Digital transformation encompasses integrating digital technology across various aspects of a business, leading to operational and value delivery changes. It involves a cultural shift that encourages organizations to challenge existing norms and embrace experimentation, including accepting failures. Businesses can leverage digital transformation to enhance operations, elevate customer experiences, build brand reputation, and foster customer retention.
According to Data Bridge Market Research, the Digital Transformation Market accounted for USD 752.38 billion in 2023 and is expected to reach USD 4339.82 billion by 2030. The market is expected to grow with a CAGR of 23.60% in the forecast period of 2023 to 2030.
“Advantages of digital transformation”
Digital transformation enhances business operations by streamlining, integrating, and optimizing performance. Through transitioning from traditional setups to digitalized environments, organizations can introduce technologically advanced products and services, saving time and resources while improving efficiency. Automation in digital transformation replaces manual processes, reducing the risk of errors. The growing benefits of digital transformation are expected to drive market growth as more businesses recognize its potential to enhance productivity and competitiveness.
What restraints the growth of the digital transformation market?
“Lack of skilled personnel in digital transformation”
The lack of skilled personnel in digital transformation poses a significant challenge for organizations. With the rapid advancements in technology, there is a growing demand for professionals with the necessary expertise to drive and implement digital transformation initiatives. However, the shortage of skilled personnel hinders the successful adoption and execution of digital transformation strategies. Organizations must focus on developing and acquiring the right talent with expertise in data analytics, cloud computing, cybersecurity, and artificial intelligence to overcome this challenge.
Segmentation: Asia-Pacific Digital Transformation Market
The digital transformation market is segmented on the basis of component, deployment model, technology, organization size, and end user.
- On the basis of component, the digital transformation market is segmented into solution, services.
- On the basis of deployment model, the digital transformation market is segmented into on premise, cloud.
- On the basis of technology, the digital transformation market is segmented into industrial robotics, internet of things, 3d printing/additive manufacturing, advanced human machine interface, big data and analytics, machine learning, Artificial Intelligence.
- On the basis of organization size, the digital transformation market is segmented into small and medium enterprises (SMES), large enterprises.
- On the basis of end user, the digital transformation market is segmented into banking financial services and insurance (BFSI), healthcare, telecommunication and it, automotive, education, retail and consumer goods, media and entertainment, manufacturing, government, and others.
Regional Insights: North America Dominates the Digital Transformation Market
North America dominates the digital transformation market in terms of revenue and market share. The scarcity of skilled personnel in digital transformation can be attributed to several factors. These include the rising utilization of diverse online payment methods, particularly in the retail sector, the increasing prevalence of internet connectivity, and the wide availability of digital transformation solution providers in the region.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to the shortage of skilled personnel in digital transformation is a result of the growing recognition of the benefits associated with cloud adoption, coupled with the rapid advancements in technology within the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-digital-transformation-market
Recent Developments
- In July 2021, Microsoft declared that they secured 5 years partnership with Telstra, the largest Australian company, to fuel Australia’s digital transformation. This partnership also aid Telstar in achieving its objective of running around 9% of its service on cloud infrastructure by 2025. Microsoft Azure is one of Telstra preferred cloud partner because of its multi cloud strategy
- In May 2021, Ducati collaborated with SAP solution to make a possible business change which encompasses important business procedures. This collaboration aims to make an intelligent business network that increases the digitization of processes and improves the timeliness and quality of information.
The Prominent Key Players Operating in the Digital Transformation Market Include:
- Microsoft (U.S.)
- IBM (U.S.)
- SAP SE (Germany)
- Oracle (U.S.)
- Google (U.S.)
- Cognizant (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- Adobe (U.S.)
- Accenture (Ireland)
- HCL Technologies Limited (India)
- Broadcom (U.S.)
- Equinix, Inc. (U.S.)
- Dell Inc., (U.S.)
- TIBCO Software Inc. (U.S.)
- Marlabs (U.S.)
- Alcor Solutions, Inc. (U.S.)
- SmartStream Technologies ltd. (U.K.)
- Yash Technologies (U.S.)
- Interfacing (Canada)
- Kissflow, Inc. (India)
- eMudhra (India)
- Process Maker (U.S.)
- Process Street (U.S.)
- Happiest Minds (India)
- Scoro Software (U.K.)
- Brillio (U.S.)
- Aexonic Technologies (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of digital transformation market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Digital Transformation Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
