DUBLIN, Aug. 17, 2023 /PRNewswire/ — The “Digital Transformation Market by Offering (Solutions & Services), Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI), Business Function (Accounting & Finance, IT, HR), Vertical,& Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The 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.
The process of digital transformation entails the integration of cutting-edge digital technologies, including AI, ML, cloud computing, big data & analytics, mobility, and social media management, across various dimensions of a business. This integration aims to enhance operational efficiency and deliver enhanced value to all stakeholders involved.
Through the strategic implementation of these digital tools, business process models can be revolutionized to effectively bolster revenue generation. In fact, digital transformation solutions have the potential to elevate customer engagement, empower the workforce, streamline business workflows, and refine product offerings.
The pivotal capability to gather, analyze, and harness substantial volumes of real-time data has emerged as a vital asset for enterprises, serving as a linchpin for making informed decisions grounded in data insights. This resourceful approach facilitates data-driven decision-making, personalization of offerings, and overall process optimization. Additionally, the pervasive utilization of digital channels and the increasing tech-savviness of consumers have cultivated a demand for integrated and seamless digital interactions across all points of engagement.
Furthermore, a comprehensive evaluation of market shares, growth strategies, and service portfolios is conducted on prominent players within the digital transformation domain. This analysis encompasses leading industry names such as Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), and Marlabs (US), offering insights into their strategic positions within the dynamic landscape of the digital transformation market.
The AI technology has the highest CAGR during the forecast period.
By technology, the digital transformation market has been segmented into cloud computing, big data & analytics, blockchain, cybersecurity, AI, and IoT. The CAGR of AI technology is estimated to be the highest during the forecast period. Digital transformation with AI technology is the increasing demand for enhanced customer experiences and personalized services.
AI-powered solutions enable businesses to analyze vast amounts of data in real-time, allowing them to gain valuable insights into customer preferences and behaviour. This empowers organizations to deliver tailored and proactive services, resulting in improved customer satisfaction and loyalty.
By offering, the Services segment has the highest CAGR during the forecast period.
By offering, the digital transformation market has been segmented into solutions and services. The CAGR of services is estimated to be the largest during the forecast period. Digital transformation services are experiencing a surge in popularity driven by several key factors.
The growing demand for enhanced customer experiences and engagement has pushed organizations to adopt innovative technologies and strategies that enable personalized interactions and seamless omnichannel experiences.
By vertical, the BFSI segment has the largest market size during the forecast period.
The increasing customer demand for seamless and personalized digital experiences has led financial institutions to invest in technologies such as AI, machine learning, and data analytics to enhance customer engagement, streamline processes, and offer personalized financial solutions.
The regulatory requirements and the need for enhanced security measures have pushed the BFSI sector to adopt advanced technologies like blockchain and biometrics to ensure secure transactions and protect sensitive data.
Additionally, the rise of fintech startups and their disruptive business models have compelled traditional institutions to transform digitally in order to stay competitive, innovate their offerings, and collaborate with fintech players to leverage their technological expertise.
Among regions, Asia Pacific registered the highest CAGR during the forecast period.
By region, the Asia Pacific region has witnessed rapid advancements in technology, such as the proliferation of mobile devices, widespread internet connectivity, and the adoption of cloud computing. These advancements have created a strong foundation for digital transformation initiatives.
Governments in the Asia Pacific region are actively promoting digital transformation to drive economic growth and enhance competitiveness. They are implementing policies, providing incentives, and investing in digital infrastructure to facilitate this transformation.
