REDDING, Calif., July 29, 2024 /PRNewswire/ — According to a new market research report titled, ‘Digital Transformation Market by Offering (Solutions, Services), Organization Size, Deployment Mode, Technology (Cloud Computing, AI&ML, IoT, AR&VR), End Use Industry (BFSI, Healthcare, Retail & E-commerce), and Geography—Global Forecast to 2031,’ the global digital transformation market is projected to reach $5275.7 billion by 2031, at a CAGR of 22.4% from 2024–2031.
Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=4980
Digital transformation is a process that incorporates digital technology across all areas of an organization. It evaluates and modernizes an organization’s processes, products, operations and technology stack to enable continuous, rapid, customer-driven innovation. Digital transformation helps companies to increase customer loyalty, attract talented employees, foster competitive advantage and build business value. There are various technologies are used in digital transformation such as IoT, cloud computing, AR & VR, artificial intelligence & machine learning.
The growth of the digital transformation market is driven by the rapid proliferation of smart devices and apps, and the increasing adoption of artificial intelligence & machine learning. However, the lack of data privacy and security concerns restraint growth of the market. Furthermore, the increasing adoption of blockchain as a mainstream technology is expected to generate growth opportunities for the players operating in this market. However, the reliance on legacy systems and outdated technologies is a major challenge impacting the market’s growth. Additionally, the growing use of IoT and edge computing in manufacturing facilities and the rising integration of robotic process automation (RPA) in E-commerce are the latest trend in the market.
The digital transformation market is segmented by offering (solutions and services [consulting services, planning and designing services, engineering services, support and maintenance services, application development services, network infrastructure management services, and other services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (mobile technology, internet-of-things (IoT), network connectivity, digital twin & simulation, robotic process automation, cloud computing, artificial intelligence & machine learning, AR & VR, additive manufacturing & 3D printing, big data & real-time analytics, cybersecurity, and other technologies), end-use industry (retail & E-commerce, government & public sector, healthcare, supply chain & logistics, energy & utility, manufacturing, BFSI, IT & telecommunications, media & entertainment, education, transportation, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country & regional levels.
Get a Glimpse Inside: Request Sample Pages- https://www.meticulousresearch.com/request-sample-report/cp_id=4980
Based on offering, in 2024, the services segment is expected to account for the larger share of around 57.0% of the digital transformation market. The segment’s large market share is attributed to the growing need to improve productivity and profitability through enhanced resource management using digital transformation services; increasing adoption of digital transformation services to increase organizational agility and resilience in business operations; and the rising use of digital transformation to stop errors by eliminating time-consuming manual data entry and human inefficiencies. Also, this segment is expected to register a higher CAGR during the forecast period.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the digital transformation market. However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is attributed to the growing adoption of digital transformation in SMEs to reduce operational costs and improve productivity by automating routine tasks & processes, and the rising use of digital technologies in SMEs helps to adapt changing market conditions and customer demands for better agility in decision-making and operations.
Based on deployment mode, in 2024, the cloud-based deployment segment is expected to account for the larger share of over of the digital transformation market. The segment’s large market share is attributed to the growing adoption of cloud-based digital transformation systems that helps to improve access to data, allowing collaboration and communication of business process in real-time; the cloud-based digital transformation provides robust security measures such as data encryption, multi-factor authentication, and regular security audits to protect data and applications.
Also, this segment is expected to register a higher CAGR during the forecast period.
Have Specific Research Needs? Request a Customized Report- https://www.meticulousresearch.com/request-customization/cp_id=4980
Based on technology, in 2024, the cloud computing segment is expected to account for the largest share of around 26.0% of the global digital transformation market. However, the artificial intelligence & machine learning segment is expected to register a highest CAGR during the forecast period. The growth of this segment is attributed to the growing adoption of AI in digital transformation to facilitate better decision-making through advanced analytics and predictive modeling, and the rising integration of AI in digital transformation due to advanced machine learning algorithms to analyze patterns & predict potential security threats.
