Digital Transformation Market to Record CAGR of 22% Over 2024-2032; Increasing Investment in Cloud Infra, 5G, and IoT to Bolster Market Growth

The global digital transformation market size was valued at USD 1,961.30 billion in 2023. The market is projected to grow from USD 2,226.0 billion in 2024 to USD 10,944.65 billion by 2032, exhibiting a CAGR of 22% during the forecast period.

Fortune Business Insights™ presents this information in its latest report titled “Digital Transformation Market Size, Share & Industry Analysis, By Technology (Cloud Computing, Big Data and Analytics, Cybersecurity, Artificial Intelligence (AI), Internet of Things (IoT), Business Intelligence, and Blockchain), By Deployment (On-premises and Cloud), By Enterprise Type (Large Enterprises and Small and Medium-sized Enterprises), By Industry (BFSI, Manufacturing, IT and Telecommunications, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Government, Others), and Regional Forecast, 2024 – 2032”.

Digital transformation is the process of helping organizations shift from traditional, manual processes to online systems to help them automate their daily routine tasks and make their operations more efficient and productive. The increasing adoption of various advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML) in several industries is expected to fuel the market’s growth.

Generative AI to be Widely Used in Digital Transformation Technologies to Bring Innovation

Generative AI is being extensively used in digital transformation technologies to help businesses bring innovation to their operations and enhance their overall efficiency and productivity. This form of AI plays a key role in improving workflows, automating routine tasks, and generative predictive insights. Digital transformation done with the help of generative AI can help companies decrease their overall operational expenses and improve their operations. The increasing awareness among organizations about the benefits of using AI in digital transformation technologies will boost its use.

COVID-19 Pandemic Boosted Market Growth Due to Rise in Work-From-Home Culture

The COVID-19 pandemic had a positive impact on the market’s progress as governments across the world had imposed lockdowns and social distancing norms to contain the spread of the virus. This forced many companies to adopt the work-from-home culture, which boosted the demand for advanced digital transformation technologies to help them seamlessly transition to a remote virtual working environment.

Apple Inc. Introduced Second-Gen Smart Speaker Featuring Siri Intelligence

Apple Inc. announced the launch of its second-generation HomePod, an innovative smart speaker that features an iconic design. The HomePod comes with Siri intelligence and other significant Apple innovations. It also offers support to advanced computational audio and immersive spatial audio tracks to provide users with a great listening experience.

Increasing Investment in Cloud Infra, 5G, and IoT to Bolster Market Growth

Several industries across the world are implementing a wide range of advanced technologies, such as 5G, IoT, and cloud to improve their overall capacity, functionality, and flexibility. Many organizations are incorporating 5G into their cloud services to gain access to greater data storage capacity, faster speed, and low latency. This has resulted in increased investments in these technologies to accelerate the process of digital transformation.

However, rising data security concerns associated with digital transformation technologies can restrain the market’s growth.

Leading Market Players to Focus On New Product Launches and Other Business Growth Strategies to Remain Dominant

Some of the top companies driving the digital transformation market growth are focusing on launching novel products to meet the demands of a wide range of industries. They are also entering partnerships, collaborations, and acquisitions to help them expand their existing range of products and increase their business operations in various regions.

Notable Industry Development:

• November 2024: SAP Fioneer partnered with Fujitsu to speed up the process of digital transformation within Japan's insurance industry. Fujitsu and SAP Fioneer are expected to collaborate on product development, strategy, and marketing, which includes creating the SAP Fioneer Cloud for Insurance in Japan Edition. SAP Fioneer Cloud is an all-inclusive cloud platform that integrates global industry- best practices and localized business content with core insurance services.

List of Key Companies 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.)
• Dell Inc. (U.S.)
• Hewlett Packard Enterprise Development LP (U.S.)
• Nvidia Corporation (U.S.)
• Intel Corporation (U.S.)
• Microstrategy Inc. (U.S.)
• Applied Blockchain Ltd. (U.K.)
• QlikTech International AB (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/digital-transformation-market-104878

Further Report Findings:

• North America held a dominant global digital transformation market share as governments across the region are launching various initiatives and investment programs to promote digital transformation in various industries.
• Asia Pacific is also showing promising growth in the global market owing to the increasing volume of foreign direct investments to accelerate the process of digital transformation.
• Based on industry, the BFSI segment held the biggest market share as this sector is increasing its reliance on various smart devices to improve their operations and efficiency in maintaining financial records.

Table of Segmentation