PUNE, India, Aug. 29, 2022 /PRNewswire/ — ReportsnReports added Global Digital Transformation Market by Component, Technology Deployment Mode, Organization Size, Business Function, Vertical, Region and Forecast to 2027 research report to its advanced database.
The global digital transformation market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,548.9 Billion by 2027 from USD 594.5 Billion in 2022. The key elements anticipated to propel the adoption of digital transformation market technology throughout the forecast period are rising expenditure on marketing efforts, rising spending on television commercials, and changing consumer intelligence landscapes. In addition, the use of digital technology has led to developments that are reflected in the Digital Transformation Market. During the projection period, the adoption of the digital transformation market will increase due to its use across organizational processes, companies, competencies, and procedures.
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The improvement of organizational functions, workforce optimization, and conversion of an organization’s offerings and services are all achieved with the help of the digital transformation market, which is anticipated to fuel the market’s expansion in the years to come. Manufacturers now require digitalization due to the development of digital technologies such as big data & analytics, cloud computing, blockchain, mobility, AI, robotics, IoT, and cybersecurity. These innovations are also used by businesses to enhance client relationships and add new features to their existing business processes, which is causing businesses to adopt digital transformation.
The AI technology to have the highest CAGR during the forecast period
By technology, the digital transformation market has been segmented into cloud computing, big data & analytics, mobility & social media management, cybersecurity, AI, IoT and other technologies. The CAGR of the AI technology is estimated to be the largest during the forecast period. The use of advanced technologies such as cloud, IoT, big data & analytics, mobility & social media management, AI and cybersecurity had led to innovate and transformation, stimulating the growth of business ecosystem. In the market for digital transformation, AI increases consumer satisfaction, which accelerates the market adoption of AI technology. The rise of artificial intelligence had changed how data is gathered and evaluated.
The Large Enterprises segment to register for the largest market size during the forecast period
The digital transformation market has been segmented by organization size into large enterprises and SMEs. The market for Large Enterprises is expected to register for the largest market size during the forecast period. Solutions for digital transformation are used by large businesses to improve operational effectiveness and consumer experiences. To develop a data-driven strategy, they must integrate, categorize, and evaluate a vast amount of data from many operations.
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Among business functions, other business functions is register to grow at highest CAGR during the forecast period
Legal, supply chain, and operations are included under other business functions. The legal industry must digitally alter all aspects of the legal experience, including service delivery, workflows, processes, team communications, and client involvement. The efficiency and workflow at a traditional law firm could seem slower than what clients expect from contemporary digital technologies, which provide instant satisfaction. Businesses are utilizing digital technology to share assets and information in unique ways related to the supply chain. The capabilities of the technologies that are accessible to organizations have a significant impact on the rate of supply chain digitalization. A s developers designed applications to benefit from the data produced by ERP systems, one of the first business functions to experience substantial technical advancements is supply chain management.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the digital transformation market.
- By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
- By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
- By Region: APAC: 25%, Europe: 30%, North America: 30%, MEA: 10%, Latin America: 5%
The report includes the study of key players offering digital transformation solutions and services. It profiles major vendors in the global digital transformation market. The major vendors in the global digital transformation market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), and Aexonic Technologies (India).
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The market study covers the digital transformation market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, technology, deployment mode, organization size, business function, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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