Digital Transformation Market Size to Grow USD 966420 Million by 2028 at a CAGR of 13% | Valuates Reports
BANGALORE, India, Oct. 26, 2022 /PRNewswire/ -- Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Digital Transformation market is projected to reach USD 966420 Million by 2028 from an estimated USD 464190 Million in 2022, at a CAGR of 13.0% during 2023 and 2028.
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Major factors driving the growth of the Digital Transformation Market:
The Digital Transformation market is anticipated to be driven by factors including the requirement for company continuity during emergency situations like COVID-19. Furthermore, the Digital Transformation market is anticipated to be driven by the requirement for enterprises to continuously adapt and evolve to suit the ever-changing needs of their customers.
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TRENDS INFLUENCING THE GROWTH OF THE DIGITAL TRANSFORMATION MARKET
One of the major trends in the digital transition, known as everything as a service (XaaS), is anticipated to take off in 2022. A subscription-based service model known as XaaS allows businesses to deliver their goods and services to customers. Prior to the development of XaaS and cloud computing, companies frequently had to buy and install authorized software packages locally in order to build a network. Now that XaaS is accessible, organizations can save costs and obtain the precise items they require for their unique business processes. Additionally, the XaaS model gives enterprises a great deal of flexibility and scalability. These factors are expected to drive the growth of the Digital Transformation market.
One of the most significant developments in digital transformation for 2022 is the Internet of Things (IoT), which in turn is expected to drive the growth of the Digital Transformation market. The term "Internet of Things" describes how physical items are linked to the internet and to one another so they can exchange and collect data. This information can be used to increase productivity, develop fresh company ideas, and enhance consumer experiences. IoT device proliferation is fueled by lowering costs, rising processing power, and dropping sensor prices. IoT technologies can be utilized as keys for enterprises to undergo a digital transformation as IoT devices become more accessible and less expensive to deploy.
Total experience (TE) will continue to be a key driver of the digital transformation market in the forecast period. Total experience refers to the integration of all consumer and employee touch points into a single, unified experience, including both digital (such as a website and mobile app) and physical (such as contact centers and physical storefronts) channels. Businesses need to have a thorough awareness of their consumers' wants in order to deliver a fantastic overall experience. Additionally, companies must personalize their goods and services using cutting-edge technology like AI and AR.
Another major trend influencing the growth of the digital transformation market is automation. Technology is used to automate operations, allowing them to run on their own. Efficiency and productivity are increased by the automation of current business operations using ground-breaking technologies. Businesses will now need to adhere to automation standards in order to deploy operations seamlessly and efficiently.
AR cloud is expected to further augment the digital transformation market. Businesses have the chance to enhance connections and communication throughout their entire ecosystem thanks to AR Cloud. Businesses may develop new customer experiences and connect with employees in creative ways by blending the physical and digital worlds. Due to the excitement surrounding it, AR Cloud has become increasingly popular in digital transformation.
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DIGITAL TRANSFORMATION MARKET SEGMENTATION
By Type
- Cloud Based
- AI
- IoT
- Other
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By Application
- BFSI
- Government
- Healthcare
- IT and Telecom
- Manufacturing
- Retail
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DIGITAL TRANSFORMATION MARKET SHARE
The largest market is North America, with a share of over 35%, followed by Europe and China, both of which have a share of over 40%.
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Leading companies in the global digital transformation include IBM, Oracle, Microsoft, Dell, Huawei, etc. The top five providers globally control almost 30% of the market.
Key Companies:
- Cisco
- SAP SE
- Hewlett Packard
- Adobe Systems
- Capgemini Group
- Kelltontech Solutions
- Accenture
- Fujitsu
- Hitachi
- Alibaba
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- Digital Transformation of Maritime Freight market size is projected to reach USD 22700 Million by 2027, from USD 14970 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.7% during 2021-2027.
- Digital Transformation Spending in Logistics market size is projected to reach USD 37370 Million by 2028, from USD 24270 Million in 2021, at a CAGR of 5.9% during 2022-2028.
- Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.
- Digital Asset Management market size is projected to reach USD 10220 Million by 2026, from USD 3157.5 Million in 2019, at a CAGR of 18.3% during 2021-2026.
- Digital Identity Solutions market size is projected to reach USD 40350 Million by 2028, from USD 15700 Million in 2021, at a CAGR of 14.2% during 2022-2028.
- Digital Publishing market size is projected to reach USD 226070 Million by 2028, from USD 104950 Million in 2021, at a CAGR of 11.4% during 2022-2028.
- Digital twin market size is projected to reach USD 26320 Million by 2027 from USD 3203.4 Million in 2020 at a CAGR of 35.1% during 2021-2027.
- Digital Content market size is projected to reach USD 241650 Million by 2027, from USD 161540 Million in 2020, at a CAGR of 5.9% during 2021-2027.
- Digital therapeutics market size was valued at USD 2.88 Billion in 2019 and is expected to reach USD 13.80 Billion by 2027 with a CAGR of 20.5% during the forecast period.
- Digital Logistics market size is projected to reach USD 22170 Million by 2028, from USD 10230 Million in 2021, at a CAGR of 11.5% during 2022-2028.
- Digital Healthcare market size is projected to reach USD 95430 Million by 2026, from USD 77240 Million in 2020, at a CAGR of 22.4% during 2021-2026.
- Digital Remittance market size is estimated to be worth USD 7528.6 Million in 2022 and is forecast to a readjusted size of USD 19710 Million by 2028 with a CAGR of 17.4% during the review period.
- Digital lending platform market size was valued at USD 5.58 Billion in 2019 and is projected to reach USD 20.31 Billion by 2027 growing at a Compound Annual Growth Rate (CAGR) of 16.7% from 2020 to 2027.
- Digital Banking market size is projected to reach USD 30750 Million by 2027, from USD 9098.7 Million in 2020, at a CAGR of 19.0% during 2021-2027.
- Digital Education Market to Grow With 33.28% CAGR for 2020–2026.
- Digital Signage market size is estimated to be worth USD 11080 Million in 2022 and is forecast to a readjusted size of USD 14510 Million by 2028 with a CAGR of 4.6% during the review period.
- Digital Thread market size is projected to reach USD 3698.7 Million by 2027, from USD 337.1 Million in 2020, at a CAGR of 39.7% during 2021-2027.
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