Premium Insights
Demand for Personalized Digital Transformation to Drive Market Growth During Forecast PeriodMarket to Witness Minor Decline in Y-O-Y Growth in 2023North America to Account for Largest Market Share in 2023BFSI to Account for Largest Market Share During Forecast PeriodCloud Computing and BFSI Segments to Account for Largest Shares in 2023Market Dynamics
Drivers
Rising Adoption of Big Data and Other Related TechnologiesAdvent of ML and Digital TransformationCost Benefits of Cloud-based Digital Transformation SolutionsRapid Proliferation of Mobile Devices and AppsAdoption and Scaling of Digital InitiativesRestraints
Changing Regional Data Regulations to Lead to Time-Consuming Restructuring of Predictive ModelsData Security ConcernsIssues About Privacy and Security of InformationOpportunities
Rising Internet Proliferation and Growing Usage of Connected and Integrated TechnologiesDemand for Personalized Digital TransformationIncreasing Willingness of Organizations to Use Digital TechnologyChallenges
Integration of Data from Data SilosIssues Related to IT ModernizationOwnership and Privacy of Collected DataTechnology Analysis
Case Study Analysis
BFSI
Case Study 1: Cognizant’s AI and Automation Solution Helped Insurance Company Improve Insurance Claims ProcessCase Study 2: Microsoft Azure Platform Enabled Milliman Consulting to Improve Its Business ModelsCase Study 3: Bse Made Real-Time Decisions and Reduced Operational Costs with Cloudera SolutionsTelecommunication
Case Study 1: American Telecommunication Service Provider (Tsp) Collaborated with Hcl to Refine Its Digital JourneyCase Study 2: A1 Srbija Accelerated 5G, Revolutionizing Digital Services with Hpe SolutionsRetail & Ecommerce
Case Study 1: Asos Used Microsoft Azure ML Service to Reduce Time-To-Market for Recommendation ModelCase Study 2: Walmart Optimized Shopping Experience by Applying Data MiningCase Study 3: Docomo Digital Categorized User Behavior and Improved Campaign Targeting by Deploying Cloudera SolutionsEnergy & Utilities
Case Study 1: Searcher Seismic Made Easy Access in Oil & Gas Industry with Cloudera SolutionsCase Study 2: Technipfmc Created Data Centralization by Deploying Cloudera SolutionsHealthcare & Life Sciences
Case Study 1: Leading Healthcare Company Adopted Cognizant’s AI-Driven Solution to Identify Drug-Seeking BehaviorCase Study 2: Inspire Used ML to Connect Millions of Patients and Caregivers on AwsManufacturing
Case Study 1: IBM Helped Shenzhen Csot Boost Production Quality and OutputCase Study 2: Dell Built 360-Degree Customer View with ClouderaMedia & Entertainment
Case Study 1: Leading Media Conglomerate Adopted Hcl’s Digital Transformation Solution to Redefine User Experience Through Human-Centric DesignCase Study 2: Gaia Boosted Subscriber Engagement and Data-Driven Decision-MakingGovernment & Defense
Case Study 1: Oanda Provided Real-Time Access to Foreign Exchange Trading Market by Moving to Equinix’s Ty3 FacilityCase Study 2: Dubai Government Monetized and Harnessed Real-Time Data for Community Benefit with ClouderaKey Technologies
Cloud ComputingArtificial Intelligence and Machine LearningInternet of ThingsBig Data AnalyticsBlockchainAdjacent Technologies
Edge Computing5G NetworksAPI ManagementDevopsDigital TwinAr/VrMarket Analysis, by Application
Customer TransformationWorkforce TransformationOperational TransformationProduct TransformationBest Practises in the Market
Synchronizing EffortsAligning StaffsLooking Through the Perspective of CustomersLeveraging the Latest TechnologyCompany ProfilesKey Players
MicrosoftIBMSAPOracleGoogleSalesforceHpeAdobeBaiduHcl TechnologiesEyCognizantAccentureBroadcomEquinixAlibabaTibco SoftwareMarlabsSMEs and Startups
Alcor SolutionsSmartstreamYash TechnologiesInterfacingDempton Consulting GroupKissflowEmudhraProcessmakerProcess StreetHappiest MindsScoroBrillioAexonic TechnologiesCloud AnglesMagnetar ITScitaraIntrinsicSoundfulFor more information about this report visit https://www.researchandmarkets.com/r/lz13aa
About ResearchAndMarkets.comResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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SOURCE Research and Markets
DUBLIN, Aug. 17, 2023 /PRNewswire/ — The “Digital Transformation Market by Offering (Solutions & Services), Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI), Business Function (Accounting & Finance, IT, HR), Vertical,& Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The 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.
