Market Overview:

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 is a cultural change that involves the integration of digital technologies into various business processes to enhance the brand reputation, customer experience, and customer retention ratio of an organization. It includes numerous advanced technologies, such as 3D printing, robotics, artificial intelligence (AI), and additive manufacturing. It assists in optimizing the business process and competencies by digitally streaming the operations. As a result, the digital transforming method is extensively used across various industries, such as banking, financial services and insurance (BFSI), healthcare, retail and transportation, and information technology (IT), to offer personalized services to their customers. 

Digital Transformation Market Trends: 

Rapid digitalization, along with the increasing utilization of online banking services on account of a considerable reliance on smartphones, represents one of the key factors strengthening the market growth across the globe. In addition, the rising adoption of digital transformation in small and medium-scale enterprises (SMEs) to gain a competitive edge and respond to consumers in real time is favoring market growth. In line with this, the increasing penetration of wireless communications, especially in public areas, to minimize safety concerns is contributing to market growth. Apart from this, digital transformation finds applications in the healthcare sector to optimize workflow processes and compliances, improve patient service, and reduce costs. This, in confluence with the growing demand for remote patient monitoring (RPM) on account of the rising prevalence of chronic conditions among the masses, is influencing the market positively. Furthermore, the integration of cloud computing and the Internet of Things (IoT) in digital transformation is providing a thrust to market growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global digital transformation market report, 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:

• Solution
  • Analytics
  • Cloud Computing
  • Mobility
  • Social Media
  • Others
• Service
  • Professional Services
  • Integration and Implementation

The solution segment represents the most commonly used type due to the increasing adoption of digital transformation solutions to modernize the industrial process. 

Breakup by Deployment Mode:

• Cloud-based
• On-premises
   

On-premise deployment mode accounts for the majority of the market share as it helps establish a customized network of digital transformation. In addition, it is a safer option to keep confidential information protected.  

Breakup by Enterprise Size:

• Large Enterprises
• Small and Medium-sized Enterprises
   

Large enterprises are increasingly adopting the digital transformation method on account of its cost-effectiveness and smooth execution of the business process. 

Breakup by End-Use Industry:

• BFSI
• Manufacturing and Retail
• Government
• Healthcare
• IT and Telecom
• Others
   

BFSI dominates the market due to the rising focus of banks and financial institutions to develop a customer-centric approach and offer seamless assistance and technical support to customers. 

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market due to the rising internet penetration and the increasing utilization of digital transformation methods across different industry verticals, such as retail, manufacturing, and healthcare.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players 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.

Report Coverage: