Digital Transformation Market Size, Share & Segmentation By Technology (Cloud Computing, Big Data and Analytics, Cybersecurity, Artificial Intelligence (AI), Internet of Things (IoT), Blockchain), By Enterprise Type (Large Enterprises, Small & Medium Enterprises (SMEs)), By Deployment (On-Premise, Cloud), By Industry (Manufacturing, Banking, Healthcare, Government, Transportation, Others), by Regions and Global Forecast 2023-2030

Digital Transformation Market Report Scope & Overview:

The Digital Transformation Market was valued at USD 596 billion in 2022 and is expected to reach at USD 2738 billion by 2030, and grow at a CAGR of 21% over the forecast period of 2023-2030.

The major factors which will drive this market are the adaptability and the rising awareness of the digital transformation in every industry, when you closely observe the growth of the industry the major factors which is bringing the changes is the technologies and the implementation of the technologies  in almost every process, when we mention process we would like to mention elements like supply chain, giving the end users the ultimate satisfaction by providing efficiency and better services, the current economic situation of the develop and the undeveloped countries is been dramatically devastated as the rising inflation rates and the high labor wages is been affecting the financial performance of the company and this is where the grey space for the technological companies get created in simple terms opportunity for the tech companies gets emerged by introducing latest technologies and applications which will help the industry and the organizations in order to save their cost and produce effective result at the same time, the basic objective of the digital transformation is to make changes in the functioning of the organizations which effect the firms on a macro and micro level, when we mention micro there are several factors like the use of the applications to educate the employees in terms of developing new skills or to add value to their current skillset which will ultimately affect the firm and the employee as well, on macro level the technologies like the cloud computing.

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Artificial Intelligence, Machine Learning, and so forth is bring revolutionary changes in every industry, within organization the data analytics, creating business model, migrating on premise data to cloud computing and offering a platform which help their user and the firm as well, the technological advancement by the tech companies and the rising support from the government and the organizations is the fact that the digital transformation is the next big thing for every industry and why it shouldn’t be, the benefits which are associated with the digital transformation is what driving the market, there were many technological constrains relayed to the fact that the high requirement of the investment to implement the latest technologies is creating barriers for the emerging countries and organizations according to latest interviews from the Chief Technological Officer (CTO), Chief Information Officer (CIO) of different companies we analyzed that the digital transformation is been  in discussion from past too many years but the lack of infrastructure and the awareness were creating major issues, and as a matter of fact they have assured that those constrains still exist and is creating  number of problems and challenges for the market. Another factor that we would like to mention here is the use of the AI in healthcare, and how it is bring changes in this particular domain related to the patient’s experience, the effectivity in producing better results from the doctor’s end and so forth this are the factors which are giving enormous opportunity for the particular market to grow during the forecasted period.

Market Dynamics :

Driver

• Digital Transformation can be considered as the key element in creating business models.

• The rising demand for the digital transformation in every industry.

When we analysed the key companies of different industry the major finding which we observed was, the companies are facing major issues related to lack of labor, the high cost of production, the time needed for manufacturing and so forth, so the official statement by the board of directors has assured that the major changes which will be done by them in the coming years will most probably will be implementation of the latest technologies (digital transformation) which will help them to solve their pain points and at the same time produce effective results.

Restrain

• The requirement of the high cost and the lack of infrastructure.

As a matter of fact, many decision makers of the company have stated that the cost required for integrating the latest technologies is high which forces them to stick to the basic standard and when we focus on the infrastructure element the latest technologies require ecosystem which is not possible for the undeveloped countries and organizations, for instance one of the company dealing in automotive sector has stated that the global disruptions has affected the financial performance which has forced them to delay the plans of development so we are sure that this might be the case in several industry and also the fact that the global disruption has led to the change in the investment plan of  some of the governments and the organizations which also affects the companies as most of the companies also take government contacts.

Opportunity

• The rising investments and the R&D related to the same.

