Digital Transformation Market to Be worth USD 12.35 trillion by 2032; Growing Cloud Infrastructure Will Push Market Forward

The global digital transformation market size was valued at USD 2.27 trillion in 2023. The market is projected to grow from USD 2.71 trillion in 2024 to USD 12.35 trillion by 2032, exhibiting a CAGR of 20.9% during the forecast period.

Digital Transformation Market Size, Share & COVID-19 Impact Analysis, By Technology (Cloud Computing, Big Data and Analytics, Cybersecurity, Artificial Intelligence, Internet of Things, Business Intelligence, and Blockchain), By Enterprise Type (Large Enterprises and Small and Medium Enterprises (SMEs)), By Deployment (On-Premise and Cloud), By Industry (Banking, Financial Services and Insurance (BFSI), Manufacturing, IT and Telecommunications, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Government, and Others),and Regional Forecast, 2024-2032

Players involved in digital transformation, including Alphabet LLC, Oracle Corporation, SAP SE, Salesforce, Inc., and others, are taken into account. These firms provide a variety of products and services on the market, including a variety of hardware and software products using Artificial Intelligence (AI), cloud computing, machine learning, the Internet of Things, and others. Digital transformation is the process of integrating cutting-edge digital technology into corporate operations that benefit customers. The global digital transformation market growth is being driven by the quick uptake of cutting-edge technologies such as cloud computing, IoT, and artificial intelligence. Businesses are abandoning traditional operations in favor of adopting technologically sophisticated solutions that promote market expansion. The top players are introducing IoT and AI-based digitalization solutions.

COVID-19 Outbreak Boosted Global Market Expansion

Due to lockdown conditions during the COVID-19 pandemic for a set amount of time, organizations across the world were experiencing financial difficulties. Businesses let their staff work remotely throughout this pandemic. Hence, a number of IT businesses planned to use infrastructure as a service and software as a service to manage their remote workforce. To meet their need for remote working, over 75% of IT firms in the U.S. adopted more than one service in 2020, according to a Deloitte Study. These system solutions were being used by these employees to manage various tasks while they were working remotely.

Key Players Introduced Novel Applications for Efficient Process

Cisco introduced flexible network intelligence to observe and safeguard all industrial assets, streamlined dashboards to integrate OT and IT processes, and new cloud management tools for industrial IoT applications in February 2023. Partners, clients, and service providers depend on the open-source framework known as OpenTelemetry, which is the industry standard to gather, produce, process, and export distributed and cloud-native telemetry data. OpenTelemetry is compatible with Cisco ThousandEyes.

Increasing Cloud Infrastructure Use and Investment, IoT, and 5G to Boost Growth

A number of industries will benefit from increased capacity, functionality, and flexibility brought about by the convergence of 5G, IoT, and cloud technologies, particularly cloud enterprises. In order to offer greater capacity, lower latency, and quicker speeds, several businesses are computing 5G using cloud services. For instance, Ericsson has more than 230 customers worldwide for cloud infrastructure. Swisscom, Telkomse, Telefonica, Far EasTone, XL Axiata, and a number of other top service providers are just a few of the business' top partners. The business's telco-grade cloud platform, Ericsson NFVI, supports 5G and the cloud. On cloud computing platforms, including SaaS, PaaS, IaaS, and many more, it operates telecom, operations support systems, and many IT and IoT applications with quick 5G core deployment. Through partnerships, acquisitions, and collaborations, corporations are making investments in the adoption of 5G and development of cloud infrastructure.

However, while adopting digital technology, security issues for corporate data are a big concern. Cloud, AI, IoT, and blockchain are gaining traction quickly, necessitating stronger privacy and protection to reduce cyberattacks and data breaches.

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Competitive Landscape

Growing New Product Launches & Expansions for Digital Technology Usage Promote Market Development

Leading companies in the market, including Amazon.com, Inc., Google LLC, Hewlett Packard Enterprise Development LP, Oracle Corporation, Microsoft Corporation, and others, are concentrating on providing cutting-edge solutions based on digital technology. Due to growing consumer demand, these players intend to diversify their product offerings. Major players in the market are implementing a variety of business strategies, including alliances, mergers, and collaborations to expand their operations around the world.

Notable Industry Development:

• May 2021 – IBM Corporation launched the updated version of artificial intelligence, quantum computing, and hybrid cloud at the Think conference. The innovations highlighted the IBM Corporation’s role in helping clients and partners to accelerate digital transformations, work smarter that drives better business outcomes.

List of Key Players Profiled in the Report

• Alphabet LLC (U.S.)


• Amazon.com, Inc. (U.S.)


• Microsoft Corporation (U.S.)


• IBM Corporation (U.S.)


• Apple Inc. (U.S.)


• Salesforce Inc. (U.S.)


• SAP SE (Germany)


• Cisco Systems, Inc. (U.S.)


• Alibaba Group Holding Limited (China)


• Feuji Inc. (U.S.)

Further Report Findings

• Due to growing government initiatives and investments in digital technologies such as cloud computing, IoT, AI, and others, North America is predicted to lead the global digital transformation market share.

• During the projected period, Europe is anticipated to hold a sizable portion of the market. Key measures are being taken by governments in the U.K. and France to adopt digital technology and support regional prosperity. Economies in this region have seen a fundamental digitization as a result of digitalization, the expansion of several forms of communication, and the exponential growth of linked devices and data flows.


• Due to rising foreign direct investment in digital transformation and rising government expenditure for the adoption of cutting-edge technologies, Asia Pacific is predicted to expand at the greatest CAGR during the projection period.


• Over the projection period, the South America market is likely to witness a modest CAGR. This is mostly due to increase in digital spending for cloud infrastructure development.

Table of Segmentation