Digital Transformation
Digital Transformation Market by Offering (Services, Solutions), Function (Customer Transformation, Operational Transformation, Product Transformation), Technology, Deployment, End-User - Global Forecast 2024-2030
360iResearch Analyst
SPEAK TO ANALYST? OR FACE-TO-FACE MEETING?
Want to know more about the digital transformation market or any specific requirement? Ketan helps you find what you're looking for.
DOWNLOAD A FREE PDF
This free PDF includes market data points, ranging from trend analysis to market estimates & forecasts. See for yourself.

[182 Pages Report] The Digital Transformation Market size was estimated at USD 821.03 billion in 2023 and expected to reach USD 987.21 billion in 2024, at a CAGR 20.91% to reach USD 3,102.32 billion by 2030.

The digital transformation uses digital technologies to develop new or modify existing business operations and customer experiences to fulfill changing business and market requirements. Digital transformation increases efficiency and provides greater business agility, ultimately unlocking new value for employees, customers, and shareholders. Increased penetration of evolving technologies for digitizing business and government enforcement towards digitization in developing economies has further driven the market demand. However, data security and privacy concerns in digital transformation systems may hamper the market demand in the forecasted period. Integrating AR/VR technologies in the transformation systems to enhance consumer experience presents future market opportunities.

Regional Insights

The Americas has a significant landscape in the digital transformation market owing to a strong innovation ecosystem, with major technology companies leading the way in AI, IoT, and 5G adoption. The government supports digital transformation initiatives through funding and partnerships, with programs to accelerate public-private collaboration in key industries such as advanced manufacturing, agri-food, and clean technology. The European Union's (EU) significant investments in AI, 5G networks, and cybersecurity across member countries and key initiatives and funding for various sectors, including digital transformation, have driven the market growth in the region. The Middle East's governments are implementing initiatives to diversify their economies by embracing digitalization. Africa is experiencing rapid mobile penetration, which presents significant opportunities for digital transformation across industries. The APAC has a developing landscape in the digital transformation market due to government initiatives promoting investment in IoT, AI, robotics, and other advanced technologies, and numerous initiative seeks to strengthen connectivity and infrastructure while encouraging investment in emerging technologies.

Digital Transformation Market
To learn more about this report, request a free PDF copy
Market Dynamics

The market dynamics represent an ever-changing landscape of the Digital Transformation Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Growing preference for digitized solutions to improve operational efficiency and customer experience
    • Rising deployment of digital solutions across diverse end-user industries
    • Government investments and initiatives for digitization
  • Market Restraints
    • High costs associated with solutions and services of digital transformation
  • Market Opportunities
    • Advancing applicability in automation and supply chain management
    • Novel developments and emergence of new technologies for digital transformation
  • Market Challenges
    • Concerns related to data security and privacy
Market Segmentation Analysis
  • Offerings: Significant adoption of solutions in digital transformation

    Digital transformation services are essential for businesses seeking to adapt and advance in a rapidly evolving digital landscape. These services range from consultation and strategy development to implementation and support. Migrating to the cloud enables enterprises to optimize their operations through increased scalability, flexibility, and cost-efficiency, which requires cloud computing services. The increasing reliance on digital technologies comes with increased cyber threats requiring cybersecurity services. Businesses need to prioritize robust security measures to protect their data, systems, and customers. Digital transformation solutions comprise tailor-made software products designed to address businesses' specific needs or challenges during their digital journey. Enterprise resource planning (ERP) Systems is a comprehensive software solution that combines all aspects of a business, such as finance, operations, and human resources. This enables organizations to streamline processes, improve efficiency, and make data-driven decisions. Customer relationship management (CRM) Software solutions help businesses effectively manage their interactions with current and potential customers. These tools allow organizations to track customer data and analyze customer behavior patterns and preferences to make informed decisions.

  • Function: Increasing use of customer transformation owing to the personalized engagement strategies

    Customer Transformation focuses on enhancing customer experience, engagement, and loyalty through digital solutions, and the preference for this transformation arises from the increasing demand for personalized experiences and seamless omnichannel interactions. Operational transformation involves optimizing business processes, supply chain management, and internal operations through digital technologies. Product transformation refers to developing or enhancing products or services using digital technologies such as artificial intelligence (AI) and the Internet of Things (IoT). Workforce transformation consist of upskilling employees, implementing new workforce models, and leveraging collaboration tools to create an agile, digital-savvy workforce. Customer and workforce transformations focus on enhancing interpersonal communication, whereas operational and product transformations prioritize process optimization and innovation.

