Digital Transformation Market Size to Reach USD 2,669.48 Billion in 2030 | Emergen Research

VANCOUVER, BC, Jan 11, 2023 /PRNewswire/ -- The digital transformation market size reached USD 492.43 Billion in 2021 and is expected to register a CAGR of 20.8% during the forecast period, according to latest analysis by Emergen Research. Growing demand for big data, cloud computing, and other technologies is the key factor driving market revenue growth.

Digital transformation refers to the incorporation of digital technology in all areas of a business, fundamentally changing how it operates and delivers value to customers. This process of transformation has been accelerated in recent years due to the COVID-19 pandemic, which has resulted in a shift towards remote work and increased reliance on digital tools and platforms. Many businesses have had to quickly adopt digital technologies to continue operating and serving their customers. This growing demand for digital technologies has contributed to the revenue growth of the digital transformation market, which is expected to continue expanding in the coming years.

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Drivers:

The increasing demand for big data and cloud computing has played a significant role in the growth of digital transformation. Big data refers to large, complex datasets that require advanced processing power and analytics tools to extract value from them. Cloud computing refers to the delivery of computing services such as storage, networking, analytics, and intelligence over the internet rather than using local servers or personal devices. Both big data and cloud computing have become critical components of digital transformation as they enable businesses to store, process, and analyze large amounts of data in real time, allowing for more informed decision-making and greater efficiency.

Additionally, the growing adoption of these technologies has led to the development of other technologies such as artificial intelligence, machine learning, and the Internet of Things, which further contribute to the revenue growth of digital transformation market. Various companies are now adopting these technologies in recent years. In January 2023, for instance, HDFC Bank, the largest private sector bank in India, is collaborating with Microsoft as it continues its digital transformation efforts.

The partnership aims to help the bank unlock business value by modernizing its operations and leveraging digital technologies to better serve its customers. In December 2022 Intel and ETCIO.com recently hosted an event called Intel ConnectiON, which was focused on the theme "Digital Transformation Unleashed." The goal of the event was to explore innovative strategies and help businesses establish a successful future through digital transformation. Intel ConnectiON was a conference that helped to bring together industry leaders to share their experiences and insights on digital transformation. The event highlighted how businesses can cost-effectively, and seamlessly accelerate their digital transformation to thrive in an era of disruption.

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Restraints:

One of the challenges that businesses may face when implementing digital transformation is the integration of data from various data silos. Data silos refer to isolated or separate systems or departments within an organization that stores and manage data independently. This can make it difficult to access and analyze data from different parts of the organization, as it may be stored in different formats or systems. Integrating data from data silos can be a complex and time-consuming process, as it requires the use of specialized tools and resources. Additionally, there may be challenges related to data quality, security, and compliance when attempting to bring data from different sources together. All of these are expected to restrain revenue growth of the market.

Growth Projections:

The digital transformation market is expected to register a CAGR of 20.8% over the forecast period and revenue is projected to increase from USD 492.43 Billion in 2021 to USD 2,669.48 Billion in 2030. Growing adoption of 5G technology in recent years is expected to drive the revenue growth of the market.

Current Trends and Innovations:

The increased speed and capacity of 5G networks have made it possible for businesses to adopt new technologies such as the Internet of Things (IoT), artificial intelligence, and edge computing, which is expected to drive digital transformation market revenue growth during the forecast period. For example, the IoT enables businesses to collect and analyze data from connected devices in real time, which can be used to optimize operations and improve decision-making.

Artificial intelligence and machine learning can be used to automate tasks and improve efficiency, while edge computing allows for data processing and analysis to be performed closer to the source of data, reducing latency, and enabling faster decision-making. In addition, the increasing adoption of 5G technology contributed to the revenue growth of digital transformation by enabling businesses to deliver new and enhanced services to customers.

For example, 5G networks can support high-definition video streaming and virtual reality applications, which can be used to deliver immersive customer experiences. In the United States, the Federal Communications Commission (FCC) has made the mid-band spectrum for 5G available for businesses to license and use for private networks. This and other efforts are helping to make the adoption of 5G more widespread and supporting revenue growth of the market.

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Strategic Initiatives:

Major companies included in the market report are IBM, SAP SE, Oracle, Microsoft Corporation, Accenture, Google LLC, HCL Technologies Limited, Hewlett Packard Enterprise Development LP, Cisco Systems, Inc., Alibaba Cloud, Broadcom, Marlabs, Cognizant, and Capgemini.

• On January 5, 2023, Leidos partnered with Accenture to modernize the cloud infrastructure of the U.S. Centers for Disease Control (CDC). As part of the partnership, Leidos assists the CDC in evaluating its applications and migrating them to the cloud as part of the agency's digital transformation efforts. Accenture Federal Services has enlisted the help of Leidos, a company that offers engineering, science, and technology services to various sectors including defense, intelligence, and healthcare, to assist with its cloud migration efforts for the U.S. Centers for Disease Control.

Scope of Research

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Emergen Research has segmented global digital transformation market on the basis of component, deployment, organization size, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019-2030)
• Solutions
     a. Analytics
     b. Mobility
     c. Social Media
     d. Cloud Computing
     e. Artificial intelligence (AI)
     f. Internet of Things (IoT)
     g. Others
• Services
     a. Professional Services
     b. Implementation & Integration Services
• Deployment Outlook (Revenue, USD Billion; 2019-2030)
• Cloud
• On-Premises
• Organization Size Outlook (Revenue, USD Billion; 2019-2030)
• Large Enterprise
• Small & Medium Enterprise
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• BFSI
• Healthcare
• Manufacturing
• IT & Telecom
• Government
• Retail
• Media and Entertainment
• Others
• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North America
     a.  U.S.
     b.  Canada
     c.  Mexico
• Europe
     a.  Germany
     b.  France 
     c.  U.K.
     d.  Italy
     e.  Spain
     f.  Benelux
     g.  Rest of Europe
• Asia Pacific
     a.  China
     b.  India
     c.  Japan
     d.  South Korea
     e.  Rest of APAC
• Latin America 
     a.  Brazil
     b.  Rest of LATAM
• Middle East & Africa
     a.  Saudi Arabia
     b.  UAE
     c.  South Africa
     d.  Turkey
     e.  Rest of MEA

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