Digital Transformation Market (Updated Version Available)
Digital Transformation Market Size, Share & Trends Analysis, By Component (Solutions, and Services), Deployment (Cloud, and On-premises), Organization size (Large enterprise and Small & Medium enterprise), Technology (IoT, Big data & Analytics, Cloud computing, Mobility & Social media management, Artificial intelligence, and Cybersecurity), End-User (BFSI, IT & Telecom, Healthcare, Retail, and Others), By Region, Forecast Period-2023 - 2030
Report ID : RI_673775 | Date : February 2023 |
Format : 
Key Market Overview:
The Digital Transformation Market was valued at USD 705.40 Billion in 2022, registering a CAGR of 20.9% during the forecast period (2023-2030), and the market is projected to be worth USD 3235.21 Billion by 2030.
Digital transformation is the integration of digital technology into various sectors of businesses for risk assessment and disruption handling such as market fluctuation, geopolitical conditions and rebuilding corporate. Transition from conventional to digitalized set up helps to introduce advanced products and services. The digital platform is associated with various sets of business processes such as contact centers, customer relationship management (CRM), and social media platform. For instance, in April 2022, Salesforce Inc., introduced cloud-based features for Customer Data Platform, an AI-based conversational intelligence platform. The features enable service and marketing team to develop and boost customer relationship in several industry verticals such as BFSI, healthcare, and manufacturing.
Digital transformation helps organization to improve customer relationship in various industry verticals such as BFSI, IT & telecommunication, healthcare, and retail. The system is integrated with customer relationship management (CRM), social media platforms and contract centers. Thus, benefits of digital transformation boost the return on investment for the organization. For instance, in September 2020 Deloitte collaborated with Italian automotive giant, Lamborghini for digital transformation. Deloitte developed new CRM platform integrated with content management system, thus enabling Lamborghini to deliver accurate content to the customers.
Emerging technologies, development in artificial intelligence (AI), digital workplace, remote working and advancement in cloud-based system is driving the growth of digital transformation market. Thus, rapid implementation of digital technologies by organization is boosting the growth of digital transformation market.
The Digital Transformation Market Coverage
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Market Dynamics:
Driver:
Advancement of technologies and expansion of business ecosystem augmented the demand of digital transformation market.
Advancement of technologies and expansion of business ecosystem augmented the demand of digital transformation market.
Development in technologies such as big data & analytics, cloud, social media, and expansion of business ecosystem is boosting the growth of digital transformation market. Businesses are implementing digital technologies for real time data analysis and fact-based decisions resulting propelled demand of digital transformation market. Advancement in artificial intelligence (AI), digital workplace, and remote working is driving the growth of digital transformation market. For instance, in May 2022, Wipro, an IT business and consulting services company collaborated with Scania a transport provider, for increased automation and better customer experience of Scania employee by Wipro\'s Live Workspace.
For instance, in May 2022, IBM Corporation launched artificial intelligence and cloud-based service for business operations by automating business tasks with virtual assistant and AI chatbot.
COVID-19 Impact
The COVID-19 pandemic has positive impact on digital transformation market due to remote working and adoption of rapid digitalization. During pandemic several organizations implemented remote working policy for their employees resulting rising adoption of software as a service (SaaS) to manage workforce. According to Deloitte survey in U.S., in 2020, around 75% organizations adopted digital transformation for remote working for business management.
Restraint:
Problems related to data privacy and security is hindering the growth of digital transformation market.
Problems related to data privacy and security is hindering the growth of digital transformation market.
Digital transformation includes use of various technologies such as IoT, cloud-based system and artificial intelligence for data generation and data management process. Protecting confidential data is considered as challenge for businesses. Thus, issues related to data privacy and data security is hampering the growth of digital transformation market.
The Digital Transformation Market Segmentation:
By Component
The Component segment is bifurcated into Solutions and Services.
Solutions segment holds major market share for digital transformation market due to adoption of emerging technologies such as implementation of chatbots for better customer experience.
Solution segment demonstrated rapid growth owing to rising demand of digital transformation by organizations for business operations. Additionally, improved customer experiences with digital content are driving the growth of solution segment for digital transformation.
