DUBLIN--(BUSINESS WIRE)--The "Digital Transformation Market by Component, Technology (Cloud Computing, Big Data & Analytics, Mobility & Social Media Management, Cybersecurity, AI), Deployment Mode, Organization Size, Business Function, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global digital transformation market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,548.9 Billion by 2027 from USD 594.5 Billion in 2022. The key elements anticipated to propel the adoption of digital transformation market technology throughout the forecast period are rising expenditure on marketing efforts, rising spending on television commercials, and changing consumer intelligence landscapes.
In addition, the use of digital technology has led to developments that are reflected in the Digital Transformation Market. During the projection period, the adoption of the digital transformation market will increase due to its use across organizational processes, companies, competencies, and procedures.
The improvement of organizational functions, workforce optimization, and conversion of an organization's offerings and services are all achieved with the help of the digital transformation market, which is anticipated to fuel the market's expansion in the years to come. Manufacturers now require digitalization due to the development of digital technologies such as big data & analytics, cloud computing, blockchain, mobility, AI, robotics, IoT, and cybersecurity. These innovations are also used by businesses to enhance client relationships and add new features to their existing business processes, which is causing businesses to adopt digital transformation.
The AI technology to have the highest CAGR during the forecast period
By technology, the digital transformation market has been segmented into cloud computing, big data & analytics, mobility & social media management, cybersecurity, AI, IoT and other technologies. The CAGR of the AI technology is estimated to be the largest during the forecast period. The use of advanced technologies such as cloud, IoT, big data & analytics, mobility & social media management, AI and cybersecurity had led to innovate and transformation, stimulating the growth of business ecosystem. In the market for digital transformation, AI increases consumer satisfaction, which accelerates the market adoption of AI technology. The rise of artificial intelligence had changed how data is gathered and evaluated.
The Large Enterprises segment to register for the largest market size during the forecast period
The digital transformation market has been segmented by organization size into large enterprises and SMEs. The market for Large Enterprises is expected to register for the largest market size during the forecast period. Solutions for digital transformation are used by large businesses to improve operational effectiveness and consumer experiences. To develop a data-driven strategy, they must integrate, categorize, and evaluate a vast amount of data from many operations.
Among business functions, Other business functions is register to grow at highest CAGR during the forecast period
Legal, supply chain, and operations are included under other business functions. The legal industry must digitally alter all aspects of the legal experience, including service delivery, workflows, processes, team communications, and client involvement. The efficiency and workflow at a traditional law firm could seem slower than what clients expect from contemporary digital technologies, which provide instant satisfaction. Businesses are utilizing digital technology to share assets and information in unique ways related to the supply chain. The capabilities of the technologies that are accessible to organisations have a significant impact on the rate of supply chain digitalization. A s developers designed applications to benefit from the data produced by ERP systems, one of the first business functions to experience substantial technical advancements is supply chain management.
Market Dynamics
Drivers
- Rising Adoption of Big Data and Other Related Technologies
- Advent of Ml and Digital Transformation
- Cost Benefits of Cloud-Based Digital Transformation Solutions
- Rapid Proliferation of Mobile Devices and Apps
- Adoption and Scaling of Digital Initiatives
Restraints
- Changing Regional Data Regulations to Lead to Time-Consuming Restructuring of Predictive Models
- Data Security Concerns
- Issues About Privacy and Security of Information
Opportunities
- Rising Internet Proliferation and Growing Usage of Connected and Integrated Technologies
- Demand for Personalized Digital Transformation
- Increasing Willingness of Organizations to Use Digital Technology
Challenges
- Integration of Data from Data Silos
- Issues Related to It Modernization
- Ownership and Privacy of Collected Data
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Digital Transformation Market, by Component
7 Digital Transformation Market, by Technology
8 Digital Transformation Market, by Deployment Type
9 Digital Transformation Market, by Organization Size
10 Digital Transformation Market, by Business Function
11 Digital Transformation Market, by Vertical
12 Digital Transformation Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- Adobe
- Aexonic Technologies
- Alcor Solutions
- Alibaba
- Baidu
- Brillio
- Broadcom
- Dempton Consulting Group
- Emudhra
- Equinix
- Happiest Minds
- HCL Technologies
- HPE
- IBM
- Interfacing
- Kissflow
- Marlabs
- Microsoft
- Oracle
- Process Street
- Processmaker
- Salesforce
- SAP
- Scoro
- Smartstream
- Tibco Software
- Yash Technologies
For more information about this report visit https://www.researchandmarkets.com/r/z9v8ch
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