Digital Transformation Market Size, Share, Opportunities, And Trends By Component (Solution (Analytics, Artificial Intelligence (AI), Cyber Security, Cloud Computing, Mobility, Social Media, Others), Services (Professional Services, Implementation & Integration), By Deployment (Hosted, On-premise), By End Users (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others), And By Geography - Forecasts From 2023 To 2028

The digital transformation market was valued at US$397.31 billion in 2021 and is expected to grow at a CAGR of 22.73% during the forecast period.

Digital transformation is the most common way of coordinating digital innovation into all regions of a business, essentially changing how it works and conveys worth to clients. The objective of digital transformation is to make esteem by ceaselessly conveying innovation at scale. Associations attempt digital transformation to more likely draw in and serve their labor force and clients and consequently work on their capacity to contend. Digital transformation can take various structures, yet it by and large falls into at least one of a few classes: digitizing the client experience, opening new market potential open doors, and empowering development.

Introduction:

Digital transformation is the process of integrating advanced technology into different areas of a business, bringing a fundamental shift in final value to customers. It encompasses a wide range of technologies and solutions, such as cloud computing, big data and analytics, artificial intelligence (AI), and the Internet of Things (IoT). It is a highly competitive market with a wide range of solutions and services available. Central members incorporate Accenture, IBM, Microsoft, Deloitte, Capgemini, and Insightful, among others. The market is growing globally, with different regions presenting different growth opportunities and challenges.

Drivers:

• Market demand: Customers are increasingly expecting digital experiences that are seamless, personalized, and available on-demand. To meet these expectations, businesses must embrace digital transformation to stay competitive.
• Technology advancements: Technological advances are fueling digital transformation at a rapid pace. Emerging technologies such as cloud computing, big data and analytics, artificial intelligence (AI), and the Internet of Things (IoT) are enabling organizations to adopt new business models and operate in new ways.
• Competitive pressures: The need to stay ahead of the competition is a key driver of digital transformation. Various business enterprises that avoid attention to digital transformation risk are gradually being overtaken by more nimble and creative rivals.
• Changing customer behavior: The way customers interact with businesses is changing, with more and more interactions taking place online and through mobile devices. Digital transformation is necessary to meet these changing customer expectations.
• Business agility: Digital transformation empowers businesses to be more nimble and responsive to evolving market dynamics. By adopting digital technologies, businesses can optimize processes, reduce costs, and enhance efficiency, enabling them to swiftly adapt to changing markets.

Products offered by key companies:

• Accenture is an Adobe Digital Customer Experience Solution Partner, offering solutions to help marketers create and deliver more personalized data-driven experiences to unlock creativity and drive growth. Accenture and Adobe have collaborated to leverage Adobe's Content Supply Chain technologies to create new services that help marketers streamline the creation and delivery of personalized content at scale.
• Adobe offers a range of digital marketing solutions to help businesses create and deliver personalized customer experiences at scale. These solutions include Adobe Experience Cloud, which includes tools for analytics, advertising, marketing, and commerce. Adobe's integrated Content Supply Chain technologies assist marketers in developing and delivering content that offers customized customer experiences at scale more efficiently.
• Broadcom offers a range of solutions to help businesses transform their operations and stay competitive. These solutions include software for digital transformation, automation, and analytics. Broadcom's CA Technologies offers a range of digital transformation solutions, including tools for application development, automation, and security.
  

Prominent growth in the Internet of Things (IoT) segment within the digital transformation market:

The Internet of Things (IoT) segment is experiencing prominent growth within the digital transformation market. IoT includes devices having processing ability, software, and sensors among others that can be connected to other devices and systems. The expansion of the IoT market is creating opportunities for businesses and service providers to develop and market new IoT-powered products and services. IoT is a developing pattern in digital transformation as organizations hope to associate and break down information from a scope of gadgets and sensors. This is prompting the advancement of new items and administrations, as well as enhancements in functional proficiency. The extension of the cloud-based digital transformation market is expected to be driven by rising IoT gadget utilization and the expanding information volume age. IoT gadgets will deliver extraordinary measures of information, meaning how we compute and quantify the effect of the gadgets should progress. Furthermore, it depends on engineers and organizations to limit security gambles engaged with this huge measure of information stockpiling, following, and dissecting.

The Asia Pacific region is expected to hold a significant share of the digital transformation market:

The Asia Pacific region is expected to hold a significant share of the digital transformation market. The market for advanced change in Asia-Pacific is empowered by the proceeded with energy with which organizations in the district use the advantages of cloud-based arrangements, like expense viability. The developing awareness about the advantages of switching to the cloud, alongside a quick shift to innovative technologies, are some of the factors convincing businesses to change their IT infrastructure to guarantee future development. The debut Digital Transformation in Asia-Pacific Correspondences Study has areas of strength for uncovered reconciliation across the interchanges workstream in Asia-Pacific, yet sluggish reception of man-made brainpower apparatuses.

Key developments:

• In June 2022, Oracle announced the acquisition of Cerner Corporation. Cerner is a leading provider of electronic health records (EHR) software, and the acquisition will help Oracle expand its healthcare offerings.
• In January 2021, SAP announced the launch of its RISE with SAP platform. The platform is a cloud-based suite of tools and services that helps businesses accelerate their digital transformation. It provides businesses with the resources they need to modernize their operations, improve customer engagement, and drive innovation.
• In March 2022, Microsoft announced the acquisition of Nuance Communications for $19.7 billion. Nuance is a pioneer in artificial intelligence (AI) and speech recognition technology, with over two decades of experience in the field, and the acquisition will help Microsoft expand its AI capabilities in healthcare, customer service, and other industries.

Segments

• By Component
  • Solution
    • Analytics
    • Artificial Intelligence (AI)
    • Cyber Security
    • Cloud Computing
    • Mobility
    • Social Media
    • Others
  • Services
    • Professional Services
    • Implementation & Integration

By Deployment

• • Hosted
  • On-premise
• By End Users
  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Retail
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others