Digital Transformation Market Growth & Trends

The global digital transformation market size is anticipated to reach USD 4,617.78 billion by 2030 and it is projected to grow at a CAGR of 27.6% from 2024 to 2030, according to new report by Grand View Research, Inc.Digital transformation assists companies in improving their brand reputation, customer experience, and customer retention ratios. These solutions also help end-user companies in education and training their employees to improve their productivity and speed up the organization’s journey to achieve business objectives. Furthermore, with the implementation of digital transformation solutions, organizations can meet the evolving market needs and improve their business profitability. Further, the market growth is particularly driven by rising companies’ investments in big data, mobility, and cloud technologies to develop advanced Digital Experience Platforms (DXPs).

The growing use of mobile devices and their applications has transformed the various aspects of modern life. Across the globe, organizations and enterprises are shifting from traditional brick-and-mortar operations to digital operations, driving the market growth. Furthermore, the emergence of novel technologies such as the Internet of Things (IoT), Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence (AI), has increased the importance of mobile applications. The way businesses operate has changed dramatically in recent years, which is why having an attractive and innovative mobile application improves the way target clients interact and engage with services that the company offers. Further, consumers now have access to different types of apps and are provided under digital transformation solutions due to increasing smartphone adoption, creating positive outlook for the market.

The COVID-19 pandemic has forced various businesses to opt for cloud technology for remote working. This has resulted in growing demand for cloud services creating a favorable environment for market growth. This has resulted in the increased adoption of cloud services to ensure business continuity. Businesses are renewing their contracts with cloud service providers while anticipating an increase in cloud migrations and, in some cases, an acceleration in cloud transformation from their customers. The widespread adoption of a number of digital-first payment methods highlights the paradigmatic shift led by the pandemic. The Buy Now, Pay Later (BNPL) trend has witnessed increased popularity in 2020 & 2021. During the pandemic, Fintech innovation has not only helped meet the changing needs of consumers but also ensured that financial services were made easily available to those who needed them the most, creating robust opportunities for market growth.

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Digital Transformation Market Report Highlights

• Based on solution, the social media segment is expected to grow at a fastest CAGR of 29.5% over the forecast period. The growing number of users of social media platforms, the shifting focus of end-user companies on improving their brand identity through creative advertisements on social media platforms, and advancements in social media tools are driving the segment growth
• Based on service, the professional services segment is expected to grow at a fastest CAGR of 29.2% over the forecast period as these services help organizations in digitizing their business operations. The professional services help end-user organizations select proper digital transformation solutions, manage the operations of cloud-based digital transformation solutions, address client issues, and effective resource utilization, among other assistance
• Based on deployment, the hosted segment is expected to grow at a CAGR of 30.8% over the forecast period. The proliferation of cloud-based digital transformation solutions, cloud technology’s various benefits such as minimum hardware requirement, low operating costs, & easy accessibility, and rising public & private investment in cloud platforms are driving the segment growth
• Based on enterprise, the small & medium-sized enterprises (SMEs) segment is expected to grow at a fastest CAGR of 29.2% over the forecast period. The increasing importance of digital technologies and the availability of low-cost digital transformation solutions are driving the market growth among SMEs
• Based on end-use, the healthcare segment is expected to grow with a fastest CAGR of 29.4% during the forecast period. Digital transformation is anticipated to improve the quality of patient care. The COVID-19 pandemic propelled the adoption of advanced medical technologies such as remote patient monitoring, telemedicine, virtual reality, and neurotechnology, supporting the segment's growth
• The Asia Pacific market is expected to grow at a remarkable CAGR of 30.3% during the forecast period, owing to the expansion of the e-commerce industry, government investments in digital infrastructure, and the growing use of process automation tools powered by the latest technologies, such as AI, ML, Blockchain, and cloud computing.

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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:

Digital Transformation Solution Outlook (Revenue, USD Billion, 2018 - 2030)

• Big Data & Analytics
• Artificial Intelligence (AI)
• Cyber Security
• Cloud Computing
• Mobility
• Social Media
• Others (Internet-of-Things (IoT), Blockchain)

Digital Transformation Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Professional Services
• Implementation & Integration

Digital Transformation Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Hosted
• On-premise

Digital Transformation Enterprise Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprise
• Small & Medium Enterprise

Digital Transformation End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others (Education, Media & Entertainment, Transportation, Travel & Hospitality)

Digital Transformation Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa

List of Players in Digital Transformation Market

• Accenture plc
• Adobe Systems Inc.
• Broadcom, Inc.
• Cisco Systems, Inc.
• Dell EMC
• Dempton Consulting Group
• Google Inc.
• Happiest Minds
• Hewlett Packard Enterprise Co.
• International Business Machines Corporation
• Kellton Tech Solutions Ltd.
• Microsoft Corporation
• Salesforce, Inc.
• SAP SE
• TIBCO Software

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.