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Posted in Information Technology by Adolf on Nov 21,2022 184
Digital Transformation as the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers. The rise of cloud computing, big data, Internet of Things (IoT), and artificial intelligence (AI) are driving a digital and intelligent transformation of enterprises. With the in-depth integration of IT and enterprises, profound changes will take place in the production method, enterprise organization, product mode, and service mode of the industry.
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 global digital transformation market size is expected to grow at a CAGR of 21.1% during the forecast period, to reach US$ 1548.9 billion by 2027 from US$ 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. During the projection period, the adoption of the technology will increase due to its use across organizational processes, companies, competencies, and procedures.
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.
Also, 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.
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. As 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.
The analysis on the market covers the digital transformation market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, technology, deployment mode, organization size, business function, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The major vendors in the global digital transformation market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Salesforce (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Alcor Solutions (US), Yash Technologies (US), Interfacing (US), eMudhra (India), ProcessMaker (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada) and Aexonic Technologies (India).