By Deployment
The Deployment segment is divided into Cloud and On-premises.
On-premises deployment demonstrate major market share for digital transformation market owing to security and customization facilities. On-premises deployment is the authentic mode of deployment, on which enterprises can rely for higher security. On-premises deployment provide organizations greater control over sensitive data.
Cloud deployment is projected to have fastest growth of digital transformation market due to rapid adoption of digitalization and emerging technologies. Cloud computing is data storage, data maintenance and data processing via internet or networks of remote server. Cloud based system enable businesses to access the data by implementing analytical tools across the business channels. Additionally, rising investments by organizations for technological development is boosting the growth of cloud-based deployment. For instance, in October 2022, Amazon Inc., invested around USD 5 billion for development of cloud based infrastructure to help company\'s customers to securely store the data.
By Organization size
The Organization size segment is categorized into Large enterprise and Small & Medium enterprise. Large enterprise holds largest revenue share for digital transformation due to rapid digitalization and implementation of advanced technologies. Large enterprise typically generates, access and manage large volume of data. Adoption of development in technologies and advancement of artificial intelligence (AI) and cloud-based system in large enterprises is rising the implementation of digital transformation such as for risk assessment and disruption handling. Moreover, implementation of emerging technologies such as cloud computing, AI, machine learning, and IoT devices is fueling the growth of digital transformation market in large enterprise. For instance, according to European Communication Organization approximately, 43% organizations adopted cloud-based computing for business operations.
Small & medium enterprise segment is expected to witness rapid growth due to implementation of digital technologies. Digital transformation provides benefits to small & medium enterprise for business efficiency and better customer experience. Additionally, SMEs are adopting cloud enterprise owing to lower cost and scalability, propelling the growth of digital workplace in SMEs.
By Technology
The Technology segment is divided into IoT, Big data & Analytics, Cloud computing, Mobility & Social media management, Artificial intelligence, and Cybersecurity.
IoT devices demonstrate major market share for digital transformation due to rising adoption of IoT devices for large amount of data generation and cloud-based system. As per International Energy Agency (IEA), IoT connected devices sold over USD 20 billion by 2020 and expected to reach 41.6 billion by 2025.
By End-User
The End-User segment is categorized into BFSI, IT & Telecom, Healthcare, Retail, and Others.
. BFSI segment captured major market share for digital transformation market owing to technological developments and rising adoption of smart devices. For instance, in January 2022, Bank of America launched Cashpro, an artificial intelligence and machine learning based technology for accurate prediction of cash position of clients.
Healthcare segment is anticipated to have rapid growth of digital transformation market due to government initiatives for technological development and rising adoption of emerging technologies. For instance, in April 2022, Ministry of Commerce, Government of India launched Open Network for Digital Commerce (ONDC) to support startups and small & medium enterprises.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America demonstrates major share of digital transformation market due to rapid adoption of advanced technologies such as cloud computing and artificial intelligence in various industry verticals such as BFSI, healthcare, and IT & telecommunication. Significant growth of opportunities in IT sector has driven the market of digital transformation.
Asia Pacific is anticipated for fastest growth of digital transformation market due to rapid expansion of businesses. Developing awareness for innovative technologies and advancement in artificial intelligence (AI) tend to boost the growth of digital transformation market.
Digital Transformation Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Digital Transformation Market. Key players in the market include-
• IBM – USA
• Oracle Corp. – USA
• SAP SE – Germany
• Dell EMC – USA
• Cognizant – USA
• Accenture PLC – Ireland
• Google – USA
• Capgemini – France
• Cognex Corporation – USA
• Microsoft Corporation – USA
• Deloitte – USA
• PricewaterhouseCoopers (PWC) – UK
• Space-O Technologies – India
• Hewlett-Packard Company – USA
• SumatoSoft – USA
• Adobe Systems Inc. – USA
• Siemens AG – Germany
The Digital Transformation Market was valued at USD 705.40 Billion in 2022, registering a CAGR of 20.9% during the forecast period (2023-2030), and the market is projected to be worth USD 3235.21 Billion by 2030.
