Digital Transformation Market Size Worth USD 3,144.9 Billion, Globally, by 2030 at 24.1% CAGR

Northbrook, IL 60062 -- (SBWire) -- 09/12/2023 --The global Digital Transformation Market size is to grow from USD 695.5 billion in 2023 to USD 3,144.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period, according to research report by MarketsandMarkets™.

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As per verticals, the healthcare, life sciences & pharmaceuticals segment is to grow at the highest CAGR during the forecast period.

The healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. Healthcare and life sciences refers to the integration and utilization of digital technologies and solutions to improve patient care, enhance operational efficiency, and drive innovation in the healthcare and life science industries. It involves the adoption of various digital tools, platforms, and strategies to digitize processes, collect and analyze data, enhance collaboration, and deliver personalized care.

By Solutions, Cloud Segment to grow at the largest market size during the forecast period.

By solutions, the digital transformation market has been segmented into cloud and on-premises. The cloud offers cost optimization opportunities by reducing the need for on-premises infrastructure and providing pay-as-you-go models that align with business needs. Overall, these drivers have fueled the widespread adoption of digital transformation and cloud technologies, enabling organizations to streamline processes, drive innovation, and achieve strategic objectives in an increasingly digital world. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.

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By Business Function, the Human resource segment is to grow at the highest CAGR during the forecast period.

By business function, the digital transformation market has been segmented into accounting and finance, marketing and sales, HR, IT, and operation. HR is the growing need for organizations to adapt and thrive in an increasingly digital and competitive landscape. This transformation is fueled by several trends, including the integration of advanced technologies such as artificial intelligence, machine learning, and automation to streamline HR processes, enhance data-driven decision-making, and improve the overall employee experience. During the forecast period, the human resource segment is anticipated to grow at the highest CAGR for the digital transformation market.

Market Players

Some major players in the digital transformation market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), EY (UK), Cognizant (US), Accenture (Ireland ), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), Aexonic Technologies (India), CloudAngles (US), Magnetar IT (England), Scitara (US), Intrinsic (US), and Soundful (US).

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Regional Analysis for Digital Transformation Market:

The region is expected to experience extensive growth opportunities in the overall digital transformation market over the next few years. The technology industry, including mobile, social networking, cloud, and IoT, in the region, is rapidly developing and disrupting. Digital leaders are strategizing to optimize operations and enhance customer experiences. Companies operating in the Asia Pacific continue to focus on improving customer services to drive market competitiveness and revenue growth. The region is projected to be over USD 855 billion market by 2030 in terms of Digital Transformation revenue.

China has shown an increased interest in driving policy support and technological investments in the Asia Pacific region. The country maintains a strong manufacturing base and is a leading global exporter of manufactured goods. For instance, Baidu partnered with Chinese chipmaker Black Sesame Technologies to develop intelligent driving systems for cars.

Japan is widely known for innovations, such as high-quality production, just-in-time manufacturing, world-leading commercial electronics, extensive use of robots, solar power, and LED lighting. The collaboration between governments and businesses has transformed Japan into one of the world's most successful economies in terms of overall productivity and personal income. Japan is focusing on embracing newer technologies.

India has witnessed a marked shift where technologies have moved beyond supporting new business models and operational effectiveness for shaping business performance. When it comes to enterprises, India is an expanding area, and hence, it proves to be fertile for the propagation of digital transformation services. Many foreign investors across the globe are actively seeking business with Indian companies. India has proven to be a rich ground for analytics services dissemination, with several local entrepreneurs working with huge global corporations and functioning as outsource support for more established markets.

Digital transformation in South Korea has been a major focus for the government and businesses in recent years. South Korea is known for its advanced technology infrastructure, high internet penetration rates, and tech-savvy population, which has provided a solid foundation for digital transformation initiatives. The South Korean government has been actively promoting e-government services to enhance efficiency and convenience for citizens.

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