Global Digital Transformation Market Report and Forecast 2024-2032

Global Digital Transformation Market Outlook

The global digital transformation market attained a value of nearly USD 1634.82 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 18%.

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Rapid Digitisation of Various Industries and Organisations Boosting the Growth of the Digital Transformation Industry

The increasing adoption of various technologies to create new processes, services, products, and business models through the use of digital tools is escalating the demand for digital transformation, therefore propelling the market growth. Moreover, with the rising penetration of smartphones and the internet, various organisations and sectors are promoting digitisation by enabling the use of the latest technology for increased efficiency and productivity. As digital transformation can integrate applications, databases, and software for business intelligence and improve productivity, it is increasingly used by organisations to transform consumer experience, which is further boosting the market growth. The rising demand for faster and cost-effective innovations through the use of technologies like blockchain, machine learning, and quantum computing, are also augmenting the market growth.

Digital transformation is crucial in revolutionising various industries, including healthcare. Digital transformation in the healthcare sector aids healthcare providers to streamline operations and improves their consumer services through various technologies. The rising use of wearable devices, virtual reality, and big data is bridging the gap between healthcare providers and patients. Hence, increasing investments and focus on digital health are expected to bolster the growth of the digital transformation industry. Moreover, the rapid adoption of cloud deployment is resulting in the integration, automation, and improvement of businesses, hence are providing further impetus to the market growth.

Digital Transformation: Market Segmentation

Digital transformation is a process of the adoption of digital technology to create either new or modify business processes and consumer experiences to increase efficiency and enhance automation. It enables reimagining business processes through the use of the latest technological advancements.

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The major technologies of digital transformation are:

• Cloud Computing 
• Artificial Intelligence
• Big Data and Analytics
• Mobility/Social Media   
• Cybersecurity   
• Internet of Things

By deployment type, the market is segmented into: 

• On-Premises
• Cloud

Based on organisation size, the market is divided into:

• Small and Medium Sized Enterprises
• Large Enterprises

On the basis of industry, the market is classified into:

• Banking, Financial Services and Insurance
• IT and Telecom
• Manufacturing
• Education
• Retail
• Media and Entertainment
• Government

The EMR report looks into the regional markets of digital transformation like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancements like Machine Learning and Artificial Intelligence to Bolster the Industry Growth

Technological advancements like artificial intelligence (AI) can provide meaningful insight to companies to improve their customers’ experience, improve products and services, and create innovative strategies. Artificial intelligence can reveal customer preferences and trends as well as reinforce personalised experiences for better customer satisfaction and effective marketing strategies. Moreover, it can increase operational efficiency, mitigate risks, and accelerate growth and innovation while increasing profitability. These benefits are increasing the adoption of digital transformation in various businesses, hence aiding the market growth. As the coronavirus pandemic and stay-at-home orders have increased the use of technologies for almost every application significantly, digital transformation too is witnessing a significant boom owing to the digitisation of their customer and supply chain interactions.

Additionally, the mainstreaming of 5G network due to the increasing demand for reliable connectivity and bandwidth is further bolstering the market growth. The rising demand for automation in various industries and organisations to improve business processes and enhance productivity is increasing the demand for digitisation, further propelling the market growth. Increasing investments by various organisations to improve customer service and data analytics by the adoption of several technologies are expected to aid the market growth. Moreover, the rise of the Internet of Behaviour (IoB), which can not only gather the data on a massive scale but also use the information to influence behaviour through feedback loops, is further accelerating the growth of the digital transformation industry.

Key Industry Players in the Global Digital Transformation Market

The report presents a detailed analysis of the following key players in the global digital transformation market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Microsoft Corporation
• Dell Inc.
• Adobe Inc.
• Accenture PLC.
• Genpact
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report