Digital transformation is the integration of digital technology into various sectors of businesses for risk assessment and disruption handling such as market fluctuation, geopolitical conditions and rebuilding corporate. Transition from conventional to digitalized set up helps to introduce advanced products and services. The digital platform is associated with various sets of business processes such as contact centers, customer relationship management (CRM), and social media platform. For instance, in April 2022, Salesforce Inc., introduced cloud-based features for Customer Data Platform, an AI-based conversational intelligence platform. The features enable service and marketing team to develop and boost customer relationship in several industry verticals such as BFSI, healthcare, and manufacturing.
Digital transformation helps organization to improve customer relationship in various industry verticals such as BFSI, IT & telecommunication, healthcare, and retail. The system is integrated with customer relationship management (CRM), social media platforms and contract centers. Thus, benefits of digital transformation boost the return on investment for the organization. For instance, in September 2020 Deloitte collaborated with Italian automotive giant, Lamborghini for digital transformation. Deloitte developed new CRM platform integrated with content management system, thus enabling Lamborghini to deliver accurate content to the customers.
Emerging technologies, development in artificial intelligence (AI), digital workplace, remote working and advancement in cloud-based system is driving the growth of digital transformation market. Thus, rapid implementation of digital technologies by organization is boosting the growth of digital transformation market.
The Digital Transformation Market Coverage
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 3235.21 Billion |
| CAGR (2023-2030) | 26.7 % |
| Base Year | 2022 |
| By Component | Solutions and Services |
| By Deployment | Cloud and On-premises |
| By Organization size | Large enterprise and Small & Medium enterprise |
| By Technology | IoT, Big data & Analytics, Cloud computing, Mobility & Social media management, Artificial intelligence, and Cybersecurity |
| By End Use | BFSI, IT & Telecom, Healthcare, Retail, and Others |
| By Geography | |
| Key Players | IBM, Oracle Corporation, SAP SE, Dell EMC, Cognizant, Accenture PLC, Google, Capgemini, Cognex Corporation, Microsoft Corporation, Deloitte, PricewaterhouseCoopers (PWC), Space-O Technologies, Hewlett-Packard Company, SumatoSoft, Adobe Systems Inc., Siemens AG |
Market Dynamics:
Driver:
Advancement of technologies and expansion of business ecosystem augmented the demand of digital transformation market.
Advancement of technologies and expansion of business ecosystem augmented the demand of digital transformation market.
Development in technologies such as big data & analytics, cloud, social media, and expansion of business ecosystem is boosting the growth of digital transformation market. Businesses are implementing digital technologies for real time data analysis and fact-based decisions resulting propelled demand of digital transformation market. Advancement in artificial intelligence (AI), digital workplace, and remote working is driving the growth of digital transformation market. For instance, in May 2022, Wipro, an IT business and consulting services company collaborated with Scania a transport provider, for increased automation and better customer experience of Scania employee by Wipro\'s Live Workspace.
For instance, in May 2022, IBM Corporation launched artificial intelligence and cloud-based service for business operations by automating business tasks with virtual assistant and AI chatbot.
COVID-19 Impact
The COVID-19 pandemic has positive impact on digital transformation market due to remote working and adoption of rapid digitalization. During pandemic several organizations implemented remote working policy for their employees resulting rising adoption of software as a service (SaaS) to manage workforce. According to Deloitte survey in U.S., in 2020, around 75% organizations adopted digital transformation for remote working for business management.
Restraint:
Problems related to data privacy and security is hindering the growth of digital transformation market.
Problems related to data privacy and security is hindering the growth of digital transformation market.
Digital transformation includes use of various technologies such as IoT, cloud-based system and artificial intelligence for data generation and data management process. Protecting confidential data is considered as challenge for businesses. Thus, issues related to data privacy and data security is hampering the growth of digital transformation market.
The Digital Transformation Market Segmentation:
By Component
The Component segment is bifurcated into Solutions and Services.
Solutions segment holds major market share for digital transformation market due to adoption of emerging technologies such as implementation of chatbots for better customer experience.
