Digital Transformation Market Size Growing
The market is expected to be driven by the rising use of mobile devices, smartphones and apps across corporate processes and departments.
September 5, 2023
The digital transformation market size was valued at USD $351.60 billion in 2021 and is projected to reach USD $1,466.89 billion by 2030, growing at a compound annual growth rate of 17.20% from 2023 to 2030, according to market research company Verified Market Research.
The market is expected to be driven by the rising use of mobile devices, smartphones and apps across corporate processes and departments, which is accelerating digitalization. The market is evaluated in the study on the Global Digital Transformation Market. The Global Digital Transformation Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape and factors that are playing a substantial role in the market.
Global Digital Transformation Market Definition
Digital transformation is the process of redesigning a process to make it more effective or efficient using digital technology. Instead of reproducing an existing service in a digital format, the goal is to use technology to make it better. Digital transformation is the process of using technology to create new business practices, cultural shifts and customer experiences tailored to the changing market and company needs. As a result of shifting consumer expectations for goods and services, the term “digital transformation” describes a reinvention of how an organization uses technology, people and processes to explore new business models and income streams.
Various technologies may be used in digital transformation, but most popular now are cloud computing, the Internet of Things, big data and artificial intelligence. To compete with digital-only competitors, major and established businesses typically use digital transformation programs. However, altering business procedures and company culture is important to the success of these projects.
Large, established companies frequently use digital transformation programs to compete with smaller, digital-only competitors. These initiatives are often large in scale and ambition, but are not without hazards.
Global Digital Transformation Market Overview
The Digital Transformation Market is projected to be driven by the increasing digitization of organizational business activities to fulfill changing customer requirements and boost operational efficiency throughout the forecast period. The worldwide digital revolution has resulted in various developments such as wireless internet, smartphone, e-commerce, and wearable technologies.
Digitalization is causing large-scale and broad changes across various sectors of business, opening up potential for value generation and capture while also posing a significant danger. Digital technology’s quick advancements are reshaping society. Citizens in today’s society want more customized, linked interactions with the government, emphasizing the need for digital transformation.
The rising prevalence of the internet of things (IoT) and cloud services, as well as the adoption of online services and blockchain during the COVID-19 epidemic, are likely to fuel the market development. However, rising security and privacy concerns for private data, as well as a shortage of trained employees, are acting as key constraints for the expansion of digital transformation in the projected period of 2021 to 2028, whereas numerous challenges connected to IT modernization have the potential to hamper the market’s growth.
Sources: Press materials received from the company and additional information gleaned from the company’s website.