Dublin, 24 August 2023 (Globe Newswire) — “Digital Transformation Market (Solutions & Services), Technologies (Cloud Computing, Big Data & Analytics, Blockchain, Cyber Security, AI), Business Functions (Accounting & Finance, IT, Human Resources), By Industry, By Region – 2030 world forecast by 2020 report added of ResearchAndMarkets.com Recruitment
The digital transformation market size is expected to grow from US$ 695.5 billion in 2023 to US$ 3,144.9 billion by 2030, at a compound annual growth rate (CAGR) of 24.1% during the forecast period.
The process of digital transformation involves the integration of cutting-edge digital technologies across various aspects of business such as AI, ML, cloud computing, big data and analytics, mobility, and social media management. This integration is intended to improve operational efficiency and deliver greater value to all involved stakeholders.
By strategically deploying these digital tools, you can revolutionize your business process model and effectively increase your bottom line. In fact, digital transformation solutions have the potential to increase customer engagement, empower employees, streamline business workflows, and improve product offerings.
The vital ability to collect, analyze, and leverage massive amounts of real-time data has emerged as an essential asset for enterprises, serving as the linchpin for making informed decisions based on data insights. This resource-rich approach drives data-driven decision-making, service personalization, and overall process optimization. Additionally, the prevalence of digital channels and the increasing technology savvy of consumers are driving demand for integrated, seamless digital interactions across all engagement points.
In addition, a comprehensive assessment of market shares, growth strategies, and service portfolios is made for prominent players within the digital transformation space. This analysis includes major industry data such as Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US) contains the first name. It provides insight into the company’s strategic position in the dynamic landscape of the digital transformation market.
AI technology will exhibit the highest CAGR during the forecast period.
By technology, the digital transformation market is segmented into cloud computing, big data and analytics, blockchain, cybersecurity, AI, and IoT. His CAGR of AI technology is estimated to be the highest during the forecast period. Digital transformation driven by AI technology is driving demand for enhanced customer experience and personalized service.
AI-powered solutions enable businesses to analyze vast amounts of data in real time to gain valuable insights into customer preferences and behaviors. This enables organizations to provide customized and proactive service, increasing customer satisfaction and loyalty.
By offering, the services segment will exhibit the highest CAGR during the forecast period.
By offering, the digital transformation market is segmented into solutions and services. His CAGR of services is estimated to be the largest during the forecast period. Digital transformation services are booming in popularity due to several key factors.
The growing demand for enhanced customer experience and engagement is driving organizations to adopt innovative technologies and strategies that enable personalized interactions and seamless omnichannel experiences.
Vertically, the BFSI segment will have the largest market size during the forecast period.
With increasing customer demand for seamless, personalized digital experiences, financial institutions are turning to AI, machine learning, and data analytics to enhance customer engagement, streamline processes, and deliver personalized financial solutions. have invested in technologies such as
Regulatory requirements and the need for increased security measures have pushed the BFSI sector to adopt advanced technologies such as blockchain and biometrics to ensure secure transactions and protect sensitive data. .
Moreover, the rise of Fintech start-ups and their disruptive business models has forced traditional institutions to stay competitive, innovate in the services they offer, and collaborate with Fintech companies to leverage their technology expertise. are forced to undergo a digital transformation.
Among the regions, Asia-Pacific recorded the highest CAGR during the forecast period.
From a regional perspective, the Asia-Pacific region is witnessing rapid advances in technology, including the proliferation of mobile devices, widespread internet connectivity, and adoption of cloud computing. These advances have created a strong foundation for digital transformation efforts.
Governments in the Asia-Pacific region are actively promoting digital transformation to boost economic growth and enhance competitiveness. They are implementing policies, providing incentives and investing in digital infrastructure to facilitate this transformation.
