The global digital transformation market is estimated to garner a substantial revenue by growing at a CAGR of ~17% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the advent of industry 4.0 in the manufacturing sector to improve, automate and modernize processes. Along with these, increasing integration of several digital transformation technologies, such as the internet of things and wireless communication, in industrial procedures, along with rapid upsurge in digital transformation is also projected to drive market growth in the upcoming years. Furthermore, rise in usage of mobile devices, smartphones and applications across business processes and departments, and growing demand for industrial automation are projected to offer lucrative opportunities for market growth in the near future. Approximately 5 billion people used smartphones in 2018, which grew up to about 6 billion by the end of 2020. In addition, it is calculated that the userbase of these devices will reach almost 7 billion in 2025.
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The market is segmented by technology into industrial robotics, internet of things, advanced human machine interface, big data and analytics, 3D printing/additive manufacturing, machine learning, and artificial intelligence, out of which, the industrial robotics segment is anticipated to hold the largest share in the global digital transformation market. This can be accounted to the growing adoption of new technologies such as collaborative robots, single-axis, AI-enabled robots and SCARA robots. Apart from this, enhanced production capabilities and rise in workplace safety are also assessed to lead industries to raise their investments in robotic systems implementation. Additionally, on the basis of vertical, the BFSI segment is assessed to occupy the largest share over the forecast period owing to the large volumes of data generated every day in this sector. The healthcare segment is predicted to witness the highest growth by the end of 2030 in view of the escalating demand for electronic data for patient outreach and across operation channels.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global digital transformation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the upsurge in usage of cloud technologies among various industries, and growing number of small and medium sized organizations in the region. According to the SME Finance Forum, in the Asia and Pacific region SMEs comprise more than 98 percent of the total enterprises, and contribute about 17 percent to the national GDP in low-income countries, and about 40 to 50 percent in higher income countries.
Rapid growth in the use of mobile devices and social media analytics is also projected to fuel the progress of the market in the coming years. Moreover, the market in North America is expected to acquire the most significant share during the forecast period in view of the largescale usage of variety of online payment methods in the retail sector, high penetration of internet services, and strong presence of prominent market players in the region.
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The global digital transformation market is further classified on the basis of region as follows:
Our in-depth analysis of the global digital transformation market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are advent of industry 4.0 in manufacturing sector and increasing integration of several digital transformation technologies.
The market is anticipated to attain a CAGR of ~17% over the forecast period, i.e., 2022 – 2030.
Security concerns regarding confidential data are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the upsurge in usage of cloud technologies among various industries, and growing number of small and medium sized organizations in the region.
The major players in the market are Google LLC, Accenture PLC, IBM Corporation, Microsoft Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, deployment, vertical, and by region.
The BFSI segment is anticipated to hold largest market size and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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