The global digital transformation market reached a value of US$ 483.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,349.2 Billion by 2027, exhibiting a CAGR of 18.57% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Digital transformation refers to the organizational, operational and cultural change of an enterprise, industry or ecosystem through the integration of digital technologies. It involves the use of advanced technologies, such as robotics, 3D printing, artificial intelligence (AI) and additive manufacturing. Digital transformation is implemented through on-site or cloud software, hardware upgrades and digital experience platforms (DEP). These solutions aid in optimizing the process and competencies of the organization by digitally streaming the operations and improving the brand’s reputation, customer experience and client retention ratios. As a result, digital transformation finds extensive applications across various industries, including banking, financial services and insurance (BFSI), healthcare, information technology (IT), retail and transportation.
Digital Transformation Market Trends:
The global digital transformation market is primarily driven by rapid digitization and automation of various business processes. Small, medium and large-scale enterprises are increasingly adopting digital transformation solutions to gain a competitive edge and respond to the consumers in real-time. Moreover, widespread adoption of industrial robots and the advent of Industry 5.0 for enhancing the efficiency of smart factory systems is providing a thrust to the market growth. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and cloud computing solutions, are acting as other growth-inducing factors. These connected and data-rich technologies are embedded into the business operations that facilitate the enterprise to take actionable steps for improved and effective customer engagements. Other factors, including the increasing utilization of wireless communication technologies, along with extensive infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global digital transformation market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, deployment mode, enterprise size and end use industry.
Breakup by Type:
Integration and Implementation
Breakup by Deployment Mode:
Breakup by Enterprise Size:
Small and Medium-sized Enterprises
Breakup by End Use Industry:
Manufacturing and Retail
IT and Telecom
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture PLC, Adobe Inc., Capgemini SE, Cognizant, Dell Technologies Inc., Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Company, International Business Machines Corporation, Marlabs Inc., Microsoft Corporation, Oracle Corporation, SAP SE, and Siemens AG.
Key Questions Answered in This Report
1. What is the expected growth rate of the global digital transformation market during 2022-2027?
2. What are the key factors driving the global digital transformation market?
3. What has been the impact of COVID-19 on the global digital transformation market?
4. What is the breakup of the global digital transformation market based on the type?
5. What is the breakup of the global digital transformation market based on the deployment mode?
6. What is the breakup of the global digital transformation market based on the enterprise size?
7. What is the breakup of the global digital transformation market based on the end use industry?
8. What are the key regions in the global digital transformation market?
9. Who are the key players/companies in the global digital transformation market?