DUBLIN–(BUSINESS WIRE)–The “Digital Transformation Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global digital transformation market.
The global digital transformation market is expected to grow from $944.90 billion in 2021 to $1,178.30 billion in 2022 at a compound annual growth rate (CAGR) of 24.7%. The digital transformation market is expected to grow to $2,643.53 billion in 2026 at a CAGR of 22.4%.
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Major players in the digital transformation market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Google Inc., Cognizant, Accenture PLC, Dell EMC, Siemens AG, Hewlett-Packard Company, Adobe Systems Inc., Capgemini, Cognex Corporation, Deloitte, Marlabs Inc., Equinix Inc., PricewaterhouseCoopers, Apple Inc., Broadcom, CA Technologies, KELLTON TECH, International Business Machines Corporation, Hakuna Matata Solutions, ScienceSoft Inc., SumatoSoft, Space-O Technologies, HCL Technologies, and Tibco Software Inc.
The digital transformation market consists of sales of digital transformation solutions by entities (organizations, sole traders, and partnerships) that are used to develop new or adapt current company processes, culture, and consumer experiences.
Digital transformation is referred to as the process of using digital technology to create new or alter existing business processes, culture, and consumer experiences. It is the redesigning of business in the digital age. Cloud computing, big data & analytics, artificial intelligence, and the Internet of Things are examples of digital transformation solutions that enable traditional enterprises to optimize company operations, minimize operational efforts, and boost efficiency.
The main types of digital transformation are cloud computing, big data and analytics, artificial intelligence (AI), the internet of things (IoT), and blockchain. Cloud computing is used by various organisations with the help of digital technologies to create or modify their existing services, such as business processes.
Cloud service providers provide a cloud platform on a pay-for-use basis for their clients to store business databases, which helps them in business optimization. The cloud-based server uses virtual technology to host the client’s company’s application out of premises, and gives access to the client to operate a business.
The various deployment modes include cloud and on-premises, which are used by large enterprises and small and medium-sized enterprises (SMEs). The various end users include BFSI, healthcare, telecom and IT, automotive, education, retail, consumer goods, media and entertainment, manufacturing, and government.
North America was the largest region in the digital transformation market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this digital transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing adoption of machine learning and artificial intelligence is expected to drive the growth of the digital transformation market going forward. Digital transformation provides traditional businesses with solutions like cloud computing, big data & analytics, data management, and other advanced features such as artificial intelligence and machine learning, which help in the optimization of business operations, leading to reduced efforts in operations and increased efficiency.
Thus, their usage increased in various sectors such as healthcare, banking, transportation, manufacturing, and others, increasing the demand in the digital transformation market. For instance, according to the report published by Cloudmantra, an India-based technology services company, the usage of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20% while reducing material usage by 4% in 2021.
It also gives manufacturers the ability to control Overall Equipment Effectiveness (OEE) at the plant level, increasing OEE performance from 65% to 85%. Furthermore, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers are using artificial intelligence to improve daily operations, design products, and plan their future operations. Therefore, the rising adoption of machine learning and AI drives the digital transformation market.
Technological advancement in digital solutions is the key trend gaining popularity in the digital transformation market. Major companies operating in the digital transformation market are focused on developing technologically advanced products to strengthen their market position.
The countries covered in the digital transformation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/c38ypw
Laura Wood, Senior Press Manager
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