Press release
Digital Transformation Market on Track for Strong Growth, Estimated to Grow at 20.2% CAGR Through 2029
Digital Transformation
What Will the Digital Transformation Industry Market Size Be by 2025?
The size of the digital transformation market has dramatically expanded over the past few years. It's projected to rise from $1755.44 billion in 2024 to $2116.91 billion in 2025, boasting a compound annual growth rate (CAGR) of 20.6%. The surge during the historic period is primarily influenced by robust economic development in emerging markets, rising integration of digital transformation within the healthcare sector, amplification in data volume production, and the escalating adoption of 5g networks.
What's the Long-Term Growth Forecast for the Digital Transformation Market Size Through 2029?
In the coming years, the market size of digital transformation is predicted to experience significant surge. Its growth is estimated to reach $4416.39 billion by 2029, with a compound annual growth rate (CAGR) of 20.2%. The escalation throughout the projected period can be associated with factors like the growing prevalence of mobile devices, initiatives by the government, a rise in Internet penetration, enhanced enterprise expenditure on marketing and advertising tasks, and an increased call for industrial automation. Notable trends of the forecast period encompass artificial intelligence ability, series of digital transformation, innovative networks, product initiations, Internet of things, analytics and big data startups, and tactical partnership and teamwork.
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What Are the Key Growth Drivers Fueling the Digital Transformation Market Expansion?
The growth of the digital transformation market is anticipated to be driven by the escalating adoption of machine learning and artificial intelligence. Digital transformation facilitates traditional businesses with solutions including cloud computing, big data & analytics, data management, and other superior features like artificial intelligence and machine learning. These solutions are crucial in streamlining business operations, leading to reduced operational efforts and enhanced efficiency. Hence, their application has seen a surge in various sectors such as healthcare, banking, transportation, manufacturing, and more, boosting the demand in the digital transformation market. For example, the International Business Machines Corporation (IBM), a US-based technology firm, reported in May 2022 that there was a 4% rise in businesses globally using artificial intelligence (AI) in 2022 from the previous year. Furthermore, in 2022, the adoption of artificial intelligence (AI) in organizations increased by 13% compared to 2021. Therefore, the burgeoning adoption of machine learning and AI is fuelling the growth of the digital transformation market.
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What Are the Key Trends Driving Digital Transformation Market Growth?
The increasing adoption of artificial intelligence functionalities is a pivotal trend in the digital transformation sector. The growth of artificial intelligence (AI) plays a central role in the realm of digital transformation, driving cutting-edge innovations such as machine learning, natural language processing (NLP), data labelling platforms, and predictive analytics. For example, as pointed out by Innovation, Science and Economic Development Canada (ISED), a department of the Canadian Government, in June 2024, the AI market is anticipated to hit $891 billion valuation by 2028 and could possibly exceed $1 trillion by 2030. In the case of Canada, the AI market stood at $6.5 billion in 2023 and is forecasted to expand at a yearly rate of 33.9% from 2023 to 2028, culminating at $28.2 billion by 2028.
How Is the Digital Transformation Market Segmented?
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 Companies Are Leading the Charge in Digital Transformation Market Innovation?
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
Which Regions Are Leading the Global Digital Transformation Market in Revenue?
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.
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