Digital Transformation Market Overview

Digital transformation is the process of using digital technologies to transform traditional and non-digital business processes and services into more efficient and innovative ones  It involves the adoption of digital technology by an organization to digitize non-digital products , services or operations, with the goal of increasing value through innovation, invention, customer experience, or efficiency. The term "digitization" refers to the process of converting analog information into digital form using an analog-to-digital converter, such as in an image scanner or for digital audio recordings.

Digital transformation is a foundational change in how an organization delivers value to its customers . It is driven by market demand and fueled by technology , and it means adopting digital-first customer  business partner and employee experiences . The benefits of digital transformation include increased efficiency, improved customer engagement and experience, new revenue streams, and better decision-making through data analysis.

According to MRFR analysis, the global Digital Transformation Market growth is expected to register a CAGR of 21.2% from 2022 to 2030 and hold a value of over USD 7,646.17 billionby 2030.

Digital transformation is the integration of digital technology into all areas of a business, resulting in fundamental changes to how the business operates and delivers value to customers. It encompasses both the technical aspects of digital technology, such as web-based and mobile applications, as well as the cultural aspects, such as new ways of working and interacting with customers. Digital transformation is often driven by a need to improve efficiency or effectiveness, but it can also be motivated by a desire to create new revenue streams, enter new markets, or better serve existing customers. Whatever the reason, businesses that undergo digital transformation can expect to see changes in how they operate, how they interact with customers, and how they generate revenue.

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Regional Analysis

North America dominates the digital transformation market. This is evident from the sheer number of companies headquartered in the region that is leading the way in terms of innovation and implementation of new technologies. The region has the most developed economies in the world and so companies can invest more heavily in new technologies. The regulatory environment in North America is generally more supportive of new technologies and business models than in other parts of the world. This provides a more conducive environment for companies to experiment and scale new ideas.

Market Segmentation

The Global Digital Transformation market has been segmented into Technology, Deployment Type, Organization Size, and Verticals.

Based on the Technology, the market has been segmented into Cloud Computing, Big Data Analytics, Artificial Intelligence (AI), the Internet of things (IoT), and Blockchain.

Based on the Deployment, the market has been segmented into On-premise and On-cloud.

Based on the Organization Size, the market has been segmented into Small and Medium-Sized Enterprises, Large Enterprises.

Based on the Verticals, the market has been segmented into BFSI, Healthcare, IT and Telecommunication, Government, Retail, Education, and Media Entertainment.

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Key Players

Some of the key market players are IBM Corporation, Microsoft Corporation, SAP SE, Google, Dell EMC, Accenture, Cisco Systems, Oracle Corporation, Tibco Software Inc, and Hewlett Packard Enterprise.

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