Digital Transformation Market worth $1,548.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 25, 2022 /PRNewswire/ -- Digital Transformation Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,548.9 billion by 2027 from USD 594.5 billion in 2022, according to a new report by MarketsandMarkets™. The extent of digital transformation had expanded due to shifting consumer preferences, the quick rapid growth of mobile devices and applications, increasing penetration of IoT, and the acceptance of cloud services as well.

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As per verticals, the healthcare, life sciences & pharmaceuticals segment to grow at highest CAGR during the forecast period

The Digital Transformation Market is segmented on verticals into Healthcare, Life Sciences & Pharmaceuticals, BFSI, Telecommunication, Manufacturing, Retail & Ecommerce, Government & Defense, Media & Entertainment, IT/ITES, Energy and Utilities, and other verticals, such as travel & hospitality, transportation & logistic, and education. As per verticals, the healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period.  The healthcare sector is progressively embracing digital transformation technologies such as big data & analytics and cloud computing, for the management of electronic health records and healthcare information. Additionally, customers in the BFSI vertical require immediate access to their accounts and transaction details. For banks and other financial service providers, the automation of many activities, including lending and compliance management, is another benefit of digital transformation solutions. Therefore, the use of and management of digital transformation solutions in the healthcare, life sciences & pharmaceutical, and BFSI sectors presents enormous growth prospects for service integrators, research & consulting vendors, and hardware integration service providers.

Cloud segment to grow at the highest CAGR during the forecast period

As per deployment mode, the Digital Transformation Market has segmented it into cloud and on-premises. The on-premises digital transformation solutions had been adopted by various businesses due to its better control and management of data.  While end users who are worried about cost and security tend to choose the cloud deployment type, the on-premises deployment type offers scalability and flexibility. The adoption of on-premises digital transformation solutions had been greatly impacted by the growing adoption of cloud computing solutions. Offering cutting-edge and reliable cloud solutions is a goal for many cloud-based digital transformation service providers. The primary benefits of cloud deployment types include easy deployment, low deployment cost, easy accessibility, and upgradeability as well. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the Digital Transformation Market.

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Among the regions, North America is expected to register the largest market size during the forecast period

In comparison to other regions, North America is anticipated to have the highest adoption of digital transformation solutions. This is mostly owing to the presence of numerous developed economies, such as Canada and US, as well as the emphasis on innovations produced through R&D and different technology. The rapid adoption of digital transformation across numerous industries, including manufacturing and healthcare, is driving this market's expansion in the region. During the forecast period North America is expected to register the largest market size during the forecast period and is projected to grow to USD 451,508 million by 2027, at a CAGR of 18% during the forecast period.

Some major players in the Digital Transformation Market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), and Aexonic Technologies (India).

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