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  • Digital Transformation Market Analysis | 2022-2028

    Digital Transformation Market Analysis | 2022-2028

    Digital Transformation Market Analysis | 2022-2028
    Report code - SR2326 Delivery - 2 Weeks
    Digital Transformation Market Size, Share, Trend, Forecast, Competitive Analysis, and Grow See more...

    “The Digital Transformation Market is expected to grow from USD 467.54 billion in 2021 to USD 1,604.54 billion by 2028 at a CAGR of 19.3% during the forecast period”.

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    Market Dynamics

    Introduction

    Digital transformation is the use of advanced digital technologies in all areas of a business, primarily changing how to operate and bring value to customers. It uses digital technologies to create new, as well as modify existing business processes, culture, and customer experiences to meet market requirements.

    The main objective of digital transformation is to improve operational performance and decrease costs. It can smoothly interact with customers and transform how customers purchase items and use services. It involves the usage of digital technologies to change a business process to become more effective and productive.

    Market Drivers: Growing adoption of Big Data and associated technologies

    • Utilizing fast-emerging technologies such as cloud, big data and analytics, mobile, and social media has triggered innovation and transformation, resulting in the expansion of the business ecosystem. A new method of doing business has replaced the traditional one because of advanced digital technologies.
    • Data is now considered a new valuable resource. Enterprises are nowadays interested in gaining insights from collected data so they may make data-driven smart decisions in real time. The adoption of big data and associated technologies has increased because of this need for broader as well as deeper knowledge. The enormous growth in data volume is because of the growth of enterprises across the world, boosting the rise in data volumes as well as their sources.

    Market Restraints: Issues related to privacy and data security

    • Digital transformation continues to be an interesting endeavor for enterprises of all sizes and shapes. It is appealing to the idea of utilizing modern technology to speed up business processes and gain a competitive edge. However, privacy and data security issues have always been the cornerstone of every project that involves digital transformation, without which, the entire system would start to fall.
    • Ensuring the security and confidentiality of enterprise data is a major thought when introducing any new technology. Enterprises will look for enhanced confidentiality and security as IoT and cloud technologies grow quickly to safeguard against cyberattacks and other security risks. Privacy and security issues are becoming more challenging with frequent use of cloud and IoT-based services.
    • Security and privacy concerns are expected to grow as more IoT-enabled devices arrive on the digital transformation market and are increasingly exposed to attacks. Moreover, mobile devices might make it simpler to retrieve enterprise data. Thus, robust cybersecurity solutions are required for the effective application of new digital technologies.

    Opportunity: Organizations’ growing willingness to adopt digital technologies

    • Because of considerable technical breakthroughs and a constantly emerging legal environment, enterprises and governmental organizations are entering a new phase of engaging with consumers where new revolutionary technologies are playing a crucial role.
    • Enterprises explore advanced technologies such as big data, cloud, and Artificial Intelligence to emulate business growth. Digital technology has changed present-day business methods away from the classic approaches. Several companies have begun combining big data and analytics, machine intelligence learning, and other capabilities into their present business platforms to develop new solutions and services and gain a competitive advantage. In addition to this, the utilization of digital technology gives a range of possibilities and equips enterprises to implement customer-centric marketing strategies.

    Recent Developments

    • In December 2022, IBM signed an agreement to acquire Octo, a US-based IT modernization and digital transformation services provider. Octo was exclusively serving the US federal government which includes defense, health, and civilian organizations.

    • In December 2022, Microsoft and LSEG entered into a 10-year strategic partnership for next-generation data and analytics and cloud infrastructure solutions. Microsoft makes equity investments in LSEG through the acquisition of shares.
    • In December 2022, Oracle opened a new Cloud Region in Chicago, US. It is the company’s 41st globally and 4th in the US Cloud Region. According to the company, industries in the US Midwest, including financial services and manufacturing would benefit from the new high-performing cloud infrastructure.
    • In May 2022, SAP SE and Accenture together introduced a new joint offering that helps large businesses move to the cloud and deliver continuous innovation. The new joint offering integrates the RISE with SAP solution and SOAR with Accenture services.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Technology-Type Analysis

    Cloud Computing, Artificial Intelligence, Big Data & Analytics, Mobility & Social Media Management, Cybersecurity, Internet of Things, Other Technologies

    Mobility & social media hold the largest market share over the forecast period

    Component -Type Analysis

    Solutions and Services

    Solutions segment to hold the largest market share over the forecast period

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    North America to hold the largest market share over the forecast period

     

    By Technology Type

    “Mobility & social media hold the largest digital transformation market share over the forecast period”.

