Global Digital Transformation Market Size To Exceed USD 10,571.7 Billion By 2032 | CAGR of 23.4%

Global Digital Transformation Market Size To Exceed USD 10,571.7 Billion By 2032

According to a research report published by Spherical Insights & Consulting, the Global Digital Transformation Market Size is to grow from USD 1,258.4 billion in 2022 to USD 10,571.7 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.04% during the projected period.

Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Digital Transformation Market Size, Share, and COVID-19 Impact Analysis, By Offering (Solutions, Services), By Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI, IoT, Others), By Deployment (Hosted, On-premise), By Industry Verticals (Automotive, BFSI, Retail, Government, Healthcare, IT & Telecom, Manufacturing, Energy & Utilities, Education, Agriculture, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/digital-transformation-market

Firms use digital transformation to incorporate technologies into their processes in order to produce major gains. It uses AI, automation, cloud computing, and other digital technologies to enable automated operations, more rapid and complex decision-making processes, and real-time responses to market events. Finally, it changes client expectations and brings up new business opportunities. They create efficient procedures that streamline operating models, increase efficacy, and empower employees to make better judgments in less time. The rapidly increasing popularity of cutting-edge technologies such as quantum computing, cyber security, big data analytics, IoT, and cloud has stimulated company creativity and change, resulting in increased income and productivity. Furthermore, the increasing usage of IoT-based devices and goods in daily life, the increased use of mobile devices and apps, and the growing reliance of businesses on IoT-based products and solutions all contribute to the growth of the digital transformation market. Furthermore, digital transformation improves client experiences through personalized interactions, shorter response times, and customized solutions.

The solutions segment is dominating the market with the largest revenue share over the forecast period.

On the basis of offering, the global digital transformation market is segmented into the solutions and services. Among these, the solutions segment is dominating the market with the largest revenue share of 58.6% over the forecast period. This could be attributed to organizations' increasing reliance on digital transformation solutions to upgrade operations and meet client demand. As a result, enterprises must constantly seek ways to improve the end-user experience.

The cloud computing segment is witnessing significant CAGR growth over the forecast period.

On the basis of technology, the global digital transformation market is segmented into cloud computing, big data & analytics, blockchain, cybersecurity, AI, IoT, and others. Among these, the cloud computing segment is witnessing significant CAGR growth over the forecast period. The cloud computing, the process of integrating cloud-based technology and services to optimize processes, boost flexibility, and drive innovation is referred to as digital transformation.

The on-premise segment is expected to hold the largest share of the Global Digital Transformation Market during the forecast period.

Based on the deployment, the global digital transformation market is classified into hosted and on-premise. Among these, the on-premise segment is expected to hold the largest share of the Digital Transformation market during the forecast period. On-premise systems enable improved data security, making it easier for end-user organizations to comply with a range of government criteria.

The BFSI segment accounted for the largest revenue share of more than 34.2% over the forecast period.

On the basis of industry verticals, the global digital transformation market is segmented into automotive, BFSI, retail, government, healthcare, IT & telecom, manufacturing, energy & utilities, education, agriculture, and others. Among these, the BFSI segment is dominating the market with the largest revenue share of 34.2% over the forecast period. This can be ascribed to financial institutions and banks moving their focus toward providing enhanced consumer experiences in order to boost their customer base and promote brand identity.

North America dominates the market with the largest market share over the forecast period.

North America is dominating the market with more than 38.7% market share over the forecast period. North America has remained among the most advanced digital transformation markets, owing to early technology adoption, major R&D spending, and the presence of global tech giants such as Microsoft, Google, and Apple. Furthermore, industries such as banking, healthcare, retail, and manufacturing are pushing for digital transformation to improve efficiency, improve consumer experiences, and generate new revenue streams. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific area is seeing one of the most rapid rates of digital transformation, thanks to rising internet penetration, digital-native firms, and government measures fostering digitalization. During the forecast period, the Europe market is expected to rise at a significant CAGR.

Major vendors in the Global Digital Transformation Market include EY, Broadcom, Equinix, Oracle, SAP, Baidu, Adobe Systems, Microsoft, Alibaba, IBM, Google, Marlabs, Salesforce, Cognizant, Accenture, Tibco Software, Alcor Solutions, Smartstream, Kissflow, eMudhra, ProcessMaker, Brillio, Aexonic Technologies, CloudAngles, Magnetar IT, Scitara, Intrinsic, Soundful, and among others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• On April 2023, Applications Software Technology (AST), a leading provider of digital transformation solutions, announced the acquisition of IT and Oracle services provider 9EDGE to broaden AST's capabilities as an award-winning, full-service provider of Oracle and adjacent cloud ecosystems for enterprises. AST's capabilities will be expanded throughout the Oracle Cloud Application and Platform ecosystems, including Supply Chain, EPM, ERP, and JD Edwards, thanks to 9EDGE's strong consulting expertise.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Digital Transformation Market based on the below-mentioned segments:

Digital Transformation Market, Offering Analysis

• Solutions
• Services

Digital Transformation Market, Technology Analysis

• Cloud Computing
• Big Data & Analytics
• Blockchain
• Cybersecurity
• AI
• IoT
• Others

Digital Transformation Market, Deployment Analysis

• Hosted
• On-premise

Digital Transformation Market, Industry Verticals Analysis

• Automotive
• BFSI
• Retail
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Energy & Utilities
• Education
• Agriculture
• Others

Digital Transformation Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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