Digital Transformation Market to Witness Growth Acceleration By 2028
Added: (Thu Dec 08 2022)
The global digital transformation market size was valued at USD 594.6 billion in 2021. The market is projected to grow from USD 594.6 billion in 2021 to USD 2038.9 billion by 2028, exhibiting a CAGR of 22.80% during the forecast period.
Digital transformation entails integrating technology into several business processes, most notably altering how you operate and provide customer value. Additionally, it's a culture shift that necessitates constant experimentation with the status quo and comfort with failure on the part of organizations. There has been a growth in the demand for digital and automated technology across the manufacturing sector. To improve the productivity of their products, manufacturers are gradually implementing the newest technologies to digitalize and automate their processes. The global digital transformation market is growingsignificantly due to the rising demand for cutting-edge technologies like the internet of things, big data analytics, artificial intelligence, and cloud computing across numerous business enterprises.
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COVID-19 IMPACT
The coronavirus outbreak has had a favorable impact on the market for digital transformation. Due to the lockdown situation, most firms experienced significant losses and were compelled to invest in the automation of their business processes. Thus, the COVID-19 pandemic has had a sizable and favorable impact on the expansion of the global market for digital transformation. Due to the internet's fast use, wireless connection, and cloud computing, numerous industries are expected to alter. Due to the increasing importance of smart devices and the internet during pandemics, the BFSI, pharmacies, healthcare, retail, and education are some of the industries that are anticipated to undergo a significant change.
DRIVING FACTORS
Business Operations That Are Conducted Digitally Are Driving Demand For Digital Transformation
Modern technology has inspired creative thinking and transformation among corporations, boosting profitability. Examples include social media, big data analytics, the Internet of Things, cloud computing, and the Internet of Things. The integration of digital technologies into corporate operations is referred to as "digital transformation." It aims to alter how resources and technology are employed to serve customers better. IoT, cloud migrations, and other initiatives have helped organizations speed up their digital transformation worldwide. With the advent of digital technology, efficient, modern processes have quickly displaced older ones. Due to the rising usage of modern technologies, customers routinely evaluate firms based solely on their online customer experience. Consequently, the global market for digital transformation is rising.
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RESTRAINING FACTORS
Digital Technologies' Concerns About Data Security and Privacy Limit Market Expansion
When adopting digital technology, security issues for company data are a top priority. The rapid adoption of cloud, AI, IoT, and blockchain technologies necessitates improved privacy and protection to reduce cyberattacks and data breaches. Cyberattacks and data breaches on cloud services increased in 2019 and accounted for 20% of reported incidents, according to the Trustwave Global Security Report in 2020. The escalating worries about data breaches, data security, and cyberattacks on cutting-edge technologies hamper the growth of the global market.
LIST OF KEY COMPANIES PROFILED:
- SAP SE
- International Business Machines Corporation
- Oracle Corporation
- Google Inc.
- Dell EMC
- Hewlett Packard Enterprise Co.
- CA Technologies
- Microsoft Corporation
- Adobe Systems Incorporated
- Accenture PLC
- Capgemini Group
- Apple Inc.
- Kellton Tech Solutions Ltd.
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