The process of digital transformation entails the integration of cutting-edge digital technologies, including AI, ML, cloud computing, big data & analytics, mobility, and social media management, across various dimensions of a business. This integration aims to enhance operational efficiency and deliver enhanced value to all stakeholders involved.
Through the strategic implementation of these digital tools, business process models can be revolutionized to effectively bolster revenue generation. In fact, digital transformation solutions have the potential to elevate customer engagement, empower the workforce, streamline business workflows, and refine product offerings.
The pivotal capability to gather, analyze, and harness substantial volumes of real-time data has emerged as a vital asset for enterprises, serving as a linchpin for making informed decisions grounded in data insights. This resourceful approach facilitates data-driven decision-making, personalization of offerings, and overall process optimization. Additionally, the pervasive utilization of digital channels and the increasing tech-savviness of consumers have cultivated a demand for integrated and seamless digital interactions across all points of engagement.
Furthermore, a comprehensive evaluation of market shares, growth strategies, and service portfolios is conducted on prominent players within the digital transformation domain. This analysis encompasses leading industry names such as Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), and Marlabs (US), offering insights into their strategic positions within the dynamic landscape of the digital transformation market.
The AI technology has the highest CAGR during the forecast period.
By technology, the digital transformation market has been segmented into cloud computing, big data & analytics, blockchain, cybersecurity, AI, and IoT. The CAGR of AI technology is estimated to be the highest during the forecast period. Digital transformation with AI technology is the increasing demand for enhanced customer experiences and personalized services.
AI-powered solutions enable businesses to analyze vast amounts of data in real-time, allowing them to gain valuable insights into customer preferences and behaviour. This empowers organizations to deliver tailored and proactive services, resulting in improved customer satisfaction and loyalty.
By offering, the Services segment has the highest CAGR during the forecast period.
By offering, the digital transformation market has been segmented into solutions and services. The CAGR of services is estimated to be the largest during the forecast period. Digital transformation services are experiencing a surge in popularity driven by several key factors.
The growing demand for enhanced customer experiences and engagement has pushed organizations to adopt innovative technologies and strategies that enable personalized interactions and seamless omnichannel experiences.
By vertical, the BFSI segment has the largest market size during the forecast period.
The increasing customer demand for seamless and personalized digital experiences has led financial institutions to invest in technologies such as AI, machine learning, and data analytics to enhance customer engagement, streamline processes, and offer personalized financial solutions.
The regulatory requirements and the need for enhanced security measures have pushed the BFSI sector to adopt advanced technologies like blockchain and biometrics to ensure secure transactions and protect sensitive data.
Additionally, the rise of fintech startups and their disruptive business models have compelled traditional institutions to transform digitally in order to stay competitive, innovate their offerings, and collaborate with fintech players to leverage their technological expertise.
Among regions, Asia Pacific registered the highest CAGR during the forecast period.
By region, the Asia Pacific region has witnessed rapid advancements in technology, such as the proliferation of mobile devices, widespread internet connectivity, and the adoption of cloud computing. These advancements have created a strong foundation for digital transformation initiatives.
Governments in the Asia Pacific region are actively promoting digital transformation to drive economic growth and enhance competitiveness. They are implementing policies, providing incentives, and investing in digital infrastructure to facilitate this transformation.
