Global Size of Digital Transformation Market Forecasted to Reach USD 3,739.06 Billion By 2030, With 23.6% CAGR Growth: Polaris Market Research
NEW YORK, Nov. 22, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Digital Transformation Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment (Hosted, On-premise); By Enterprise Size; By End-Use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others); By Region; Segment Forecast, 2022 - 2030" in its research database.
According to the research study, the global digital transformation market size & share expected CAGR of 23.6% growth, which is increases from USD 588.05 billion in 2021 and to reach USD 3,739.06 Billion By 2030.
What is Digital Transformation? What are Key Trends and Expected Size of Digital Transformation Market?
Digital transformation is the process of incorporating digital technologies across the business to digitize existing services or operations. Digital transformation has now become essential for all businesses, from small to established. The aim of this process is to create or modify current business processes and customer experiences to meet changing business requirements. Cloud computing, the Internet of Things, big data, and artificial intelligence are some of the important digital technologies.
This incorporation increases the productivity of your business while reducing labor costs, enhances the customer experience, and keeps you ahead of your competition. Digital transformation market size is driven by the rising adoption of digital solutions across industries such as BFSI, automotive, healthcare, manufacturing, and others. Also, increasing advanced communication and networking infrastructure is another factor boosting the market growth.
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Key Highlights of the Report
Some of the Top Companies in the Digital Transformation Market
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Growth Driving Factors
Rising use of various transformation technology solutions like IoT, modernization, and automation for enhancing productivity and capability of the conversion systems are driving the industry growth. The development of digital transformation in industry 4.0 majorly fuels the market demand. Growing investment in the IT sector, increasing developments of smart gadgets, and advancements in the networking infrastructure are some of the crucial digital transformation market trends boosting its growth. A surge in the use of mobile devices is one of the prominent factors supporting market growth.
Moreover, digital transformation has the ability to enhance performance and reduce errors, saving time and effort. In addition, it offers flexibility, convenience, collaboration, and performance of organizational functions. These applications are expected to create lucrative growth opportunities in the digital transformation market. With digital technologies, organizations are introducing many new technically advanced products and services, thus accelerating market expansion.
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Digital Transformation Market: Report Scope & Analysis
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Based on type, the solution segment accounts for the largest digital transformation market share in 2021 and is estimated to retain its dominance over the forecast period. This is because organizations are demanding the development of the technical landscape for timely enhancement of their systems in order to successfully survive in the global market's competitive edge. Thus, the rising market requirement for actionable insights from organization's created business data boosts segment growth in the digital transformation industry. Also, a surge in the usage of apps in processes and advanced devices is expected to augment the segment's development.
In terms of end-use, the healthcare segment witnessed the largest revenue share in 2021 owing to the increasing necessity of the e-data in patient outreach and operation channels in the healthcare industry. The increasing amount of patient information requires an extendable technology version. Therefore, this technological model is anticipated to help manage patient data, reduce risks, and plan strategies. These factors are responsible for accelerating the segment growth of the digital transformation market.
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By geography, the digital transformation market in North America dominates the market owing to the increased adoption of technologies like digital transformation, big data, analytics, cloud, IoT, and mobility. Growing penetration of the internet also boosts market growth in North America. Other factors supporting the regional demand include the rising adoption of digital payment methods and the prevalence of key industry players.
Moreover, Asia Pacific is expected to show highest growth worldwide over the forecast period. This growth can be attributed to the increasing number of small and medium-sized organizations as well as growing awareness about the benefits of cloud-based solutions and further technological developments.
Browse the Detail Report "Digital Transformation Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment (Hosted, On-premise); By Enterprise Size; By End-Use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others); By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/digital-transformation-market
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Polaris market research has segmented the digital transformation market report on the basis of type, deployment, enterprise size, end-use, and region:
By Type Outlook
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By End-Use Outlook
By Region Outlook
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research
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