According to our sources the factors which are highly invested are digital marketing tools, Electronic Data Interchange (EDI), and e-commerce platform, around 59% of investment are done for the digital marketing tools and 39% for the customer data platform, because studies have shown that the digital transformation is not only about the technologies but to identify the customer and track their mindset for the adaptability factor. The investment done by the EU of €7.5 billion is the data to support our statements, Apart from Artificial Intelligence (AI), Machine learning (ML), and robotics there are several other benefits associated with the digital transformation element and the major one includes big data, managing Customer Relationship Management (CRM), increasing the reach and so forth, digital transformation also helps to analyze the customers by providing the exact data and this what creates an opportunity for the market to grow during the forecasted period.

Challenges

• Rising cybersecurity cases and the stringent rules and regulations related to the privacy.

The rising cyber cases and the uncertainty among the companies to assure the fact that it will not happen in the future will be the challenging factor, according to our sources approx. 53.35 million U.S. citizens were affected by the cybercrime the data provided is for the year 2022 and the same case applies for the data breaching element, this factors affects the privacy which may result the digital transformation market in a negative way.  

Impact of Covid-19:

During pandemic the major operations of the company was completely devasted as the rules and the guidelines imposed by the government made It difficult for the companies of almost every industry to function properly, so this what gave the digital transformation a limelight, there was a use of the various tools which gave the companies to interact with the employees like chat box and so forth also the use of the AI to respond to the customers, according to the survey the adoption rate of use of the digital channels no matter for what they have been used mentioning some of the factors just for the sake of clarity, Sales Channel, Logistics, marketing purpose, maintaining data. Cloud etc., Pandemic is the main reason the companies have started do give a thought about digital transformation and most of the companies have started implementing the digital transformation in their every business field, the adaption rate in the B2B and B2C sector was high comparatively to the previous year.

Pandemic can be explained as the major source which has shifted the perception of the industries regarding the digital transformation and also there were many aspects like competitive advantage, cost saving and to balance the declining revenue aspect. Hence, Covid 19 had a positive impact on the market in terms of adapting awareness and increasing the demand for the digital transformation market.

Impact of Russia Ukraine War :

According to our analysis the key and the emerging players of the digital transformation market has claimed that the invasion of Russia and Ukraine war has created geopolitical tensions which leads to several issues related to the rise in the inflation rates, supply-chain constrains, for instance IBM has cut down its operations from Russia, this report will give you the exact brief about how the Russia Ukraine war has affected the Digital Transformation market.

Digital Transformation Market Segmentation:

By Technology:

• Cloud Computing

• Big Data and Analytics

• Cybersecurity

• Artificial Intelligence (AI)

• Internet of Things (IoT)

• Blockchain

By Enterprise Type:

• Large Enterprises

• Small & Medium Enterprises (SMEs)

By Deployment:

• On-Premise

• Cloud

By Industry:

• Manufacturing

• Banking

• Healthcare

• Government

• Transportation

• Others

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Regional Analysis :

North America will be the region which will dominate the market as the rising awareness of the digital transformation in the developed and emerging countries of the North America region is what contributing to the growth of the market, the high investment done by the several companies of several industry and the major goal of earning the competitive advantage as the North America is considered to be very highly competitive market so the need of the digital transformation is very essential, another factor which we would like to mention here is the adoption rate of digital transformation in the North America region is the highest compared to other regions which also assures the future growth of the market. Also, the key players of this market has stated that major source of revenue is been generated within the region of  North America U.S to be precise which is the reason why this region will attract lot of growth in terms of customers, and investors during the forecasted period.

Key Players

The major key players are IBM Corporation, Salesforce, Inc, Microsoft Corporation, Apple, Inc, SAP SE, Adobe, Yash Technologies, Alibaba, Amazon.com, Inc, Cisco Systems, Inc and others. 

Microsoft Corporation-Company Financial Analysis

Recent Developments:

• Yash Technologies: The official announcement by the company that it has achieved AWS DevOps Competency status. The Ashish Maheswari Vice President of the Yash technologies has stated that how role of the devOps is becoming critical as organizations are adopting the cloud platform for their business transformation.

• Adobe: The introduction of the generative AI innovations in the Adobe experience Cloud, the major features associated with new Sensei GenAI services mainly include AI assistant for Adobe Experience Platform, Marketo Engage with Dynamic Chat, Customer journey Analytics with intelligent Captions and with Natural Language Queries and so forth.

• Salesforce: Salesforce unveils Marketing GPT and Commerce GPT to personalize every campaign and Shopping experience with generative AI.