Key Attributes:
report attribute | detail |
number of pages | 353 |
Forecast period | 2023-2030 |
2023 Estimated Market Value (USD) | $695.5 billion |
Projected market value (USD) to 2030 | $3,144.9 billion |
compound annual growth rate | 24.1% |
Target area | global |
Premium Insight
- Demand for Personalized Digital Transformation Driving Market Growth During Forecast Period
- Market Witnesses Slightly Slower YoY Growth in 2023
- North America will hold the largest market share in 2023
- Bfsi will account for the largest market share during the forecast period
- Cloud Computing and Bfsi Sector to Hold Largest Share in 2023
Market trend
driver
- Increased adoption of big data and other related technologies
- The arrival of ML and digital transformation
- Cost benefits of cloud-based digital transformation solutions
- Rapid adoption of mobile devices and apps
- Implementing and expanding digital initiatives
Restraint
- Changes in regional data regulations leading to time-consuming rebuilding of forecasting models
- Data security concerns
- Privacy and information security issues
opportunity
- Growing Internet penetration and increasing use of connectivity and integration technologies
- Demand for personalized digital transformation
- Increased willingness to use digital technology in organizations
assignment
- Integrate data from data silos
- Issues related to IT modernization
- OWNERSHIP AND PRIVACY OF COLLECTED DATA
technical analysis
Case study analysis
BfsiMore
- Case Study 1: Cognizant AI and Automation Solutions Helped Insurance Company Improve Claims Process
- Case Study 2: Microsoft Azure Platform Improves Milliman Consulting’s Business Model
- Case Study 3: Bse Uses Cloudera Solutions to Make Real-Time Decisions and Reduce Operating Costs
Telecommunications
- Case Study 1: American Telecommunications Service Provider (Tsp) Works with Hcl to Improve Digital Journey
- Case Study 2: A1 Srbija accelerates 5G and revolutionizes digital services with Hpe solutions
retail and e-commerce
- Case Study 1: Asos Uses Microsoft Azure ML Services to Reduce Time to Market for Recommendation Models
- Case Study 2: Walmart Optimizes Shopping Experience by Applying Data Mining
- Case Study 3: Improving Campaign Targeting by Implementing Docomo Digital’s Classified User Behavior and Cloudera Solutions
energy and utilities
- Case Study 1: Searcher Seismic Uses Cloudera Solutions to Ease Access to the Oil & Gas Industry
- Case Study 2: Technipfmc Deploys Cloudera Solution to Unify Data
Healthcare and life sciences
- Case Study 1: A Leading Healthcare Company Adopted Cognizant’s AI-Driven Solution to Identify Drug-Seeking Behavior
- Case Study 2: Using Used ML as Inspiration to Connect Millions of Patients and Caregivers on AWS
manufacturing industry
- Case study 1: IBM helped Shenzhen Csot improve production quality and output
- Case Study 2: Dell used Cloudera to build a 360-degree customer view
media and entertainment
- Case Study 1: Leading Media Conglomerate Adopts Hcl’s Digital Transformation Solutions to Redefine User Experience Through Human-Centered Design
- Case Study 2: Gaia Enhances Subscriber Engagement and Data-Driven Decision Making
government and defense
- Case Study 1: Oanda provided real-time access to the forex trading market by moving to Equinix’s Ty3 facility
- Case study 2: Dubai government uses Cloudera to monetize and leverage real-time data for community benefit
key technology
- cloud computing
- artificial intelligence and machine learning
- internet of things
- big data analysis
- blockchain
Adjacent technology
- edge computing
- 5G network
- API management
- deboss
- digital twin
- AR/VR
Market analysis by application
- Customer transformation
- Workforce transformation
- Operational transformation
- Product transformation
best practices in the market
- Synchronize your efforts
- align staves
- Think like a customer
- Utilization of the latest technology
Company Profile
key player
- microsoft
- IBM
- SAP
- Oracle
- Salesforce
- Hepe
- Adobe
- Baidu
- HCL Technologies
- stingray
- It has recognized
- Accenture
- broadcom
- Equinix
- Alibaba
- TIBCO Software
- marlab
SMEs and start-ups
- Alcor Solutions
- smart stream
- Yash Technologies
- interface
- Dempton Consulting Group
- kiss flow
- Emdra
- process manufacturer
- process street
- happy mind
- Scoro
- Brillio
- Asonic Technologies
- cloud angle
- Magnetar IT
- Sitara
- essentially
- soundful
For more information on this report, please visit: https://www.researchandmarkets.com/r/50f9qm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. It provides up-to-date data on international and regional markets, key industries, top companies, new products and latest trends.