Global Size of Digital Transformation Market Forecasted to Reach USD 3,739.06 Billion By 2030, With 23.6% CAGR Growth: Polaris Market Research

NEW YORK, Nov. 22, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Digital Transformation Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment (Hosted, On-premise); By Enterprise Size; By End-Use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others); By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research study, the global digital transformation market size & share expected CAGR of 23.6% growth, which is increases from USD 588.05 billion in 2021 and to reach USD 3,739.06 Billion By 2030.

What is Digital Transformation? What are Key Trends and Expected Size of Digital Transformation Market?

• Overview

Digital transformation is the process of incorporating digital technologies across the business to digitize existing services or operations. Digital transformation has now become essential for all businesses, from small to established. The aim of this process is to create or modify current business processes and customer experiences to meet changing business requirements. Cloud computing, the Internet of Things, big data, and artificial intelligence are some of the important digital technologies. 

This incorporation increases the productivity of your business while reducing labor costs, enhances the customer experience, and keeps you ahead of your competition. Digital transformation market size is driven by the rising adoption of digital solutions across industries such as BFSI, automotive, healthcare, manufacturing, and others. Also, increasing advanced communication and networking infrastructure is another factor boosting the market growth.

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Key Highlights of the Report

• Market value data for each segment and sub-segment
• Analysis by geography with consumption of the product/service in the region
• Competitive landscape, which incorporates the extensive company profiles
• The current as well as the future outlook of the industry with respect to recent developments
• In-depth analysis of market perspectives through Porter's five forces analysis
• Dynamics scenario, along with growth opportunities market
• Key strategic initiatives taken by major players

Some of the Top Companies in the Digital Transformation Market

• Accenture
• Adobe
• Alcor Solutions Inc.
• Apple Inc.
• Broadcom Inc
• CA Technologies
• Cognizant
• Dell Technologies Inc.
• Equinix Inc.
• Google Inc.
• HCL Technologies
• Hewlett Packard Enterprise
• Interfacing
• International Business Machines Corp.
• KELLTON TECH
• Marlabs
• Microsoft Corp
• Oracle Corporation
• SAP Company
• Smartstream
• TIBCO Software Inc.
• Yash Technologies

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

• Increasing adoption of various advanced technology positively impacts the market

Rising use of various transformation technology solutions like IoT, modernization, and automation for enhancing productivity and capability of the conversion systems are driving the industry growth. The development of digital transformation in industry 4.0 majorly fuels the market demand. Growing investment in the IT sector, increasing developments of smart gadgets, and advancements in the networking infrastructure are some of the crucial digital transformation market trends boosting its growth. A surge in the use of mobile devices is one of the prominent factors supporting market growth.

Moreover, digital transformation has the ability to enhance performance and reduce errors, saving time and effort. In addition, it offers flexibility, convenience, collaboration, and performance of organizational functions. These applications are expected to create lucrative growth opportunities in the digital transformation market. With digital technologies, organizations are introducing many new technically advanced products and services, thus accelerating market expansion.

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Recent Developments

• In August 2021, Intel India and Society for Innovation & Entrepreneurship (SINE)-IIT Bombay collaborated and introduced their Plugin Alliance to boost the growth of Industry 4.0.
• In March 2021, the U.K. government planned to start an initiative known as Government Digital Service (DSG), which offers a simple digital identity solution and helps to "create a single sign-on" that works for everyone.

Digital Transformation Market: Report Scope & Analysis

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Segmental Analysis

• Solution segment to hold the largest revenue share during the forecast period

Based on type, the solution segment accounts for the largest digital transformation market share in 2021 and is estimated to retain its dominance over the forecast period. This is because organizations are demanding the development of the technical landscape for timely enhancement of their systems in order to successfully survive in the global market's competitive edge. Thus, the rising market requirement for actionable insights from organization's created business data boosts segment growth in the digital transformation industry. Also, a surge in the usage of apps in processes and advanced devices is expected to augment the segment's development.

• Healthcare segment dominates the market

In terms of end-use, the healthcare segment witnessed the largest revenue share in 2021 owing to the increasing necessity of the e-data in patient outreach and operation channels in the healthcare industry. The increasing amount of patient information requires an extendable technology version. Therefore, this technological model is anticipated to help manage patient data, reduce risks, and plan strategies. These factors are responsible for accelerating the segment growth of the digital transformation market. 

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Geographic Overview

• North America accounts for the highest revenue share

By geography, the digital transformation market in North America dominates the market owing to the increased adoption of technologies like digital transformation, big data, analytics, cloud, IoT, and mobility. Growing penetration of the internet also boosts market growth in North America. Other factors supporting the regional demand include the rising adoption of digital payment methods and the prevalence of key industry players.

Moreover, Asia Pacific is expected to show highest growth worldwide over the forecast period. This growth can be attributed to the increasing number of small and medium-sized organizations as well as growing awareness about the benefits of cloud-based solutions and further technological developments.

Browse the Detail Report "Digital Transformation Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment (Hosted, On-premise); By Enterprise Size; By End-Use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others); By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/digital-transformation-market

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Polaris market research has segmented the digital transformation market report on the basis of type, deployment, enterprise size, end-use, and region:

By Type Outlook

• Solution
• Analytics
• Cloud Computing
• Mobility
• Social Media
• Others
• Service
• Professional Services
• Implementation & Integration

By Deployment Outlook

• Hosted
• On-premise

By Enterprise Size Outlook

• Large Enterprise
• Small & Medium Enterprise

By End-Use Outlook

• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research