Pune, India, August 29, 2022 /PRNewswire/ — ReportsnReports added the Global Digital Transformation Market by Component, Technology Deployment Mode, Organization Size, Business Function, Vertical, Region and Forecast to 2027 research report to its advanced database.
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 $594.5 billion in 2022. The key elements anticipated to drive digital transformation market technology adoption during the forecast period are increased spending on marketing efforts, increased spending on TV commercials, and the changing landscape of market intelligence. consumer. In addition, the use of digital technology has given rise 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 in all organizational processes, companies, competencies and procedures.
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The improvement of organizational functions, the optimization of the workforce and the conversion of an organization’s offerings and services are achieved with the help of the digital transformation market, which is anticipated to drive the expansion of the market in the coming years. Manufacturers now require digitization due to the development of digital technologies such as big data and analytics, cloud computing, blockchain, mobility, AI, robotics, IoT, and cybersecurity. Companies are also using these innovations to improve customer relationships and add new features to their existing business processes, which is causing companies to embrace digital transformation.
The AI technology that will have the highest CAGR during the forecast period
By technology, the digital transformation market has been segmented into cloud computing, big data and analytics, mobility and social media management, cybersecurity, AI, IoT, and other technologies. The CAGR of AI technology is estimated to be the highest during the forecast period. The use of advanced technologies such as cloud, IoT, big data and analytics, mobility and social media management, artificial intelligence and cybersecurity has led to innovation and transformation, stimulating the growth of the business ecosystem. In the digital transformation market, AI increases consumer satisfaction, which accelerates the adoption of AI technology in the market. The rise of artificial intelligence had changed the way data is collected and evaluated.
The Large Enterprises segment will record for the largest market size during the forecast period
The digital transformation market has been segmented according to the size of the organization into large companies and SMEs. The Large Enterprises market is expected to record for the largest market size during the forecast period. Large companies use digital transformation solutions to improve operational efficiency and consumer experiences. To develop a data-driven strategy, they must integrate, categorize, and evaluate a large amount of data from many operations.
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Among business features, other business features are recorded to grow at the highest CAGR during the forecast period
Legal, supply chain and operations fall 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 engagement. Efficiency and workflow at a traditional law firm can seem slower than clients expect from contemporary digital technologies, which deliver instant gratification. Companies are using digital technology to share assets and information in unique ways related to the supply chain. The capabilities of the technologies that are accessible to organizations have a significant impact on the rate of supply chain digitization. As developers have designed applications to benefit from the data produced by ERP systems, one of the first business functions to experience substantial technical advances is supply chain management.
In-depth interviews were conducted with CEOs, chief technology and innovation officers, systems integrators, and executives from several key organizations operating in the digital transformation market.
By company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
By region: Asia-Pacific: 25%, Europe: 30%, North America: 30%, MEA: 10%, Latin America: 5%
The report includes the study of the key players that offer digital transformation solutions and services. Profiles the leading vendors in the global digital transformation market. Major vendors in the global digital transformation market include Microsoft (USA), SAP (Germany), Baidu (China), Adobe Systems (USA), Alibaba (China)IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US) ), Oracle (USA), Hewlett Packard Enterprise (USA), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (USA) and Aexonic Technologies (India).
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The market study covers the digital transformation market in all segments. It aims to estimate the market size and growth potential of this market in 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.
Other related reports:
Digital Transformation Global Market Insights 2022, Analysis and Forecast to 2027, by Manufacturers, Regions, Technology, Product Type – This report describes the global Digital Transformation market size from 2017 to 2021 and its CAGR from 2017 to 2021, and also forecasts the market size by the end of 2027 and its CAGR from 2022 to 2027. Key Player Analysis:
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Global Digital Transformation Market in B2B Sector Market Research Report 2021 – Impact of COVID-19 on the Market – Considering the influence of COVID-19 on the global Digital Transformation in B2B sector market, this report analyzed the impact from both global and regional perspectives. From the end of production to the end of consumption in regions such as North America, Europechinese and Japan, the report puts an emphasis on the analysis of the market under COVID-19 and the corresponding response policy in different regions. Download a free sample report at https://www.reportsnreports.com/contacts/requestsample.aspx?name=5632988
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