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Digital Transformation Global Market Report 2022

·5-min read

Major players in the digital transformation market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Google Inc. , Cognizant, Accenture PLC, Dell EMC, Siemens AG, Hewlett-Packard Company, Adobe Systems Inc.

New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Digital Transformation Global Market Report 2022" -
, Capgemini, Cognex Corporation, Deloitte, Marlabs Inc., Equinix Inc., PricewaterhouseCoopers, Apple Inc., Broadcom, CA Technologies, KELLTON TECH, International Business Machines Corporation, Hakuna Matata Solutions, ScienceSoft Inc., SumatoSoft, Space-O Technologies, HCL Technologies, and Tibco Software Inc.

The global digital transformation market is expected to grow from $944.90 billion in 2021 to $1,178.30 billion in 2022 at a compound annual growth rate (CAGR) of 24.7%. The digital transformation market is expected to grow to $2,643.53 billion in 2026 at a CAGR of 22.4%.

The digital transformation market consists of sales of digital transformation solutions by entities (organizations, sole traders, and partnerships) that are used to develop new or adapt current company processes, culture, and consumer experiences.Digital transformation is referred to as the process of using digital technology to create new or alter existing business processes, culture, and consumer experiences.

It is the redesigning of business in the digital age. Cloud computing, big data & analytics, artificial intelligence, and the Internet of Things are examples of digital transformation solutions that enable traditional enterprises to optimize company operations, minimize operational efforts, and boost efficiency.

The main types of digital transformation are cloud computing, big data and analytics, artificial intelligence (AI), the internet of things (IoT), and blockchain.Cloud computing is used by various organisations with the help of digital technologies to create or modify their existing services, such as business processes.

Cloud service providers provide a cloud platform on a pay-for-use basis for their clients to store business databases, which helps them in business optimization.The cloud-based server uses virtual technology to host the client’s company’s application out of premises, and gives access to the client to operate a business.

The various deployment modes include cloud and on-premises, which are used by large enterprises and small and medium-sized enterprises (SMEs). The various end users include BFSI, healthcare, telecom and IT, automotive, education, retail, consumer goods, media and entertainment, manufacturing, and government.

North America was the largest region in the digital transformation market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this digital transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The digital transformation market research report is one of a series of new reports that provides digital transformation market statistics, including digital transformation industry global market size, regional shares, competitors with a digital transformation market share, detailed digital transformation market segments, market trends and opportunities, and any further data you may need to thrive in the digital transformation industry. This digital transformation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The increasing adoption of machine learning and artificial intelligence is expected to drive the growth of the digital transformation market going forward.Digital transformation provides traditional businesses with solutions like cloud computing, big data & analytics, data management, and other advanced features such as artificial intelligence and machine learning, which help in the optimization of business operations, leading to reduced efforts in operations and increased efficiency.

Thus, their usage increased in various sectors such as healthcare, banking, transportation, manufacturing, and others, increasing the demand in the digital transformation market.For instance, according to the report published by Cloudmantra, an India-based technology services company, the usage of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20% while reducing material usage by 4% in 2021.

It also gives manufacturers the ability to control Overall Equipment Effectiveness (OEE) at the plant level, increasing OEE performance from 65% to 85%.Furthermore, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers are using artificial intelligence to improve daily operations, design products, and plan their future operations.

Therefore, the rising adoption of machine learning and AI drives the digital transformation market.

Technological advancement in digital solutions is the key trend gaining popularity in the digital transformation market.Major companies operating in the digital transformation market are focused on developing technologically advanced products to strengthen their market position.

For instance, in April 2020, Oracle Corporation, a US-based computer technology corporation and software solutions provider, built a new cloud data storage service called GoldenGate, an oracle’s cloud infrastructure software that uses real-time data analytics for the analysis of data.Real-time data analysis provides a very quick analysis of data by using different logical and mathematical operations, which helps in understanding business requirements and implementing any decision instantly.

GoldenGate provides clients with a highly automated and fully managed cloud service such as database replication, analyzing real-time data, and real-time data ingestion to the cloud, which will make daily business operations easy and analyzable.

In October 2021, Accenture plc, an Ireland-based professional services company, acquired Umlaut Systems Gmbh for an undisclosed amount.Through this acquisition, Accenture plc aims to enhance its engineering capabilities to help companies use digital technologies like cloud and artificial intelligence and add leading engineers and consultants from 17 countries across the globe to Accenture’s Industry X services, which would strengthen its capabilities in industries such as automotives, aerospace and defense, energy, telecom, and utilities.

Umlaut Systems Gmbh is a Germany-based custom engineering solution provider that develops organisational culture, structure, and process.

The countries covered in the digital transformation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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