According to the report by Expert Market Research (EMR), the global digital transformation market is projected to grow at a CAGR of 18% between 2024 and 2032. Aided by the increasing integration of digital technology in all areas of business, the market is expected to grow significantly by 2032.
Digital transformation involves the integration of digital technology into all areas of a business, fundamentally changing how businesses operate and deliver value to customers. It’s more than just a technological change; it’s a cultural shift that requires organisations to continually challenge the status quo, experiment, and get comfortable with failure.
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One of the key drivers of the digital transformation market growth is the rapid advancement in digital technology, such as AI, IoT, cloud computing, and big data analytics. These technologies enable businesses to innovate, improve customer experiences, enhance operational efficiency, and stay competitive in a rapidly evolving digital world.
The increasing need for remote working solutions and digital customer services amidst the recent global events has also propelled the digital transformation market demand. Companies have had to adapt quickly to maintain continuity and respond to changing customer behaviours, accelerating the adoption of digital transformation strategies.
Another significant factor contributing to the growth of the digital transformation market is the rising investment in IT infrastructure and digital initiatives by businesses of all sizes. Companies are recognising the critical role that digital technology plays in driving growth, enhancing competitiveness, and ensuring long-term sustainability.
The retail and e-commerce sectors are notable contributors to the digital transformation market growth. The shift towards online shopping and the need for seamless customer experiences across various digital platforms have led retailers to adopt digital transformation strategies extensively.
Healthcare is another sector where digital transformation is making a profound impact. The use of digital technologies in healthcare is improving patient care, streamlining operations, and enabling more personalised treatment plans.
The global market for digital transformation is poised for unprecedented growth in the coming years. As businesses across various sectors continue to embrace digital technologies, the market is expected to witness transformative changes, offering significant opportunities for industry players and contributing to the overall growth of the global economy.
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Digital Transformation Market Segmentation
The market can be divided based on technology, deployment type, organisation size, industry, and region.
Market Breakup by Technology
- Cloud Computing
- Artificial Intelligence
- Big Data and Analytics
- Mobility/Social Media
- Cybersecurity
- Internet of Things
Market Breakup by Deployment Type
- On-Premises
- Cloud
Market Breakup by Organisation Size
- Small and Medium Sized Enterprises
- Large Enterprises
Market Breakup by Industry
- Banking, Financial Services and Insurance
- IT and Telecom
- Manufacturing
- Education
- Retail
- Media and Entertainment
- Government
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global digital transformation market. Some of the major players explored in the report by Expert Market Research are as follows:
- Microsoft Corporation
- Dell Inc.
- Adobe Inc.
- Accenture PLC
- Genpact
- Others
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