Global Digital Transformation Market to Grow at a CAGR of 13.8%, during Forecast Period
Published | 26 September 2022
Global Digital Transformation Market is thriving as a result of organizational shifts in favor of digital technology, an increase in cloud computing usage, developing nations, as well as the government's encouragement of digital transformation policies and initiatives, and the growing demand for personalized digital transformation.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Digital Transformation Market was worth USD 558.2 billion in the year 2021. The Digital Transformation Market is projected to grow at a CAGR of 13.8%, earning revenues of around USD 1482.9 billion by the end of 2028. Big data and other related technologies are being used more frequently, along with the adoption and implementation of digital initiatives, which are the main factors propelling the market's expansion in the coming years. The introduction of machine learning and artificial intelligence, the rapid advancement of mobile devices and applications, and the accessibility of cloud-based Digital Transformation Market solutions are a few other important factors that are anticipated to propel the market growth during the forecast period. However, the integration of data from various data sources may be difficult and could impede market expansion.
Increasing Cloud Computing Usage
The growing demand for cutting-edge technologies such as big data analytics, artificial intelligence, the internet of things, and cloud computing across a wide range of business enterprises is propelling the global digital transformation market forward. These cutting-edge technologies help to integrate intelligence into business activities, increasing customer engagement while improving operational efficiency. Rising internet penetration, increased smartphone adoption, and the global development of IT and telecommunications infrastructure are some of the major factors driving the global digital transformation market. Companies across all industries are heavily investing in expanding their digital presence. As a result, the transition from traditional to digital business is accelerating the global digital transformation market.
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Accelerated Adoption of Mobile Devices and Applications
Numerous facets of modern life have been revolutionized by the growing use of mobile devices and apps. As a result, going digital is now possible for many verticals. Digital technology is being used by companies and organizations all over the world to transform their traditional brick-and-mortar operations into online businesses. According to Statista data, there were 4.47 billion mobile device users worldwide as of 2018. This prompted many businesses to adopt the Bring Your Own Device (BYOD) policy. BYOD refers to the concept of enabling employees to access the office network using their own mobile devices, such as laptops, smartphones, or tablets. This results in offering lucrative opportunities for the India Brake Pad Market during the forecast period (2022-2028).
Challenge: Worries about Data Security
When implementing new technologies, maintaining the security and confidentiality of corporate data is of utmost importance. As IoT and cloud technology proliferate quickly, businesses will seek increased confidentiality and security to ward off cyberattacks and security issues. The use of cloud-based and IoT-enabled services is increasing, which makes the problem of privacy and security information more difficult. With more IoT-enabled devices entering the market and becoming more vulnerable to danger and attack, security and confidentiality issues are predicted to get worse. Handheld computers may also make it easier to retrieve business data. As a result, the proper application of digital technology necessitates the use of appropriate information security measures.
Segmental Coverage
Global Digital Transformation Market - By End-User
Based on end-user, the Global Digital Transformation Market is segmented into BFSI, Telecom, Healthcare, Utility, Retail, Automotive, IT & ITeS, and Others. The BFSI sector dominates the global market for digital transformation. The leading companies in the BFSI sector are implementing digital technologies to improve their services and provide better customer engagement and experiences. The BFSI industry has been compelled to invest more in digital transformation as a result of the increased use of online and digital payment platforms around the world. On the other hand, the forecast indicates that the healthcare sector will experience the fastest growth. The increased patient volume is brought on by the growing geriatric population around the world as well as the rising prevalence of chronic diseases. All these factors boost the growth of the Global Digital Transformation Market during the forecast period (2022-2028).
Impact of COVID-19 on Global Digital Transformation Market
The COVID-19 pandemic put everyone on the planet to the test by forcing them to continue operating their businesses despite difficulties such as social exclusion, lockdowns, working from home, and others. While some organizations were equipped to handle the difficulties, others weren't because they lacked a digital strategy, other essential tools, or the infrastructure necessary for efficient operation. Despite all of the detrimental effects COVID-19 has had on a person's personal, professional, and social life, it has also given businesses new opportunities. The COVID-19 scenario offers the perfect chance for businesses to manage their digital channels because innovation, when used properly, increases proficiency and usefulness.
Competitive Landscape
The leading market players in the Global Digital Transformation Market are SAP SE, IBM Corporation, Oracle Corporation, Google Inc., Dell EMC, Hewlett Packard Enterprise Co., CA Technologies, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini Group, Apple Inc., Siemens AG, Cognex Corporation, Kellton Tech Solutions Ltd, and other prominent players.
The Global Digital Transformation Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Digital Transformation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Digital Transformation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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