The digital transformation market is forecasted to grow significantly, going from a value of US$ 930.73 billion in 2023 to surpassing US$ 10,401.77 billion by the year 2033. This growth is projected to occur at an annual rate of approximately 27.3% from 2023 to 2033.
A key factor in the growth of the global market is the rapid adoption of advanced technologies, such as artificial intelligence, the Internet of Things, cloud computing, and others. Several companies are switching from traditional business models to technologically advanced solutions intending to upsurge the global economy.
For businesses and government agencies, digital technologies play a crucial role in the new era of customer engagement. Technological advancements and a constantly changing regulatory climate are responsible for this.
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To encourage organizational growth, businesses are also experimenting with advanced technologies such as cloud computing, big data, artificial intelligence, and others. As a result of digital technologies, modern business strategies have evolved away from traditional business models. Leaders in digital transformation are launching IoT and AI-based solutions.
Key Takeaways from the Digital Transformation Market Report:
- A global market share of US$ 824.91 billion was reached in the first half of 2022, with a CAGR of 25.8%.
- The market is expected to reach US$ 930.73 billion by 2023 with a CAGR of 27.3%.
- The market is expected to be dominated by large enterprises in 2023, accounting for 57.2% of revenue.
- The BFSI segment dominated the market, accounting for over 27.6% of market revenue.
- As of 2023, Asia Pacific held 39.1% of the market for digital transformation globally and is expected to maintain this position during the forecast period.
Recent Developments:
- In October 2022, Accenture PLC announced the expansion of its multilateral framework. The company reaffirmed its commitment to developing its talent, improving shared capabilities, and developing data-driven, artificial intelligence-driven concepts. The companies also aim to help clients create a robust digital core and reinvent their businesses by providing better support.
- In July 2022, Microsoft revealed that it had signed a five-year collaboration agreement with Telstra. Microsoft Azure is one of Telstra’s chosen cloud partners as part of its multi-cloud strategy, which aims to run 90% of its services on public cloud infrastructure by 2025. Tanla, a conversational AI platform and solution provider for enterprises, announced in June 2022 that it had partnered with Kore.ai, a conversational AI software platform and solutions provider. With this partnership, several enterprises and brands have access to best-in-class Natural Language Processing (NLP) systems based on conversational AI.
- The IBM Watson Project, a partnership between IBM and the Masters Tournament, was introduced in April 2022. The project predicts golfer performance daily. Using Masters data for six years (2016 to 2021), the IBM Consulting team trained AI models for Player Insights and Projections, including over 120,000 golf shots. The AI models were trained using IBM Watson Studio’s AutoAI capabilities.
- In April 2022, Amazon Inc. launched Amazon Aurora Serverless v2. The service provides pay-as-you-go capacity management across entire databases as well as Software as a Service provider (SaaS).
Prominent Players in the Market:
- Alphabet LLC (United States)
- Amazon.com, Inc. (United States)
- Oracle Corporation (United States)
- Microsoft Corporation (United States)
- IBM Corporation (United States)
- Apple Inc. (United States)
- Salesforce Inc. (United States)
- SAP SE (Germany)
- Cisco Systems, Inc. (United States)
- Alibaba Group Holding Limited (China)
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Digital Transformation Market Segmentation:
By Technology:
- Cloud Computing
- Big Data
- Analytics
- Cybersecurity
- Artificial Intelligence
- Internet of Things
- Others (Blockchain & Business Intelligence)
By Enterprise Size Type:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Deployment Model:
- On-premises
- Cloud
By Industry:
- Banking, Financial Services, and Insurance (BFSI)
- Manufacturing, IT, and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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