Solution segment demonstrated rapid growth owing to rising demand of digital transformation by organizations for business operations. Additionally, improved customer experiences with digital content are driving the growth of solution segment for digital transformation.
By Deployment
The Deployment segment is divided into Cloud and On-premises.
On-premises deployment demonstrate major market share for digital transformation market owing to security and customization facilities. On-premises deployment is the authentic mode of deployment, on which enterprises can rely for higher security. On-premises deployment provide organizations greater control over sensitive data.
Cloud deployment is projected to have fastest growth of digital transformation market due to rapid adoption of digitalization and emerging technologies. Cloud computing is data storage, data maintenance and data processing via internet or networks of remote server. Cloud based system enable businesses to access the data by implementing analytical tools across the business channels. Additionally, rising investments by organizations for technological development is boosting the growth of cloud-based deployment. For instance, in October 2022, Amazon Inc., invested around USD 5 billion for development of cloud based infrastructure to help company\'s customers to securely store the data.
By Organization size
The Organization size segment is categorized into Large enterprise and Small & Medium enterprise. Large enterprise holds largest revenue share for digital transformation due to rapid digitalization and implementation of advanced technologies. Large enterprise typically generates, access and manage large volume of data. Adoption of development in technologies and advancement of artificial intelligence (AI) and cloud-based system in large enterprises is rising the implementation of digital transformation such as for risk assessment and disruption handling. Moreover, implementation of emerging technologies such as cloud computing, AI, machine learning, and IoT devices is fueling the growth of digital transformation market in large enterprise. For instance, according to European Communication Organization approximately, 43% organizations adopted cloud-based computing for business operations.
Small & medium enterprise segment is expected to witness rapid growth due to implementation of digital technologies. Digital transformation provides benefits to small & medium enterprise for business efficiency and better customer experience. Additionally, SMEs are adopting cloud enterprise owing to lower cost and scalability, propelling the growth of digital workplace in SMEs.
By Technology
The Technology segment is divided into IoT, Big data & Analytics, Cloud computing, Mobility & Social media management, Artificial intelligence, and Cybersecurity.
IoT devices demonstrate major market share for digital transformation due to rising adoption of IoT devices for large amount of data generation and cloud-based system. As per International Energy Agency (IEA), IoT connected devices sold over USD 20 billion by 2020 and expected to reach 41.6 billion by 2025.
By End-User
The End-User segment is categorized into BFSI, IT & Telecom, Healthcare, Retail, and Others.
. BFSI segment captured major market share for digital transformation market owing to technological developments and rising adoption of smart devices. For instance, in January 2022, Bank of America launched Cashpro, an artificial intelligence and machine learning based technology for accurate prediction of cash position of clients.
Healthcare segment is anticipated to have rapid growth of digital transformation market due to government initiatives for technological development and rising adoption of emerging technologies. For instance, in April 2022, Ministry of Commerce, Government of India launched Open Network for Digital Commerce (ONDC) to support startups and small & medium enterprises.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America demonstrates major share of digital transformation market due to rapid adoption of advanced technologies such as cloud computing and artificial intelligence in various industry verticals such as BFSI, healthcare, and IT & telecommunication. Significant growth of opportunities in IT sector has driven the market of digital transformation.
Asia Pacific is anticipated for fastest growth of digital transformation market due to rapid expansion of businesses. Developing awareness for innovative technologies and advancement in artificial intelligence (AI) tend to boost the growth of digital transformation market.
Digital Transformation Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Digital Transformation Market. Key players in the market include-
• IBM – USA
• Oracle Corp. – USA
• SAP SE – Germany
• Dell EMC – USA
• Cognizant – USA
• Accenture PLC – Ireland
• Google – USA
• Capgemini – France
• Cognex Corporation – USA
• Microsoft Corporation – USA
• Deloitte – USA
• PricewaterhouseCoopers (PWC) – UK
• Space-O Technologies – India
• Hewlett-Packard Company – USA
• SumatoSoft – USA
• Adobe Systems Inc. – USA
• Siemens AG – Germany
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| Multi user | : $5460 |
| Corporate user | : $7460 |
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