Digital Transformation Industry Overview
The global digital transformation market size is expected to reach USD 3,810.05 billion by 2030, registering a CAGR of 23.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The development is ascribed to the increasing need for the establishment of innovative solutions that are equipped to engage customers as well as employees to seamlessly integrate data, operations, IT, and business. Besides, the high acceptance and demand of the Internet of Things (IoT) and other evolving technologies are boosting the growth of the market.
Digital Transformation Market Segmentation
Grand View Research has segmented the global digital transformation market based on solution, service, deployment, enterprise size, end use, and region:
Based on the Solution Insights, the market is segmented into Analytics, Cloud Computing, Mobility, Social Media and Others.
- The analytics segment accounted for the largest market share of over 30% in 2021, attributable to the high demand to integrate enormous volumes of business information to generate powerful insights.
- The cloud computing segment is expected to show considerable growth over the forecast period. The cloud segment includes public, private, and hybrid cloud platforms which offer easy deployment and scalability on demand.
Based on the Service Insights, the market is segmented into Professional Services and Implementation & Integration.
- The professional service segment accounted for a revenue share of over 70% in 2021.
- On the other hand, the implementation and integration service segment is also expected to grow at a considerable rate as organizations are anticipated to reach out to implementation service companies for seamlessly deploying digital solutions.
Based on the Deployment Insights, the market is segmented into Hosted and On-Premise.
- The on-premises segment accounted for a revenue share of over 50% in 2021. Many organizations have selected on-premise deployment as it offers plausible choices for the extreme customization of the product.
- The hosted segment is expected to expand at the highest CAGR of 26.6% owing to the increasing use of mobile devices and advancements in information sharing technologies.
Based on the End-use Industry Insights, the market is segmented into BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail and Others.
- The BFSI segment accounted for the largest market share of over 25% in 2021, this growth can be attributed to the shifting attention of banks and other financial institutions toward offering enhanced experience since products and services within the industry are becoming commoditized.
- Based on the adoption rate of new emerging technologies, retail is one of the emerging verticals that is implementing various technologies, such as cloud computing, big data analytics, DevOps, social networks, digital stores, and others.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprise and Small & Medium Enterprise.
- The large enterprise segment holds the largest market share of over 55% in 2021. These enterprises are embracing the digital transformation journey as digital transformation offers cost-effectiveness and smooth execution of the business process.
- The Small and Medium Enterprise (SME) segment is expected to register the highest CAGR of 24.6% over the forecast period.
Digital Transformation Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Heavy investments in research and development activities can be witnessed across the industry to ensure the growth of the company as well as to increase its market share. Plus, the players are actively focusing on new product development to enhance and extend their current products and services, consequently offering organizations a potential chance to secure new clients and approve the new technological changes.
Some prominent players in the Global Digital Transformation market include:
- Accenture plc
- Apple Inc.
- Adobe Systems Incorporated
- CA Technologies
- Dell EMC
- Hewlett Packard Enterprise Co.
- International Business Machines Corporation
- Microsoft Corporation
- Kellton Tech Solutions Ltd.
- Google Inc.
Order a free sample PDF of the Digital Transformation Market Intelligence Study, published by Grand View Research.
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