  • Technology: Burgeoning utilization of big data and analytics technology owing to its data-driven decision-making processes

    3D printing has revolutionized manufacturing by enabling on-demand and cost-efficient production of complex parts. Big data and analytics transform businesses by facilitating data-driven decision-making processes and enhancing customer experiences. Cloud computing is essential to digital transformation as it can improve operational efficiency and scalability for businesses. Cybersecurity is necessary for businesses amidst increasing cyber threats during digital transformation initiatives. Industrial robotics enhances production efficiency and reduces human errors in manufacturing lines. The Internet of Things (IoT) empowers businesses by connecting devices and systems for improved data collection and automation opportunities. Machine learning and artificial intelligence form the backbone of digital transformation initiatives by enabling automation and enhancing decision-making processes with data-driven insights. The rise of smartphones has driven the growth of social media platforms, which constantly evolve their offerings to maintain competitiveness in the digital marketing landscape.

  • Deployment: Preferences for cloud-based deployment for better flexibility and services

    The on-cloud deployment model refers to delivering software applications and infrastructure services via the Internet, utilizing remote servers managed by third-party service providers. This method has achieved significant traction in recent years due to its scalability, cost-effectiveness, and ease of management. The on-premises deployment model involves hosting applications and infrastructure within an organization's own physical premises using privately owned servers and hardware. This option offers robust security measures and greater control over IT operations however may incur higher capital expenses and require dedicated maintenance staff.

  • End-User: Proliferating applications across banking and insurance sector with expanded digital infrastructure

    The BFSI sector is adopting digital transformation strategies to enhance customer experiences and streamline operations. Digital transformation in education focuses on incorporating new technologies to improve teaching methods, personalized learning experiences, and remote learning accessibilities while ensuring data security and privacy for students' information. Governments worldwide are leveraging digital transformation efforts to enhance public service delivery by providing e-governance platforms that streamline taxation or license procurement processes while ensuring transparency through open-data initiatives. Healthcare organizations are adopting digital transformation measures to improve patient care, reduce costs, and enhance research capabilities. The sector focuses on implementing Electronic Health Records (EHRs), telemedicine solutions, AI-driven diagnostics, and wearables for remote patient monitoring. The IT and telecom sector is consistently at the forefront of digital transformation due to their need for efficient network management and customer experience improvement. This industry invests heavily in cloud computing services, IoT device management, and AI applications for data analysis. Digital transformation in manufacturing involves adopting Industry 4.0 technologies such as IoT-enabled devices, advanced robotics systems for automation purposes, and additive manufacturing techniques, including 3D printing. Digital transformation in media & entertainment is driven by the shift from traditional broadcasting to digital platforms, the adoption of AR/VR technologies for immersive experiences, and leveraging AI-driven content personalization. Retail and consumer goods organizations are adopting digital transformation strategies for enhancing customer experiences through data-driven insights, personalized marketing campaigns, and eCommerce platform optimization.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Digital Transformation Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Digital Transformation Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Digital Transformation Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Digital Transformation Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Digital Transformation Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Digital Transformation Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Digital Transformation Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Digital Transformation Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Digital Transformation Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Digital Transformation Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Digital Transformation Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Digital Transformation Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Salam Collaborates with Oracle to Accelerate Digital Transformation

    Salam, a part of the Mawarid Media & Communications Group (MMCG) and Mawarid Holding Company, has chosen Oracle to drive 5G innovation in the Middle East. Salam's objective is to facilitate the establishment of a digital society in accordance with Saudi Arabia's Vision 2030 digital transformation plans. By leveraging Oracle's technologies, Salam will enhance and expand its capabilities to efficiently and swiftly introduce digital services. [Published On: 2023-08-08]

  • Accenture To Acquire Objectivity to Expand Platform Engineering Capabilities in Europe

    Accenture recently completed the acquisition of Objectivity, a digital engineering firm specializing in cloud computing and platform development services. Accenture's acquisition of Objectivity strengthens its capabilities in cloud computing and platform development. This integration will empower Accenture to better support clients in advancing their digital transformation initiatives. [Published On: 2023-05-09]

  • Telenor Norway to Accelerate Digital Transformation with Support from Accenture

    Telenor Norway has partnered with Accenture to modernize its IT organization and transition to a cloud-based environment as part of its digital transformation initiative. This collaboration aims to enhance customer experiences, drive revenue growth, and expedite product and service launches. The partnership between Telenor Norway and Accenture, boasting over 25 years of experience, encompasses the implementation of new technologies, operating models, and growth strategies. [Published On: 2023-02-16]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Digital Transformation Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Digital Transformation Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, AVEVA Group PLC, Baidu, Inc., Cisco System Inc., Cognex Corporation, Emerson Electric Co., Ericsson AB, General Electric Company, Google LLC by Alphabet, Inc., Hewlett Packard Enterprise Company, Innominds, Intel Corporation, International Business Machines Corporation, Kellton Tech Solutions Ltd., Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Red Hat, Inc., Salesforce, Inc., SAP SE, Siemens AG, THALES group, TIBCO Software, Inc, Wipro Limited, and Yokogawa Electric Corporation.