Based on end use industry, in 2024, the BFSI segment is expected to account for the largest share of around 29.0% of the global digital transformation market. The segment’s large market share is attributed to the growing adoption of digital transformation in BFSI to streamline processes, improve customer services, and offer personalized experiences; the increasing integration of digital technologies such as AI & ML in banks & financial institutions to detect anomalous activity and prevent fraud.
However, the healthcare segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to account for the largest share of over 44.0% of the digital transformation market. North America’s significant market share can be attributed to the increasing investments in digital technologies such as cloud computing, IoT, and AI & ML in the region and the rising integration of robotic process automation (RPA) in retail & E-commerce companies in North America. However, the Asia-Pacific market is expected to register the highest CAGR of over 24.0% during the forecast period. The growth of this market is attributed to the increasing government initiatives & policies toward digitization in developing nations in Asia-Pacific; the increasing adoption of AI & robotics in manufacturing industries in the region, and the growing integration of AR & VR to enhance consumer experience in retail & E-commerce sector.
The key players operating in the digital transformation market are International Business Machines Corporation (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.), SAP SE (Germany), Capgemini SE (France), ABB Ltd. (Switzerland), Deutsche Telekom AG (Germany), Telefónica, S.A. (Spain), Accenture plc (Ireland), TE Connectivity Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata Consultancy Services Limited (India), and Cisco Systems, Inc. (U.S.).
Browse In-depth Report Now- https://www.meticulousresearch.com/product/digital-transformation-market-4980
Scope of the Report:
Digital Transformation Market Assessment—by Offering
- Solutions
- Services
- Consulting Services
- Planning & Designing Services
- Engineering Services
- Support and Maintenance Services
- Application Development Services
- Network Infrastructure Management Services
- Other Services
Digital Transformation Market Assessment—by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Digital Transformation Market Assessment—by Deployment Mode
- Cloud-based Deployment
- On-premise Deployment
Digital Transformation Market Assessment—by Technology
- Mobile Technology
- Internet-of-Things (IoT)
- Network Connectivity
- Digital Twin & Simulation
- Robotic Process Automation
- Cloud Computing
- Artificial Intelligence & Machine Learning
- AR & VR
- Additive Manufacturing & 3D Printing
- Big Data & Real-time Analytics
- Cybersecurity
- Other Technologies
Digital Transformation Market Assessment—by End-use Industry
- Retail & E-commerce
- Government & Public Sector
- Healthcare
- Supply Chain & Logistics
- Energy & Utility
- Manufacturing
- BFSI
- IT & Telecommunications
- Media & Entertainment
- Education
- Transportation
- Other End-use Industries
Digital Transformation Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Netherlands
- Spain
- Sweden
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of Middle East & Africa
Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/17916114
Related Reports:
Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography – Global Forecast to 2030
Augmented and Virtual Reality Market by Type (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device (AR Devices, VR Devices), Application (Health and Safety, Training), End-use Industry and Geography – Global Forecast to 2030
Digital Twin Market by Component (Software, Services), Type (Component Twin/Part Twin, Asset Twin, Process Twin, System Twin/Unit Twin), Application, End-use Industry, and Geography—Global Forecast to 2030
Industrial Automation Market by Offering (Solutions (Enterprise-level Controls, Plant Instrumentation, Plant-level Controls), Services), Mode of Automation, End-use Industry (Oil & Gas, Automotive, Food & Beverage), and Geography – Global Forecast to 2031
Additive Manufacturing Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware, Materials, Services) Technology (FDM, DMLS, SLA, SLS, Polyjet, DED) End User (Consumer, Electronics, Healthcare, Automotive, Aerospace) – Global Forecast to 2031
Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/268/digital-transformation-market-2031
Logo: https://digitalproducer.com/wp-content/uploads/2024/07/Meticulous_Research_Logo_1-1.jpg
SOURCE Meticulous Market Research Pvt. Ltd.