Meticulous Research®—a leading global market research company, published a research report titled, ‘Digital Transformation Market by Technology (IoT, Cloud Computing, Big Data Analytics, AI/ML, Cybersecurity, Mobility Solutions, AR/VR, RPA), Offerings, Enterprise Size, Deployment Mode, End-use Industry, and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global digital transformation market is projected to reach $3,392.15 billion by 2030, at a CAGR of 19% from 2023–2030. The growth of this market is attributed to the increasing investments in sustainability initiatives in various industries, the rapid proliferation of smart devices and apps, the increasing adoption of technologies such as adaptive AI, and the continued focus on cybersecurity. In addition, high growth of e-commerce in Asian countries, high penetration rate of social media in Asian countries, and the increasing adoption of blockchain as a mainstream technology are expected to offer significant opportunities for the growth of this market.
However, the ever-evolving regional data regulations and insufficient budget for technological changes in many legacy organizations hamper the growth of this market. In addition, the increasing risk of cybersecurity and the increasing digital skill gap are major challenges to the growth of this market.
Meticulous Research® has segmented this market based on technology, offerings, deployment mode, enterprise size, end-use industry, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the country level.
Based on technology, the global digital transformation market is segmented into mobility solutions, internet of things, network connectivity, digital twins & simulation, robotic process automation, cloud computing, artificial intelligence and machine learning, AR & VR, additive manufacturing & 3D printing, big data & analytics, and cybersecurity. In 2023, the cloud computing segment is estimated to account for the largest share of the global digital transformation market. Cloud computing has emerged as a significant driver of digital transformation for reasons such as the ability to easily scale resources up or down based on demand, reducing the need for significant upfront investments in hardware and infrastructure, offering a wide range of services and deployment options, enable rapid deployment of new applications and technologies, reducing the time-to-market for digital transformation initiatives among others.
Based on offerings, the global digital transformation market is segmented into hardware, software, and services. In 2023, the services segment is expected to account for the largest share of the global digital transformation market. The large market share of this segment is due to their critical role in guiding, enabling, and sustaining the transformation process. Services help organizations define their digital transformation goals, identify the right technologies, and create a roadmap for implementation, provide the expertise needed to implement and integrate new technologies, software, and hardware effectively, help organizations manage their digital transformation budgets effectively, act as the facilitators and enablers, guiding organizations through the complex process of digital transformation, from planning to execution and ongoing support. This comprehensive support makes services the largest offering segment of digital transformation.
Based on enterprise size, the global digital transformation market is segmented into small & medium enterprise, and large enterprise. In 2023, the large enterprise segment is expected to account for the largest share of the global digital transformation market. The large share of this segment is attributed to the ability of large enterprises to invest in digital transformation technologies and faster scale up the digital technologies to meet the business requirements. Moreover, large enterprises are heavily investing in sustainable solutions to achieve the net zero carbon emissions targets set by various entities at the government level as well as the organization level. Digital transformation technologies are at the forefront of sustainability initiatives, and hence, the share of large enterprises is expected to be highest during the forecast period.
Based on deployment mode, the global digital transformation market is segmented into cloud and on-premise. In 2023, the cloud segment is expected to account for the largest share of global digital transformation. The large market share of this segment is attributed to the increasing adoption of cloud architecture by various organizations, enhanced IT compliances and security, lowered complexity of IT infrastructure management, and reliability of cloud solutions.
Based on end use industry, the global digital transformation market is segmented into retail, government & public sector, healthcare, supply chain & logistics, utilities, manufacturing, BFSI, IT & telecom, media & entertainment, transportation, and other end-use industries. In 2023, the BFSI segment is expected to account for the largest share of the global digital transformation market. The large share of this segment is attributed to the high adoption of data-driven decision-making for risk assessment, fraud detection, customer insights, and financial analysis; increasing demand for convenient and digital-first services; the rise of fintech start-ups; implementation of advanced security measures, including multi-factor authentication, encryption, and fraud detection systems; and increasing demand for personalized banking experiences, tailoring services and products to individual customer preferences.
Based on geography, the global digital transformation market is segmented into North America, Europe, Asia–Pacific, Latin America, and Middle East & Africa. In 2023, North America is expected to account for the largest share of the global digital transformation market. The North America region has some of the largest technology companies, research institutions, and startups. This ecosystem of innovation fosters the development and adoption of digital technologies; the region has a robust venture capital ecosystem, which provides funding for emerging tech startups and innovative digital transformation projects; North American consumers have high expectations for digital services and experiences; and the availability of well-developed digital infrastructure, including high-speed internet, data centers, and cloud computing facilities supporting the large share of this region.
The key players operating in the global digital transformation market are IBM Corporation (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.), SAP SE (Germany), Capgemini SE (France), ABB Ltd. (Switzerland), Deutsche Telekom AG (Germany), Telefónica S.A. (Spain), Accenture plc (Ireland), TE Connectivity Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata Consultancy Services (India), Cisco Systems, Inc. (U.S.).
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