The digital transformation market size is to grow from USD 695.5 billion in 2023 to USD 3,144.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period. Rapid advancements in technology, such as cloud computing, artificial intelligence (AI), Internet of Things (IoT), big data analytics, and blockchain.
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As per verticals, the healthcare, life sciences & pharmaceuticals segment is to grow at the highest CAGR during the forecast period.
The healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. Healthcare and life sciences refers to the integration and utilization of digital technologies and solutions to improve patient care, enhance operational efficiency, and drive innovation in the healthcare and life science industries. It involves the adoption of various digital tools, platforms, and strategies to digitize processes, collect and analyze data, enhance collaboration, and deliver personalized care.
By Solutions, Cloud Segment to grow at the largest market size during the forecast period.
By solutions, the digital transformation market has been segmented into cloud and on-premises. The cloud offers cost optimization opportunities by reducing the need for on-premises infrastructure and providing pay-as-you-go models that align with business needs. Overall, these drivers have fueled the widespread adoption of digital transformation and cloud technologies, enabling organizations to streamline processes, drive innovation, and achieve strategic objectives in an increasingly digital world. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.
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Unique Features in the Digital Transformation Market
In order to promote corporate agility and innovation, digital transformation solutions provide full end-to-end transformation services that include strategy development, technology implementation, organisational change management, and continuous improvement.
In order to increase customer happiness and loyalty, solutions place a high priority on a customer-centric approach. This includes optimising customer experiences through digital channels, tailored interactions, and omni-channel engagement strategies.
In order to extract useful insights from massive volumes of data, digital transformation solutions make use of data analytics, artificial intelligence, and machine learning technologies. This helps businesses anticipate trends, make well-informed decisions, and streamline operations.
By updating IT infrastructure, implementing cloud-based technologies, and embracing DevOps approaches to quicken software development, deployment, and iteration cycles, solutions facilitate agile and flexible operations.
In order to promote a digital mentality, stimulate creativity, and equip staff members to adjust to new technologies and methods of working in the digital era, providers place a strong emphasis on talent development programmes and cultural transformation.
Major Highlights of the Digital Transformation Market
In order to show stakeholders and investors the value and return on investment (ROI) of digital investments, digital transformation projects concentrate on achieving quantifiable business results, such as revenue growth, cost reduction, operational efficiency, and customer happiness.
In order to safeguard digital assets and data, organisations prioritise cybersecurity and risk management as essential elements of their digital transformation plans. To this end, they put in place strong security measures, compliance frameworks, and risk mitigation techniques.
In order to promote co-innovation, value co-creation, and ecosystem-driven business models that drive growth and competitiveness, digital transformation fosters partnerships and collaborations within ecosystems of suppliers, customers, and partners.
Employers fund programmes for employee empowerment and upskilling in order to help workers acquire digital skills, establish a digital attitude, and create an environment where creativity, teamwork, and lifelong learning are valued.
Agility and adaptability are fostered within organisations through digital transformation, allowing them to continuously iterate and improve their digital capabilities while responding swiftly to market changes, consumer input, and emerging possibilities.
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Top Companies in the Digital Transformation Market
Some major players in the infrastructure as code market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (USScitara (US), Intrinsic (US), and Soundful (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global digital transformation market.
Oracle is a multinational technology company that specializes in developing and providing a wide range of software and hardware solutions for businesses. Oracle’s primary focus is on enterprise software solutions, particularly in the areas of database management systems, cloud infrastructure, and enterprise resource planning (ERP) software. The company offers a comprehensive suite of products and services designed to help businesses manage and analyze their data, automate their processes, and enhance decision-making. Oracle has made significant investments in cloud computing and offers a comprehensive portfolio of cloud-based services. This includes Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) offerings. Oracle Cloud Infrastructure (OCI) provides a robust and scalable cloud platform for businesses to run their applications and store their data. It has a global presence across the Americas, Europe, Asia Pacific, and Middle East & Africa.
IBM is a globally renowned technology and consulting company with a long-standing history of innovation and leadership in the IT industry. With a strong presence across multiple business segments, IBM offers a diverse range of products, services, and solutions to cater to the needs of enterprises worldwide. It serves several industries, including aerospace and defense, government, manufacturing, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer goods, banking & finance, life sciences, telecommunications, media & entertainment, chemicals, and more. With customers in more than 175 nations, IBM has a significant presence in the Americas, Europe, the Middle East & Africa, as well as Asia Pacific. It was now the preferred platform for all corporate applications. IBM focuses on advanced technologies like artificial intelligence (AI), data analytics, and cloud platforms. The flagship offering within this segment is Watson, an AI platform renowned for its natural language processing and machine learning capabilities. Watson enables organizations to analyze vast amounts of data, derive valuable insights, and enhance decision-making processes across various industries.
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