Digital Transformation Market - Global Forecast 2024-2030
To learn more about this report, request a free PDF copy
Market Segmentation & Coverage

This research report categorizes the Digital Transformation Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Offering
    • Services
    • Solutions
  • Function
    • Customer Transformation
    • Operational Transformation
    • Product Transformation
    • Workforce Transformation
  • Technology
    • 3D Printing or Additive Manufacturing
    • Big Data & Analytics
    • Cloud Computing
    • Cybersecurity
    • Industrial Robotics
    • Internet of Things
    • Machine Learning or Artificial Intelligence
    • Mobility or Social Media
  • Deployment
    • On-Cloud
    • On-Premises
  • End-User
    • BFSI
    • Education
    • Government
    • Healthcare
    • IT & Telecom
    • Manufacturing
    • Media & Entertainment
    • Retail & Consumer Goods

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Digital Transformation Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Digital Transformation Market, by Offering
  7. Digital Transformation Market, by Function
  8. Digital Transformation Market, by Technology
  9. Digital Transformation Market, by Deployment
  10. Digital Transformation Market, by End-User
  11. Americas Digital Transformation Market
  12. Asia-Pacific Digital Transformation Market
  13. Europe, Middle East & Africa Digital Transformation Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 484]
  18. List of Companies Mentioned [Total: 25]
Embracing Digital Transformation to Stay Competitive in Developing Economies
September 30, 2023
BLOG
Embracing Digital Transformation to Stay Competitive in Developing Economies
Digitization has become an essential aspect of modern-day businesses globally. The government has been instrumental in enforcing digitization in developing economies as part of their economic growth strategy. With the advancement of technology, businesses in developing countries have realized that digital transformation is the key that unlocks unlimited growth opportunities. This blog explores government enforcement towards digitization in developing economies and highlights the benefits businesses can realize by embracing digital transformation.

Developing countries have realized the significant role technology plays in building a strong economy and improving the quality of life for their citizens. Governments enact policies to transform their economies into more digitalized and technology-focused societies.

In addition to government enforcement, businesses in developing economies are embracing digital transformation to stay competitive. Businesses leverage technology to enhance productivity, cut costs, streamline processes, and increase operational efficiency. Digital transformation has enabled businesses to tap into new markets and reach new customers beyond their geographical boundaries.

The benefits of digital transformation are evident across all sectors in developing economies. In healthcare, technology has revolutionized the delivery of healthcare services, enabling remote medical consultations and facilitating real-time monitoring of patients. In agriculture, digital technologies such as precision farming, smart irrigation systems, and weather forecasting tools are being embraced to improve crop yields and productivity. The education sector has also witnessed significant transformation, with the adoption of e-learning tools and platforms, providing access to quality education to more people.

Despite the benefits of digital transformation, businesses in developing economies face some challenges. Adopting technology requires significant investment in infrastructure, equipment, and skilled personnel. In addition, there is a need for concerted efforts to develop regulations and policies that promote the adoption of technology. Accurate data collection is also critical for effective decision-making, and businesses need to invest in the right tools and systems to collect and analyze data.

Digital transformation is no longer an option but a necessity for businesses in developing economies looking to stay competitive and increase their growth potential. The drive towards digitization by governments and the benefits that businesses can realize through digital transformation makes it imperative that companies embrace it completely. While there are challenges, investing in the right infrastructure, equipment, personnel, and policies can help overcome these challenges. Businesses that embrace digital transformation can tap into new markets, streamline processes, cut costs, and increase productivity, ultimately achieving their growth objectives.

Frequently Asked Questions
  1. How big is the Digital Transformation Market?
    Ans. The Global Digital Transformation Market size was estimated at USD 821.03 billion in 2023 and expected to reach USD 987.21 billion in 2024.
  2. What is the Digital Transformation Market growth?
    Ans. The Global Digital Transformation Market to grow USD 3,102.32 billion by 2030, at a CAGR of 20.91%
  3. When do I get the report?
    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
  4. In what format does this report get delivered to me?
    Ans. We will send you an email with login credentials to access the report. You will also be able to download the pdf and excel.
  5. How long has 360iResearch been around?
    Ans. We are approaching our 7th anniversary in 2024!
  6. What if I have a question about your reports?
    Ans. Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available and included in every purchase to help our customers find the research they need-when they need it.
  7. Can I share this report with my team?
    Ans. Absolutely yes, with the purchase of additional user licenses.
  8. Can I use your research in my presentation?
    Ans. Absolutely yes, so long as the 360iResearch cited correctly.