PUNE, India, August 29, 2022 /PRNewswire/ — ReportsnReports has added the global digital transformation market by component, technology deployment mode, organization size, business function, vertical, region and forecast to 2027 to its advanced database.
The global digital transformation market size is expected to grow at a compound annual growth rate (CAGR) of 21.1% during the forecast period, reaching $1,548.9 billion by 2027 from $594.5 billion in 2022. The key elements that are expected to propel the technology adoption of the digital transformation market throughout the forecast period are increasing expenditure on marketing efforts, increasing expenditure on television advertisements and the changing landscapes of consumer intelligence. Moreover, the use of digital technology has led to developments that are reflected in the digital transformation market. During the projection period, the adoption of digital transformation market will increase due to its use in organizational processes, businesses, skills and procedures.
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Improving organizational functions, optimizing workforce, and converting an organization’s offerings and services are all achieved with the help of the digital transformation market, which is expected to fuel the expansion of the market in the years to come. Manufacturers now need digitization due to the development of digital technologies such as big data and analytics, cloud computing, blockchain, mobility, AI, robotics, IoT, and cybersecurity. These innovations are also being used by businesses to improve relationships with their customers and add new functionality to their existing business processes, driving businesses to embrace digital transformation.
AI technology to have the highest CAGR over the forecast period
By technology, the digital transformation market has been segmented into cloud computing, big data and analytics, mobility and social media management, cybersecurity, AI, IoT and other technologies. The CAGR of AI technology is estimated to be highest during the forecast period. The use of advanced technologies such as cloud, IoT, big data and analytics, mobility and social media management, AI and cybersecurity has led to innovation and transformation, stimulating the growth of the business ecosystem. In the digital transformation market, AI is increasing consumer satisfaction, which is accelerating market adoption of AI technology. The rise of artificial intelligence has changed the way data is collected and evaluated.
The large enterprise segment will register for the largest market size during the forecast period
The digital transformation market has been segmented by organization size into large enterprises and SMEs. The large enterprise market is expected to register the largest market size during the forecast period. Digital transformation solutions are used by large enterprises to improve operational efficiency and consumer experiences. To develop a data-driven strategy, they must integrate, categorize and evaluate a large amount of data from many operations.
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Among business functions, other business functions are expected to grow at the highest CAGR during the forecast period
Legal, supply chain and operations are included in other business functions. The legal industry must digitally alter all aspects of the legal experience, including service delivery, workflows, processes, team communications and client engagement. The efficiency and workflow of a traditional law firm can seem slower than what clients expect from contemporary digital technologies, which provide instant gratification. Businesses are using digital technology to share assets and information in unique supply chain-related ways. The capabilities of technologies accessible to organizations have a significant impact on the rate of digitization of the supply chain. When developers designed applications to take advantage of data produced by ERP systems, one of the first business functions to experience substantial technical advancements was supply chain management.
Distribution of primaries
In-depth interviews were conducted with CEOs, chief innovation and technology officers, system integrators, and executives from various key organizations operating in the digital transformation market.
By company: Level I: 35%, Level II: 45% and Level III: 20%
By designation: C-level executives: 35%, D-level executives: 25% and managers: 40%
By region: APAC: 25%, Europe: 30%, North America: 30%, AME: 10%, Latin America: 5%
The report includes the study of key players offering digital transformation solutions and services. It showcases the key vendors in the global digital transformation market. The major vendors in the global digital transformation market are Microsoft (USA), SAP (Germany), Baidu (China), Adobe Systems (USA), Alibaba (China)IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US) United States), Hewlett Packard Enterprise (United States), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (USA) and Aexonic Technologies (India).
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The market study covers the digital transformation market across all segments. It aims to estimate the market size and the growth potential of this market across different segments, such as component, technology, deployment mode, organization size, business function, vertical, and region. It includes an in-depth competitive analysis of major market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Another related report:
Global Digital Transformation Market Overview 2022, Analysis and Forecast to 2027, by Manufacturers, Regions, Technology, Product Type – This report describes the global digital transformation market size from 2017 to 2021 and its CAGR from 2017 to 2021, and also forecasts its market size to the end of 2027 and its CAGR from 2022 to 2027. Key Players Analysis :
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Global B2B Digital Transformation Market Market Research Report 2021 – Impact of COVID-19 on the Market – Considering the influence of COVID-19 on the global Digital Transformation in B2B market, this report has analyzed the impact from a global and regional perspective. From the end of production to the end of consumption in regions such as North America, EuropeChina and Japan, the report emphasizes the analysis of the market under COVID-19 and the corresponding response policy in different regions. Download a free sample report at https://www.reportsnreports.com/contacts/requestsample.aspx?name=5632988
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