Digital Transformation Market Is Projected to Grow with 21.2% CAGR during the Forecast Period 2022 - 2030

MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Digital Transformation Market.

Global Digital Transformation Market is projected to grow at a CAGR of 21.2% during the forecast period: MRFR.

The digital transformation market is predicted to reach USD 7,646.17 million by 2030, registering a 21.2% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global digital transformation market is expected to grow significantly during the forecast period, owing to the increasing need for business efficiency and agility in the digital era, which are driving the growth of digital transformation.

Digital transformation is the integration of digital technology into all aspects of an organization, significantly altering how it operates and provides value to consumers. Governments across the globe are transitioning towards digital transformation (DT) as a strategic motive to enhance service performance, improve the consumer experience, streamline activities and operations, and develop new business models.

The adoption of DT in governmental institutions is continuously changing citizens' expectations. E-government is the latest incorporation of the digital government transformation. E-government is a digital application transformation that enables a country's services and products for its industry and civilians by implementing information technologies and electronic tools. These expectations include real-time and high-quality digital services. Similarly, the European Commission stated that the objective of digital transformation in the public sector tends to focus on creating new forms of relationships, building new frameworks for service delivery, and generating innovative ways of working with stakeholders. The government needs to address such decisions very critically. Furthermore, the strong and fast adoption of digital government transformation can support governments heavily while working on these objectives. Similarly, the demands of politicians, businesses, and civilians tend to be extremely important as they determine the efficiency of governments.

Segmental Analysis

The scope of the global Digital Transformation market has been segmented based on component, technology, organization size, deployment, verticals, and region.

Based on component, the global Digital Transformation market is segmented into solutions and services. The service segment is anticipated to grow at the highest CAGR as the way businesses approach customer service has changed because of digital transformations. However, the emergence of social media has altered customer service in a manner like how it has altered marketing, sales, and even customer service.

Based on the technology, the global Digital Transformation market is segmented into cloud computing, big data & analytics, artificial intelligence (AI), IoT, blockchain, cyber security, and others. The IoT segment is expected to grow at a CAGR of 22.6% during the projected period. Digital transformation based on IoT is applied to physical products. Selling items is how the typical business makes money; it serves as the foundation around which everything else is built. IoT-based digital transformation is also comprehensible and exciting enough to inspire employees to support it because it is in line with the company's culture. Data is at the core of both digital transformation and IoT.

Based on organization, the global Digital Transformation market is segmented into SME’s and large enterprises. The large enterprises hold the largest market share while SME’s are expected to grow at the fastest CAGR during the projected period.

Based on deployment, the global Digital Transformation market is segmented into on-premises and cloud. The cloud segment holds the largest market share i.e., 865.73 million in 2021 and is projected to grow at the highest CAGR during the forecast period.

Based on Vertical, the global Digital Transformation market is segmented into BFSI, healthcare, retail & e-commerce, media & entertainment, education, government & defense, and others. The retail segment is expected to exhibit the highest CAGR. Integrating forward and backward is the key to successful digital transformation in retail. Forward integration will make it possible to develop a vision for what eCommerce businesses will need in the future to remain competitive, customer-focused, and to increase consumer engagement.

Regional Analysis

Geographically, the global Digital Transformation market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia-Pacific is anticipated to grow at the highest CAGR, the factors that are likely to drive the development of the market in the region include the rapid increase in cell phone users, growing web-based trade, and increased use of data analytics.

Additionally, favorable government efforts might be credited for the area market's expansion. For instance, the Japanese government launched the Digital Agency in September 2021 to support Japan's digital transition. The project has accelerated the public sector's digitization. In a different instance, Cisco announced in February 2021 a strategic partnership with the Japanese government that included the digitization of numerous verticals, including enterprises, health, and education.

Key PlayersThe key players in the global Digital Transformation market are Microsoft Corporation, IBM Corporation, SAP, Oracle, Google, Salesforce, HPE, Happiest Minds, DELL EMC, HCL Technologies Limited, HPE, Cisco Systems, Accenture PLC, Equinix, and Cognizant and Others.