelligence (AI) stood at 35% worldwide, marking a 4% hike from 2021. Furthermore, the organizations adopting artificial intelligence (AI) also witnessed a 13% rise in 2022 compared to the preceding year. Consequently, the escalating adoption of machine learning and AI is propelling the digital transformation market.
Which Companies Are Leading in the Digital Transformation Market?
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
What Are the Major Trends Shaping the Digital Transformation Market?
The emergence of artificial intelligence (AI) capabilities is a primary trend accelerating the digital transformation industry. AI, with its expanding influence upon digital transformation, envelops revolutionary aspects such as machine learning, predictive analytics, natural language processing (NLP), and data labelling platforms. For instance, investigations by Innovation, Science, and Economic Development Canada (ISED), a sector of the Government of Canada, predict that the AI market could touch $891 billion by 2028 and could possibly exceed $1 trillion by 2030. In the Canadian landscape, the AI market, which was estimated to be worth $6.5 billion in 2023, is foreseen to escalate at a yearly pace of 33.9% over the span of 2023 to 2028, culminating in a value of $28.2 billion by 2028.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Transformation Market?
2. What is the CAGR expected in the Digital Transformation Market?
3. What Are the Key Innovations Transforming the Digital Transformation Industry?
4. Which Region Is Leading the Digital Transformation Market?
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