Premium Insights
Demand for Personalized Digital Transformation to Drive Market Growth During Forecast PeriodMarket to Witness Minor Decline in Y-O-Y Growth in 2023North America to Account for Largest Market Share in 2023BFSI to Account for Largest Market Share During Forecast PeriodCloud Computing and BFSI Segments to Account for Largest Shares in 2023
Market Dynamics
Drivers
Rising Adoption of Big Data and Other Related TechnologiesAdvent of ML and Digital TransformationCost Benefits of Cloud-based Digital Transformation SolutionsRapid Proliferation of Mobile Devices and AppsAdoption and Scaling of Digital Initiatives
Restraints
Changing Regional Data Regulations to Lead to Time-Consuming Restructuring of Predictive ModelsData Security ConcernsIssues About Privacy and Security of Information
Opportunities
Rising Internet Proliferation and Growing Usage of Connected and Integrated TechnologiesDemand for Personalized Digital TransformationIncreasing Willingness of Organizations to Use Digital Technology
Challenges
Integration of Data from Data SilosIssues Related to IT ModernizationOwnership and Privacy of Collected Data
Technology Analysis
Case Study Analysis
BFSI
Case Study 1: Cognizant’s AI and Automation Solution Helped Insurance Company Improve Insurance Claims ProcessCase Study 2: Microsoft Azure Platform Enabled Milliman Consulting to Improve Its Business ModelsCase Study 3: Bse Made Real-Time Decisions and Reduced Operational Costs with Cloudera Solutions
Telecommunication
Case Study 1: American Telecommunication Service Provider (Tsp) Collaborated with Hcl to Refine Its Digital JourneyCase Study 2: A1 Srbija Accelerated 5G, Revolutionizing Digital Services with Hpe Solutions
Retail & Ecommerce
Case Study 1: Asos Used Microsoft Azure ML Service to Reduce Time-To-Market for Recommendation ModelCase Study 2: Walmart Optimized Shopping Experience by Applying Data MiningCase Study 3: Docomo Digital Categorized User Behavior and Improved Campaign Targeting by Deploying Cloudera Solutions
Energy & Utilities
Case Study 1: Searcher Seismic Made Easy Access in Oil & Gas Industry with Cloudera SolutionsCase Study 2: Technipfmc Created Data Centralization by Deploying Cloudera Solutions
Healthcare & Life Sciences
Case Study 1: Leading Healthcare Company Adopted Cognizant’s AI-Driven Solution to Identify Drug-Seeking BehaviorCase Study 2: Inspire Used ML to Connect Millions of Patients and Caregivers on Aws
Manufacturing
Case Study 1: IBM Helped Shenzhen Csot Boost Production Quality and OutputCase Study 2: Dell Built 360-Degree Customer View with Cloudera
Media & Entertainment
Case Study 1: Leading Media Conglomerate Adopted Hcl’s Digital Transformation Solution to Redefine User Experience Through Human-Centric DesignCase Study 2: Gaia Boosted Subscriber Engagement and Data-Driven Decision-Making
Government & Defense
Case Study 1: Oanda Provided Real-Time Access to Foreign Exchange Trading Market by Moving to Equinix’s Ty3 FacilityCase Study 2: Dubai Government Monetized and Harnessed Real-Time Data for Community Benefit with Cloudera
Key Technologies
Cloud ComputingArtificial Intelligence and Machine LearningInternet of ThingsBig Data AnalyticsBlockchain
Adjacent Technologies
Edge Computing5G NetworksAPI ManagementDevopsDigital TwinAr/Vr
Market Analysis, by Application
Customer TransformationWorkforce TransformationOperational TransformationProduct Transformation
Best Practises in the Market
Synchronizing EffortsAligning StaffsLooking Through the Perspective of CustomersLeveraging the Latest Technology
Company Profiles
Key Players
MicrosoftIBMSAPOracleGoogleSalesforceHpeAdobeBaiduHcl TechnologiesEyCognizantAccentureBroadcomEquinixAlibabaTibco SoftwareMarlabs
SMEs and Startups
Alcor SolutionsSmartstreamYash TechnologiesInterfacingDempton Consulting GroupKissflowEmudhraProcessmakerProcess StreetHappiest MindsScoroBrillioAexonic TechnologiesCloud AnglesMagnetar ITScitaraIntrinsicSoundful
For more information about this report visit https://www.researchandmarkets.com/r/lz13aa
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
