Global Digital Transformation in Spending Market – Industry Trends and Forecast to 2029

Digital Transformation in Spending Market Analysis and Size

As industry 4.0 takes hold in the industrial sector, numerous facilities are implementing digital technology to improve, automate, and modernize the entire procedure. The internet of things (IoT) and other digital transformation technologies are increasingly being integrated as they offer outstanding advantages. Additionally, by implementing software, digital transformation assists businesses in enhancing their brand's reputation, customer experience, and customer retention rates. Organizations that have undergone a digital transformation are better able to respond to rapid changes in the technology environment and the market. Consequently, these growth determinants give the market a positive outlook over the forecasted timeline.

Global digital transformation in spending market was valued at USD 511.90 billion in 2021 and is expected to reach USD 2058.55 billion by 2029, registering a CAGR of 19.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Digital Transformation in Spending Market Scope and Segmentation

Market Definition

The integration of digital technology across all functions of an organization is known as "digital transformation," and it significantly alters how you do business and provide value to consumers. Additionally, it's a cultural shift that necessitates constant status quo challenge, experimentation, and comfort with failure on the part of organizations.

Digital Transformation in Spending Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Burgeoning Demand for Personalized Digital Transformation

Different company growth issues such as the sales operation, corporate cooperation, and digital client base, are faced by every enterprise. Solutions for digital transformation successfully address issues unique to the industry sector and company segment. For instance, an auto parts manufacturer cannot potentially benefit from the same digital transformation strategy as a company that manufactures textiles. As a result, market vendors are providing highly customized digital transformation solutions to solve their clients' difficulties with corporate growth. With enterprise data, this level of personation is achievable. Enterprise data is being generated in massive numbers and is expanding exponentially. Since most of these are typically not streamlined, new technologies like AI, big data, ML, and data analytics can produce useful business insights and significantly increase income in these situations. As a result, market suppliers concentrate on creating individualized digital transformation solutions that precisely satisfy the needs of various industries and businesses.

Furthermore, the factors such as increasing demand of the mobile devices coupled with the easiness in access offered by online services and block chain will accelerate the overall market expansion during the forecast period. Additionally, the rising need to improve the operational performance is anticipated to drive the growth rate of the digital transformation in spending market. The increasing spending on marketing and advertising activities by enterprises will further positively impact the market's growth rate during the forecast period.

Opportunities

• Adoption of Digital Initiatives

The industrials must implement programs broadly to have a substantial influence. The development of new enterprise-wide business processes is required for scaling up. Businesses will need to resolve potential conflicts as their online presence grows since traditional channels, like in-person interactions, will continue to be important. The acceptance and scaling phase is typically the most challenging aspect of any digitalization initiative. To succeed, industrial organizations must continually reevaluate their top domains, value levers, solutions, and use cases. Numerous applications across industries, including the material handling, aviation, medical, agricultural, and energy sectors, have shown the value of AI-driven automation. AI is being used to identify equipment problems and find irregularities in products, in addition to automating operations.

• Surging Product Launches And Other Innovations

Additionally, the surging product launches and other innovations by market players further offer numerous growth opportunities within the market. Leading digital transformation in spending market companies offer the required measures to enhance digital transformation in spendings' quality, accuracy, and performance, offering more cutting-edge features and security features as a result.

Restraints/Challenges

• Data Integration from Data Silos

The companies need to properly extract value from data in order to reduce risks, target important consumers, and assess business performance. It takes enough data to be available in order to monetize these data assets. However, companies, especially centralized corporate businesses, may face additional difficulties when combining data from diverse data sources into relevant information. Industries that handle sensitive personal data about individuals such as the BFSI and healthcare sectors, are very concerned about data interchange. As the need for data exchange grows, it must be balanced with tools for risk reduction. This factor poses various growth hindrances for the market.

• Concerns regarding Data Security

Data, which is the foundation of digital transformation solutions, continues to be a crucial part that most organizations find challenging to manage. The likelihood of security breaches and data loss has increased due to the inefficiencies of maintaining Exabyte and petabytes of data. Marketing teams need real-time and secure data to provide a fantastic client experience in today's cutthroat industry. Organizations will need stronger security and privacy measures as Internet of Things (IoT) becomes more commonplace in order to prevent breaches. The security issue threatens the success of digitization. There will be more security and privacy concerns as Internet of Things (IoT) enabled equipment proliferate, and every endpoint, gateway, sensor, and smartphone will be a tempting target for hackers. These devices are portable thanks to the middleware programme, making them susceptible to loss of physical control and network security breaches. The danger of data loss and device and data exposure from and to any system due to network-based assaults might increase when using portable devices. Amplified threats are still hampering the rapid adoption of digital transformation across data-intensive industrial sectors.  This factor is therefore estimated to be significant challenge for the digital transformation in spending market over the forecast period.

This digital transformation in spending market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital transformation in spending market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Digital Transformation in Spending Market

The COVID-19 pandemic put the entire world to the test in terms of its ability to maintain business continuity while dealing with all the social isolation, lockdowns, work from home situations, and other difficulties. The digital transformation in spending market was immensely impacted by the outbreak of COVID-19.  While only a few firms were equipped to handle the difficulties, others were not because they lacked the digital strategy, other crucial tools, or infrastructure needed for efficient operation. Despite all the negative effects COVID-19 has had on social, professional, and personal life, it has also given businesses new options. The COVID-19 scenario provides businesses with the ideal opportunity to manage their digital channels since innovation, when used properly, improves competency and usefulness.

 Recent Developments

• In April 2021, In preparation for the second season, Oracle and SailGP, the top sailing racing league in the world, have expanded their successful Digital Transformation platform. SailGP uses Oracle Cloud Infrastructure (OCI) to deliver real-time data to all eight of the league's national teams and broadcast partners and viewers worldwide.
• In April 2020, IBM unveiled innovative AI-driven technology. IBM recently introduced revolutionary AI-powered solutions to aid the Health and Research Community in finding medical insights and COVID-19 treatments faster.

Global Digital Transformation in Spending Market Scope

The digital transformation in spending market is segmented on the basis of technology, service, deployment type, organization size and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

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

 Service

• Professional Services
• Implementation and Integration

 Deployment Type

• Cloud
• On-Premises

 Organization Size

• Small and Medium-Sized Enterprises
• Large Enterprises

 Vertical

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

Digital Transformation in Spending Market Regional Analysis/Insights

The digital transformation in spending market is analyzed and market size insights and trends are provided by country, technology, service, deployment type, organization size and vertical as referenced above.

The countries covered in the digital transformation in spending market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the digital transformation in spending market because of the prevalence of various solution providers within the region over the forecast period of 2022 to 2029. Moreover, the adoption of internet of things and online payment method is further estimated to accelerate the expansion over the forecast period.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to rising number of technological advancements along with rising usages of social media analytics within the region. The rising usages of social media analytics is also one of the significant contributor to the expansion of the regional market.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Digital Transformation in Spending Market Share Analysis

The digital transformation in spending market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital transformation in spending market.

Some of the major players operating in the digital transformation in spending market are

• Microsoft Inc(U.S.)
• IBM (U.S.)
• SAP SE (Germany)
• Oracle (U.S.)
• Google Inc (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.)

SKU-55505