Digital Transformation Market Size and Growth 2031

Coverage: Digital Transformation Market covers analysis By Components (Solution and Services), Deployment Type (Cloud and On-Premise), and End-User (BFSI, Healthcare, Education, Retail, IT & Telecom, Logistics & Transportation, Manufacturing, and Others), and Geography

  • Report Code : TIPTE100000660
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150
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Digital Transformation Market Forecast, Trends, Scope by 2031

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The Digital Transformation market size is projected to reach US$ 4507.48 billion by 2031 from US$ 888.88 billion in 2023. The market is expected to register a CAGR of 22.5% in 2023–2031. Enhanced data collection and data-driven customer insights are likely to remain key Digital Transformation market trends.

Digital Transformation Market Analysis

In the continuously evolving global enterprise operations, digital transformation has become imperative for businesses to stay relevant and efficient in the market. All organizations, be they small or large, are increasingly moving towards streamlining their operation by migrating to the cloud. Delivering customer value requires integrating digital technologies in every business area. This is driving the market growth.

Digital Transformation Market Overview

As per the projections published by the World Economic Forum, US$ 100 trillion will be infused by digital transformation into the world economy by 2025. Digital strategy has been adopted by organizations across the globe to increase success rates.

Strategic Insights

Digital Transformation Market Drivers and Opportunities

Increasing Enterprise Migration to Cloud to Favor Market

Cloud migration strategy by enterprises can be understood as the movement from on-premise infrastructure to a virtual service offering on-demand scalability, computing, storage, and network services, among others. In this digitizing economy, enterprises realize the need for speed and cost saving, disaster recovery, and constantly updating new tech. According to a 2022 Google Cloud Brand Pulse Survey, investments in cloud-based services and tech are the aim of around 41.4% of the global tech and business leaders in order to sustain in the highly competitive market. This is driving the growth of the digital transformation market.

Enhanced Customer Experience - An Opportunity in the Digital Transformation Market

The rising wave of digital transformation ought to enhance customer experience by making it more seamless and intuitive. This can be achieved by shortening the response time of outreach to customers. Customer expect high standards in their online presence. Brands are competing in the enhancing CX by offering affordable rates, and quick delivery. This has been possible due to rising digital transformation. 

Digital Transformation Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Digital Transformation Market analysis are components, deployment type, and application.

  • Based on components, the digital transformation market is divided into solution and services.
  • Based on the deployment type, the digital transformation market is divided into cloud and on-premise. The cloud segment held the largest share of the market in 2023.
  • Based on the application, the digital transformation market is divided into BFSI, healthcare, education, retail, IT & telecom, logistics & transportation, manufacturing, and others.

Digital Transformation Market Share Analysis by Geography

The geographic scope of the Digital Transformation Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the Digital Transformation market. The region’s dominance can be attributed to the presence of top information technology providers in the world. The US has around 5,381 data centers providing connectivity to over 19,000 service providers.

Digital Transformation Market Report Scope

Digital Transformation Market News and Recent Developments

The Digital Transformation Market is evaluated by gathering qualitative and quantitative data post-post-primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Digital Transformation Market and strategies:

  • Salam, which was previously known as Integrated Telecom Company, announced the selection of Oracle to drive 5G innovation across the Middle East. The company is considered one of the most innovative telecom brands showing fast growth. The company will utilize Oracle Communications’ monetization and unified operations solutions to help quickly deliver differentiated services to its consumer and enterprise customers. (Source: Oracle Corporation, Press Release, 2023)

Digital Transformation Market Report Coverage and Deliverables

The “Digital Transformation Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles
REGIONAL FRAMEWORK

Digital Transformation Market Report Analysis

Digital Transformation Market

  • CAGR (2023 - 2031)
    22.5%
  • Market Size 2023
    US$ 888.88 billion
  • Market Size 2031
    US$ 4507.48 billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Adobe Systems, Inc
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Accenture PLC
  • SAP SE
  • Dell, Inc
  • Capgemini SE
  • Google Inc
  • Cognizant Technology Solutions

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Components
  • Solution and Services
By Deployment Type
  • Cloud and On-Premise
By End-User
  • BFSI
  • Healthcare
  • Education
  • Retail
  • IT & Telecom
  • Logistics & Transportation
  • Manufacturing
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Digital Transformation Market Report Scope

Report Attribute Details
Market size in 2023 US$ 888.88 billion
Market Size by 2031 US$ 4507.48 billion
Global CAGR (2023 - 2031) 22.5%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Components
  • Solution and Services
By Deployment Type
  • Cloud and On-Premise
By End-User
  • BFSI
  • Healthcare
  • Education
  • Retail
  • IT & Telecom
  • Logistics & Transportation
  • Manufacturing
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Adobe Systems, Inc
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Accenture PLC
  • SAP SE
  • Dell, Inc
  • Capgemini SE
  • Google Inc
  • Cognizant Technology Solutions
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Components ; Deployment Type ; and End-User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What is the estimated market size for the global Digital Transformation market in 2023?

    The global Digital Transformation market was estimated to be US$ 888.88 billion in 2023 and is expected to grow at a CAGR of 22.5% during the forecast period 2024 - 2031.

    What are the driving factors impacting the global Digital Transformation market?

    Increasing enterprise migration to the cloud and increasing use of AI and ML technologies are the major factors that propel the global Digital Transformation market growth.

    What are the future trends of the global Digital Transformation Market?

    Enhanced data collection and data-driven customer insights to bring new Digital Transformation market trends in the coming years.

    Which are the key players holding the major market share of the global Digital Transformation market?

    The key players holding majority shares in the global Digital Transformation market are Adobe Systems, Inc., IBM Corporation, Microsoft Corporation, and Oracle Corporation.

    Which deployment type segment held the major share in 2023?

    In terms of revenue, the cloud segment held the major market share in 2023.

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