The Global Digital Transformation Market Is Estimated At USD 2.3 Trillion By 2032

Posted on 2022-11-01 by Fact.MR in Technology // 0 Comments

According to the latest report published by Fact. MR, the digital transformation market recorded a CAGR of 23.6% during the timeframe of 2015-2021. With the rising inclination toward a new digitalized setup, various technically advanced products and services are expected to enter the market, thereby, expanding the market size.

Digital transformation has spurred the transformation, integration, and simplified daily business operations. It has assisted the organizations in saving time and effort and using resources in a sustainable manner. The benefits of digital transformation have motivated conventional business organizations with automation, thus reducing the chance of errors.

During the forecast period, 2022-2032, the industry is anticipated to exhibit a 14.2% CAGR. With the advent of blockchain, quantum computing, predictive analysis, AI, Machine Learning, and others, the market is expected to hold various remunerative opportunities in the coming years. Also, with workflow becoming more systematic for daily operations, organizations are likely to adopt the digital transformation at a rapid pace. From 2022-to 2032, the global digital transformation market is expected to flourish 3.7x.

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Factors Hampering the Digital Transformation Market

Security Concerns Associated with Digital Transformation to Impede the Market Growth

As per the Trustwave Global Security Report 2020, the volume of cyberattacks and security breaches on the cloud account for 20%. With the rising number of IoT-based endpoints, privacy and security issues are expected to increase since these endpoints are more vulnerable to cyberattacks.

Security and privacy of enterprises’ data is a significant issue amongst enterprises. There is an urgent need for robust privacy as IoT and cloud technologies are gaining traction. Cybercriminals are leveraging digital transformation to attack systems and confidential data. Ransomware attacks have become a common method to gain access to confidential data. For instance, high-profile cases Irish Health Service and Colonial Pipeline became international news where attackers demanded a massive amount of money from these organizations.

As per a study, there were almost 300 organizations hacked by notorious ransomware gangs within the first 4 months of 2021 and demanded payments of at least USD 45 Mn for rapid recovery.

What are the Prevailing Opportunities in the U.S Digital Transformation Market?

Rapid Adoption of Advanced Technology to Boost the Market in the Region

Increased penetration of IoT amongst various industries like manufacturing, retail, healthcare, and others are likely to play a key role in strengthening the regional market in the forecast period. Also, rapid industrialization in the region is encouraging North American organizations to implement digital technologies.

Digital transformation demands robust IT support, which is easily available in the region. The presence of developed nations in the region is likely to play important role in driving the regional market. The region has dominance in advanced programming and software solutions credited to modern automotive operations and manufacturing in Canada and the U.S.

According to the analysis, the U.S is projected to dominate the market in the forecast period. The country is expected to garner US$ 811.7 Billion during the forecast period from 2022-to 2032. The country is likely to exhibit a growth rate of 14.1% from 2022 to 2032, as compared to 23.3% from 2015 to 2021.

Based on Organization Size, What is the Contribution of Large Enterprises in Driving the Market?

According to the analysis, the large enterprise segment is anticipated to lead the market during the forecast period. The segment is expected to exhibit a CAGR of 14.1% during the forecast period from 2022-to 2032.

The growth of the segment can be attributed to the increasing need for digitization for ease of implementation and to reduce additional expenses. The rising number of benefits of digital technologies have encouraged large enterprises to make heavy investments to expand their product portfolios.

Based on Technology, What is the Role of IoT in Developing the Market?

As per the analysis, based on technology, the IoT segment is expected to dominate the market in the forecast period. The segment is anticipated to exhibit a CAGR of 13.8% during the forecast period from 2022-to 2032.

IoT is witnessing a significant demand in various industries like manufacturing, automotive, and healthcare. With the rising inclination of organizations towards modern business strategies, IoT is likely to gain significant traction in the coming years.

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Competitive Landscape

Organizations in the global digital transformation market are taking various initiatives to digitally transform their business. As the competition is rising, players are collaborating, partnering, and launching new products to gain a competitive edge. Some of the recent developments in the industry are as follows:

In October 2021, Siemens Smart Infrastructureacquired Wattsense, French hardware, and software firm that offers IoT management systems for small mid-sized buildings, bringing Siemens’ building product line to a new stage.
In August 2021, Kubota Corporationannounced a strategic partnership with Accenture to enhance its digital transformation by transforming its business model to contribute to food, environmental, and water solutions. The partnership is likely to offer a platform for Kubota locally and globally by incorporating services that combine the digital technologies of Accenture, comprising AI and the IoT.

Key Segments Covered in the Global Digital Transformation Market Study

Digital Transformation Market by Technology

Cloud Computing
Big Data and Analytics
Mobility/ Social Media
Cybersecurity
Artificial Intelligence
Internet of Things
Others

Digital Transformation Market by Deployment

Cloud
On-premises

Digital Transformation Market by Organization Size

SMEs
Large Enterprises

Digital Transformation Market by Vertical

BFSI
Retail and E-Commerce
IT and Telecom
Media and Entertainment
Manufacturing
Healthcare and Life Sciences
Education
Government and Defense
Others

Digital Transformation Market by Region

North America
Europe
APAC
Latin America

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