Current Trends In Digital Transformation Market Size Estimated To Reach USD 1,446.36 Million by 2028: Says Vantage Market Research
WASHINGTON, March 21, 2022 (GLOBE NEWSWIRE) -- According to a new market research report" Digital Transformation Market Size, Share & Trends Analysis Report by Deployment Mode (Cloud, On-premises), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs), by Technologies (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity), by Vertical (BFSI, Retail and eCommerce, IT and Telecom, Healthcare and Life Sciences), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Digital Transformation Market is expected to grow from USD 511.90 Million in 2021 to USD 1,446.36 Million by 2028 at a CAGR of 18.90% during the forecast period.
Synopsis:
The increasing spending on advertising activities, and increasing spending on marketing enterprises, and changing landscape of customers intelligence to drive the market are the important factors expected to drive the adoption of Digital Transformation Market technology during the forecast period. Moreover, Digital Transformation Market is the result of changes that occur with the application of digital technologies. The utilization of Digital Transformation Market across organizational activities and businesses, competencies, and processes are increasing the adaptation of Digital Transformation Market during the forecast period. Digital Transformation Market assists industries to improve the customer experience, enhance operational activities, optimize the workforce, and transform the services and products of the organization which is expected to enhance the growth of Digital Transformation Market in the upcoming years. The evolution of digital technologies like big data and analytics, cloud computing, blockchain, mobility, Artificial Intelligence, robotics, internet of things, and cybersecurity has generated a need for digitalization among numerous industries, and these technologies are further used by enterprises to add or improve more feature to their traditional business processes and also help to enhance customer relationship which is driving the adaption of Digital Transformation Market in the years to come. Furthermore, the digitally transformed enterprises can work flexibly to the advanced technological landscape, such as one which is presently created by covid-19 pandemic which is expected to boost the demand for Digital Transformation Market in the upcoming years.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Digital Transformation market is predicted to grow at a CAGR of roughly 18.90% during the forecast period.
The Digital Transformation market was estimated to be worth roughly USD 511.90 Million in 2021 and is expected to reach USD 1,446.36 Million by 2028; based on primary research.
On the basis of region, North America is projected to dominate the worldwide Digital Transformation market.
List of Prominent Players in the Digital Transformation Market:
Microsoft (US)
IBM (US)
SAP (Germany)
Oracle (US)
Google (US)
Cognizant (US)
HPE (US)
Adobe (US)
Accenture (Ireland)
HCL Technologies (India)
Broadcom (US)
Equinix (US)
Dell (US)
Tibco (US)
Marlabs (US)
Alcor Solutions (US)
Smart Stream (UK)
Yash Technologies (US)
Interfacing (Canada)
Kiss flow (India)
Emudhra (India)
Process Maker (US)
Process Street (US)
Happiest Minds (India)
Scoro (UK)
Brillio (US)
Aexonic Technologies (US)
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Market Dynamics:
Drivers:
The growth in the adoption of big data and other related technologies, and adoption and scrolling of digital initiatives are the major factors driving the growth of Digital Transformation Market in upcoming years. The arrival of machine learning and artificial intelligence, rapid expansion of mobile devices and applications, and cost benefits of cloud-based Digital Transformation Market solutions are the other prime factors projected to boost the growth of Digital Transformation Market during the forecast period. The increasing demands for personalized Digital Transformation Marketal solutions, increasing demand for real-time analytic solutions, and growing usage of connected and interconnected technologies are the other prime factors driving the growth of Digital Transformation Market in years to come.
Challenges:
The privacy and ownership of collected data is the major challenge in the Digital Transformation Market. Whereas, integration of data from data silos, and issues related to information technology modernization are the factors which are expected to hinder the Digital Transformation Market growth during the forecast period.
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Regional Trends:
The Asia Pacific is expected to grow at a highest CAGR during the forecast period. The Asia Pacific is predicted to emerge as a largest and fast growing region in the Digital Transformation Market during the forecast period due to the expanding service sectors and the increasing SMEs in the region. Furthermore, the increasing awareness among consumers about the advantages of cloud technology and the other technical advancements are helping SMEs to expand in the region in order to modify their businesses and to ensure the future growth of businesses which is constantly boosting the growth of Digital Transformation Market in the Asia Pacific during the forecast period. The growth in utilization of social media analytics and mobile devices along with the increasing online commerce are also the factors expected to drive the growth of regional market in the upcoming years.
Recent Developments
In February 2021, Cisco collaborated with Japan government for a digitalization project which involves various industrial verticals including government, healthcare, education, and business.
In September 2021, the government of Japan has launched the digital agency to drive the Digital Transformation Market of Japan as a part of the administrative reform agenda. The action of the government pushed the digitalization of the public sector.
Browse market data Tables and Figures spread through 137 Pages and in-depth TOC on "Digital Transformation Market Size, Share & Trends Analysis Report by Deployment Mode (Cloud, On-premises), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs), by Technologies (Cloud Computing, Big Data and Analytics, Mobility/Social Media, Cybersecurity), by Vertical (BFSI, Retail and eCommerce, IT and Telecom, Healthcare and Life Sciences), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/digital-transformation-market-market-049530
The report on the Digital Transformation Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates, and Forecast
Company Profiles
Global and Regional Dynamics
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Digital Transformation Market?
How will the Digital Transformation Market change in the upcoming six years?
Which application and product will take a lion’s share of the Digital Transformation Market?
What is the Digital Transformation market drivers and restrictions?
What will be the CAGR and size of the Digital Transformation Market throughout the forecast period?
This market titled “Digital Transformation Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
Parameter | Details |
Market Size in 2021 | USD 511.90 Million |
Projected Market Size in 2028 | USD 1,446.36 Million |
CAGR Growth Rate | CAGR of 18.90% From 2022 – 2028 |
Market Size Provided for Years | 2016-2028 |
Base Year | 2021 |
Historic Years | 2016-2020 |
Forecast Years | 2022-2028 |
Segments Covered |
|
Region & Counties Covered |
|
Companies Covered |
|
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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