Digital Transformation Market Research Report - Global Forecast till 2030

Digital Transformation Market Research Report: by Technology (Cloud Computing, Big Data & Analytics, Artificial Intelligence (AI), Internet of things (IoT), Blockchain), By Deployment (On-premise and On-cloud), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Vertical (BFSI, Healthcare, IT and Telecommunication, Government, Retail, Education and Media & Entertainment), by Region (North America, Europe, Asia-Pacific, Middle East, and Africa, South America) - Forecast till 2030

ID: MRFR/ICT/7213-HCR | February 2023 | Region: Global | 111 Pages         

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Digital Transformation Market

Digital Transformation Market is expected to reach USD 3,810.05 billion growing at a CAGR of 23.50% during the forecast period of 2030
Market Size
CAGR
Dominating Region
Forecast Period
$3,810.05 billion
23.50%
North America
2022-2030
Segmentation
By Technology
by Deployment
By Organization Size
By Vertical
  • Cloud Computing
  • Big Data & Analytics
  • Artificial Intelligence (AI)
  • Internet of things (IoT)
  • Blockchain
  • On-premise and On-cloud
  • Small and Medium-Sized Enterprises
  • Large Enterprises
  • BFSI
  • Healthcare
  • IT and Telecommunication
  • Government
  • Retail
  • Education and Media & Entertainment
Companies Profiled
Key Players
IBM Corporation (US)
Microsoft Corporation (US)
SAP SE (Germany)
Google (US)
Dell EMC (US)
Accenture Plc (Ireland)
Cisco Systems
Inc. (US)
Oracle Corporation (US)
Tibco Software Inc (US)
Hewlett Packard Enterprise (US)
Cognizant (US)
Marlabs (US)
Equinix Inc. (US)
CA Technologies (US)
Rockwell Automation Inc. (US)
Salesforce.com
Inc. (US) and HCL Technologies (India).
Market Driving Forces
Drivers
The IoT segment is expected to drive market growth over the review period.
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Digital Transformation Market Overview


The Digital Transformation Market size is expected to reach USD 3810.05 Billion by 2030 growing at a CAGR of 23.50% during the forecast period 2022-2030. The increasing number of mobile devices, increasing IT spending to deploy digital solutions by business, and developing advanced communication and networking infrastructure are some of the key factors driving the market growth. However, the lack of skill set required to develop and deploy the digital technologies and stringent regulations of the ICT sector are some of the factors restraining the market.


Some of the use cases: Data Privacy & governance, IT transformation, and Governance, Risk & Compliance among others.


Key Players


The Prominent Players active in the digital transformation industry are IBM Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Google (US), Dell EMC (US), Accenture Plc (Ireland), Cisco Systems, Inc. (US), Oracle Corporation (US), Tibco Software Inc (US), Hewlett Packard Enterprise (US), Cognizant (US), Marlabs (US), Equinix Inc. (US), CA Technologies (US), Rockwell Automation Inc. (US), Salesforce.com, Inc. (US) and HCL Technologies (India).


Recent Developments



  • December 2019, KPMG and Microsoft signed a five-year agreement. As part of this agreement, KPMG is going to transform its workplace with digital solutions provided by Microsoft such as its 365 suite of cloud-based solutions.



  • In December 2019, Rockwell automation introduced its first digital transformation experience center in Gurgaon, India. This center is integrated with key technology platforms for IT-OT convergence and is all set to provide consulting services to its customers for technology platforms such as network cybersecurity, industrial data center, machine learning, augmented reality, and virtual reality.



  • November 2019: Microsoft Corporation and Nokia collaborate to integrate digital technology into their communication and network solutions.



  • September 2019: Mahindra and Mahindra company partnership with Salesforce.com to incorporate digital technologies into its value chain which includes sales, service, and marketing departments.


Market Introduction


This is the process of integrating digital technologies into the business operations which are related to their products and services, customers, workforce optimization, infrastructure, and financial operations. These digital technologies are cloud computing, big data analytics, artificial intelligence, IoT, blockchain, and others. According to the World Economic Forum, the digitalization value would reach USD 100 trillion over the next six years owing to high growth in data traffic, online users, connected objects, and cloud computing technologies across the globe.


Segmentation


The Global Digital Transformation Market has been segmented on the basis of Technology, Deployment, Organization Size, Vertical, and Region.


By Technology, the market has been segmented into cloud computing, big data & analytics, artificial intelligence (AI), internet of things (IoT), blockchain, and others.


By Deployment, the market has been segmented into on-premise and on-cloud.


By Organization Size, the digital transformation industry has been segmented into small and medium-sized enterprises and large enterprises.


By Vertical, the market has been categorized into BFSI, healthcare, IT and telecommunication, government, retail, education, and media & entertainment among others.


By Region, the industry has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.


Regional Insights


Market Research Future (MRFR) study has covered the following countries in the regional analysis of the digital transformation market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Benelux, and Italy in Europe. China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines in Asia-Pacific. Saudi Arabia, Israel, Turkey, and South Africa in the Middle East & Africa. Brazil, Peru, Chile, and Argentina in South America.


The global market is currently dominated by North America. The region is an early adopter of technology and also holds the presence of a majority of key players operating in this market. The US, among all the countries, accounts for the largest market share owing to factors such as highly skilled expertise and research and development capabilities which aims at developing solutions and services among others.


Europe is following North America in terms of market share in the global digital transformation market. Increasing adoption of cloud-based solutions, growth of industry 4.0, and high adoption of mobile devices at workplaces are some of the driving factors for the market growth. Asia-Pacific is projected to be the fastest-growing region during the forecast period. Government initiatives supporting digitalization and increasing adoption of cloud platforms by enterprises is expected to elevate the demand for digital transformation in the region.


Intended Audience



  • Investors and consultants

  • Research/Consultancy firms

  • Technology solution providers

  • Government agencies

  • Digital solution and services providers

  • Independent Software Vendors (ISVs)

  • IT Agencies

  • Cloud service providers

  • Managed Security Service Providers



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 3,810.05 billion by 2030
  CAGR   23.50% From 2022 to 2030
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Technology, Deployment
  Geographies Covered   North America, Europe, Aisa Pacific
  Key Vendors   IBM Corporation (US) Microsoft Corporation (US) SAP SE (Germany) Google (US) Dell EMC (US) Accenture Plc (Ireland) Cisco Systems Inc. (US) Oracle Corporation (US) Tibco Software Inc (US) Hewlett Packard Enterprise (US) Cognizant (US) Marlabs (US) Equinix Inc. (US) CA Technologies (US) Rockwell Automation Inc. (US) Salesforce.com Inc. (US) and HCL Technologies (India).
  Key Market Opportunities   
  Key Market Drivers   The IoT segment is expected to drive market growth over the review period.


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Frequently Asked Questions (FAQ) :

The market is expected to reach a significant market value of USD 3,810.05 billion by 2030.

The global market is maturing at a whopping 23.50% CAGR over the review period of 2022-2030.

A few significant players in the global digital transformation industry are Cognizant (US), Marlabs (US), CA Technologies (US), Equinix Inc. (US), Rockwell Automation Inc. (US), among others.

The IoT segment is expected to drive market growth over the review period.

The on-cloud segment is likely to witness the highest demand in digital transformation.

The North American region is expected to witness the maximum growth.