    Enterprises are nowadays rethinking their mobility strategies in the broader context of digital transformation as they see mobility as a critical component of digital transformation and depend on it to enhance information access, process efficiency, employee productivity, and decrease operational costs.

    By strengthening customer service initiatives, improving the credibility of an online brand, and more, social media also helps businesses initiate digital transformation projects or bring in new strategies and enhance the success of technological developments. During the forecast period, this segment is expected to witness the largest market share. Also, it is expected to register a higher CAGR during the forecast period in the APAC region

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    By Component Type

    “Solutions segment to hold the largest digital transformation market share over the forecast period”.

    To modernize the process and meet the growing demand, digital transformation technologies are being used across all industry verticals. The customer experience is very crucial with digital content. Thus, one of the key goals of digital transformation is to enhance customer experience and use it to gain a competitive edge.

    It could be enhanced by several things, such as the use of chatbots for delivering quick customer service 24 hours a day, the collection of data on customer behavior to better understand their needs and problem areas, and the creation as well as optimization of the customer’s path to deliver value quickly and easily. The solutions segment is anticipated to witness the largest market share over the forecast period and is expected to witness a higher CAGR.

    Regional Analysis

    “North America to hold the largest digital transformation market share over the forecast period”.

    The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW).  In terms of region, North America is expected to witness the largest market share in the global digital transformation market. The fast adoption of digital transformation technologies across different industry verticals, including manufacturing and healthcare, is boosting this market’s expansion in the region. The rapid adoption of modern and innovative technologies has been very well received in this region. Because of the significant growth in IT device-based data generation and strict laws and policies for data security, this region may offer significant opportunities to digital transformation solution providers.

    Want to know which region offers the best growth opportunities? Register Here

    Key Players

    The following are the key players in the Digital Transformation Market (arranged alphabetically)

    • Adobe (US)
    • Aexonic Technologies (US)
    • Alcor Solutions (US)
    • Alibaba Cloud (China)
    • Baidu (China)
    • Brillio (US)
    • Broadcom (US)
    • Dempton Consulting Group (Canada)
    • Equinix (US)
    • Google (US)
    • HCL Technologies (India)
    • HPE (US)
    • Happiest Minds (India)
    • IBM (US)
    • Interfacing (Canada)
    • Kissflow (India)
    • Marlabs (US)
    • Microsoft (US)
    • Oracle (US)
    • Process Street (US)
    • ProcessMaker (US)
    • SAP (Germany)
    • Salesforce (US)
    • Scoro (UK)
    • SmartStream (UK)
    • Tibco Software (US)
    • Yash Technologies (US)

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth Analysis of the Digital Transformation Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research:

    Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The digital transformation market is expected to grow at a CAGR of 19.3% during 2022-2028.

    The digital transformation market size is likely to reach USD 1,604.54 billion in 2028.

    Utilizing fast-emerging technologies such as cloud, big data and analytics, mobile, and social media has triggered innovation and transformation, resulting in the expansion of the business ecosystem. A new method of doing business has replaced the traditional one because of advanced digital technologies.

    North America is expected to witness the largest market share in the global digital transformation market. The fast adoption of digital transformation technologies across different industry verticals, including manufacturing and healthcare, is boosting this markets expansion in the region.

    The key players operating in the digital transformation market are Google (US), IBM (US), SAP (Germany), Oracle (US), Microsoft (US), Salesforce (US), HPE (US), Adobe (US), Baidu (China), HCL Technologies (India), Broadcom (US), Equinix (US), Alibaba Cloud (China), Tibco Software (US), Marlabs (US), Dempton Consulting Group (Canada), Alcor Solutions (US), SmartStream (UK), Yash Technologies (US), Interfacing (Canada), Kissflow (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Brillio (US), Aexonic Technologies (US).

    The market is studied from 2016-2028.