Global Digital Transformation Market

According to the latest report by IMARC Group, titled "Digital Transformation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global digital transformation market reached a value of US$ 483.4 Billion in 2021. Digital transformation refers to the operational and organizational change in an enterprise that enhances its brand reputation, customer experience and customer retention ratios through the integration of digital technologies with several business processes. It assists organizations in changing their overall operational performance with the deployment of robotics, artificial intelligence (AI), 3D printing, and additive manufacturing. It involves the use of on-site or cloud software and digital experience platforms (DEP) to adapt to the shifting technological landscape efficiently. As a result, it is widely used across the retail, transportation, healthcare, information technology (IT), and banking, financial services and insurance (BFSI) sectors.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Digital Transformation Market Trends:

The market is majorly driven by rapid digitization across the corporate segment. With continual automation of multiple business processes and the rising preference for remote working models across the globe, numerous small, medium and large-scale enterprises are widely deploying digital transformation solutions to gain a competitive edge, to offer effective customer engagements and provide a seamless experience to their clients. This is further supported by the continual technological advancements, such as the increasing integration of connected devices with the Internet of Things (IoT) and cloud computing solutions, which is providing an impetus to the market growth. Moreover, the introduction of industrial robots, along with the advent of Industry 5.0 to improve the overall efficiency of smart factory systems, is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include the rising preference for wireless communication technologies and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 18.57% during 2022-2027.

Market Summary:

• On the basis of the type, the market has been bifurcated into solution (analytics, cloud computing, mobility, social media, and others) and service (professional services, and integration and implementation).
• Based on the deployment mode, the market has been bifurcated into cloud-based and on-premises.
• On the basis of the enterprise size, the market has been classified into large enterprises, and small and medium-sized enterprises.
• Based on the end use industry, the market has been segmented into BFSI, manufacturing and retail, government, healthcare, IT and telecom, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.

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