Global Digital Transformation Market Size 2024, Forecast To 2033
11 Mar, 2024
The digital transformation market size has grown exponentially in recent years. It will grow from $1382.64 billion in 2023 to $1666.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growing adoption of digital transformation in healthcare, increase in data volume generation, and increasing adoption of 5g networks. The digital transformation market size is expected to see rapid growth in the next few years. It will grow to $3248.34 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to increasing availability of mobile devices, government initiatives, increasing internet penetration, increasing spending on marketing and advertising activities by enterprises, increasing demand for industrial automation. Major trends in the forecast period include artificial intelligence capabilities, digital transformation series, creative networks, product launch, internet of things, startups in big data and analytics and strategic partnership and collaboration.
Global Digital Transformation Market Key Driver
The increasing integration of machine learning and artificial intelligence is poised to propel the digital transformation market's growth. Offering solutions like cloud computing, big data & analytics, and advanced features such as artificial intelligence and machine learning, digital transformation optimizes business operations, enhancing efficiency and reducing operational efforts. This trend is observed across diverse sectors, including healthcare, banking, transportation, and manufacturing. Cloudmantra's report indicates that in the Indian manufacturing industry, machine learning increased manufacturing capacity by up to 20% and reduced material usage by 4% in 2021. Additionally, the MIT Technology Review Insights report notes that approximately 60% of manufacturers are utilizing artificial intelligence to improve daily operations and plan for the future. Therefore, the escalating adoption of machine learning and AI is a driving force behind the digital transformation market, with market sizes reflecting this upward trajectory in 2023, 2024, and 2028.
Get A Free Sample Of The Global Digital Transformation Market ReportGlobal Digital Transformation Market Segments
The digital transformation market covered in this report is segmented –
1) By Technology: Cloud Computing, Big Data and Analytics, Artificial intelligence (AI), Internet Of Things (IoT), Blockchain And Other Technologies
2) By Deployment: Cloud, On-Premises
3) By Organization: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
4) By End Users: BFSI, Healthcare, Telecom and IT, Automotive, Retail and Consumer Goods, Manufacturing, Government, Others
By Geography:The regions covered in the digital transformation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the digital transformation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Digital Transformation Industry Players
Google LLC, Microsoft Corporation, IBM Corporation, Accenture PLC, Adobe Systems Inc, Oracle Corporation, SAP SE, Capgemini, Salesforce.com, Dell EMC, Shanghai Electric Group Co., Ltd., Chongqing Changan Automobile Co., Ltd., Hakuna Matata, Midea Group's, Weichai Power Co., Ltd, Lianbao (Hefei) Electronic Technology Co., Ltd., Sany Heavy Industry Co., Ltd., CITIC Dicastal Co., Ltd., Space-O Technologies, Sophie Candau Communication, Xella, SQLI, Siemens AG, Deloitte, Nixu, Honeywell International Inc, 4iG Plc., Tibco Software Inc, ASG, CIOReview, Protiviti, Cognex Corporation, Cognizant, Apple Inc., Hewlett-Packard Company, Hisense Group Holdings Co., Ltd
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Digital Transformation Market Overview
Digital transformation, referred to as the process of using digital technology to create new or alter existing business processes, cultures, and consumer experiences by using tools such as cloud computing, big data analytics, artificial intelligence, and the Internet of Things, are examples of digital transformation solutions that enable traditional enterprises to optimize company operations, minimize operational efforts, and boost efficiency.
Digital Transformation Global Market Report 2023 provides data on the global digital transformation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The digital transformation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.