Digital transformation refers to the integration of digital technologies into various aspects of an organization's operations, processes, and services. The aim of these actions is to fundamentally change how they function and deliver value. It involves leveraging technologies such as cloud computing, Artificial Intelligence (AI), data analytics, Internet of Things (IoT), and automation to streamline operations, enhance efficiency, and improve customer experiences. Over the recent past, digital transformation has become a strategic imperative for businesses across industries as it enables them to stay competitive in the fast-paced, digitally driven world. It empowers organizations to adapt to evolving customer expectations, make data-driven decisions, calculate risk, and drive innovation. Owing to these noteworthy benefits, several governments are also supporting these innovations via investments and favourable policymaking.
The BFSI, manufacturing, healthcare, defence, and retail industries are leading the charge in this aspect, thereby aiding the growth of the global digital transformation market. Fairfield Market Research estimates that the total valuation of the market will reach a staggering figure of US$2.2 Tn by the end of 2030. Considering that this value was US$550 Bn in 2023, the market is poised to register voluminous revenue growth.
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Normalizing Remote Working Culture, and Deployment of Advanced Cloud Ecosystems to Facilitate Market Expansion
The recent upsurge in remote working culture and virtual offices is creating considerable business possibilities for the global digital transformation market. In addition, the growing deployment of automation and AI technologies is allowing businesses to reduce manual processes, streamline operations, and boost productivity. Owing to these business benefits, several large and small organizations are increasing their efforts to deploy cloud-based infrastructure.
Businesses are also utilising advanced data analytics to tailor their content and experiences according to customer preferences and behaviours. The growing usage of smartphones, laptops, PCs, and other connected technologies is equipping businesses with greater visibility into these valuable insights. These developments are cumulatively boosting the demand for digital solutions globally.
North America to Reign Supreme on Account of Favorable Government Policies Surrounding Digitalization
In 2022, North America reaffirmed its dominance in the global digital transformation market, capturing approximately 29.4% of the market share. Moreover, Asia Pacific, and Europe are trailing closely behind. The growth of the North American market is driven by the increasing adoption of digital technologies across various organizations. Governments in the region are actively supporting the acceleration of digitalization.
Furthermore, intense competition exists among businesses in the highly fragmented digital transformation sector, leading to strategic alliances and collaborations to attract more customers. The advanced IT infrastructure in the region also serves as a strong driver for maintaining long-term dominance in the market.
Leading Market Players
The major players spearheading the global digital transformation market are Microsoft Corporation, CISCO, Amazon Web Services, IBM, Sailpoint Technologies, Okta, DELL, CA Technologies, Micro Focus, Centrify Corp, HITACHI, and Oracle. They are actively investing in robust research and development activities and building products that can help leverage the growing start-up ecosystem.
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