Digital Transformation Market to Reach $6.8 Trillion by 2032 at 25.4% CAGR: Allied Market Research

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Nov 16, 2023, 10:01 ET

PORTLAND, Ore., Nov. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Transformation Market by Component (Solution, and Service), Deployment Mode (On-premise, and Cloud), Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs), Technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data, and Business Analytics, Cybersecurity, and Others), and Industry Vertical (BFSI, Retail and E-Commerce, IT and Telecom, Healthcare and Life Sciences, Government and Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the Digital transformation indsustry generated $721.6 billion in 2022, and is anticipated to generate $6.8 trillion by 2032, witnessing a CAGR of 25.4% from 2023 to 2032.

Prime determinants of growth

The digital transformation market is expected to witness notable growth owing to increase in use of digital experience platforms (dxps) to enhance the customer experience, growth in usage of mobile devices and apps and rise in adoption of industrial robots. Moreover, increase in adoption of industry 4.0 technology is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, data privacy and security concerns associated with digital technologies and high usage of digital transformation in healthcare sector limit the growth of the digital transformation market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$721.6 Billion
Market Size in 2032	$6.8 Trillion
CAGR	25.4 %
No. of Pages in Report	450
Segments Covered	Component, deployment mode, enterprise size, technology, industry vertical and region.
Drivers	Increase in use of digital experience platforms (dxps) to enhance the customer experience Growth in usage of mobile devices Rise in adoption of industrial robots
Opportunities	High usage of digital transformation in the healthcare sector Increase in adoption of industry 4.0 technology
Restraints	Data privacy and security concerns associated with digital technologies

Covid-19 Scenario

The digital transformation market witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased dependence on digital devices. The surge in online presence of people during the period of COVID-19-induced lockdowns and social distancing policies fueled the need for digital transformation solutions.
In addition, with the majority of the population confined in homes during the early stages of the COVID-19 pandemic, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment, post the outbreak of the COVID-19 pandemic.

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The solution segment to maintain its leadership status throughout the forecast period

On the basis of component, the solution segment held the highest market share in 2022, accounting for nearly two-thirds of the digital transformation market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the high level of security and cost efficiency provided by the digital transformation solutions. However, the service segment is projected to manifest the highest CAGR of 23.4% from 2023 to 2032, as businesses intending to implement digital transformation services find benefits, such as scalability, flexibility, and lower infrastructure costs, compelling.

The on-premise segment to maintain its lead position during the forecast period

On the basis of deployment mode, the on-premise segment accounted for the largest share in 2022, contributing for more than half of the digital transformation market revenue, owing to growth in the usage of on-premise deployment solutions in several industries. However, the cloud segment is expected to portray the largest CAGR of 26.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

The large enterprises segment to maintain its leadership status throughout the forecast period

On the basis of enterprise size, the large enterprises segment held the highest market share in 2022, accounting for more than two-thirds of the digital transformation market revenue and is estimated to maintain its leadership status throughout the forecast period, the adoption of digital transformation tools has become an integral part of these users to sustain in the competitive market. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 27.8% from 2023 to 2032. The growth in penetration of digital services in these enterprises is expected to provide lucrative opportunities for the market.

The big data and business analytics segment to maintain its lead position during the forecast period

On the basis of technology, the big data and business analytics segment accounted for the largest share in 2022, contributing to more than one-fourth of the digital transformation market revenue, owing to growth in the usage of big data and business analytics solutions in several industries. However, the blockchain segment is projected to manifest the highest CAGR of 29.6% from 2023 to 2032. The rise in penetration of blockchain solutions in multiple applications is expected to provide lucrative opportunities for the market.

The IT and telecom segment to maintain its lead position during the forecast period

On the basis of industry vertical, the IT and telecom segment accounted for the largest share in 2022, contributing to more than one-third of the digital transformation market revenue, owing to the development digital technologies in IT and telecom sector. However, the healthcare and life science segment is projected to manifest the highest CAGR of 29.3% from 2023 to 2032. The surge in implementation of automation trends and increase in utilization of robotics technology in this sector is expected to provide lucrative opportunities for the market.

North America region to maintain its dominance by 2032

On the basis of region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the digital transformation market revenue. The increase in the usage of digital transformation solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 26.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.

Key Recent Developments

In February 2023, Cisco launched simplified dashboards to converge OT and IT operations, flexible network intelligence to view and protect all industrial assets, and new cloud management tools for industrial IoT applications. OpenTelemetry is the industry standard and open-source framework that partners, customers, and service providers rely on to collect, generate, process, and export distributed and cloud-native telemetry data. Cisco ThousandEyes is compatible with OpenTelemetry

In January 2023, Alibaba Cloud unveiled its first international partner management and innovation center to better facilitate and further enhance customer services and the digitalization journey. The new product innovation center is expected to manage product upgrades as per the current customer demands globally and facilitate future roadmaps for the development of more market-specific solutions.

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Leading Market Players: -

Accenture Plc
Adobe Systems Inc
Cognizant
Google Inc.
HCL Technologies Limited
Hewlett Packard Enterprise Development LP
IBM Corporation
Microsoft Corporation
Oracle Corporation
SAP SE

The report provides a detailed analysis of these key players in the digital transformation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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