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Digital Transformation Market to Garner USD 6.78 Trillion by 2029; Increasing Adoption and Investment in the Cloud Infrastructure to Drive the Market Growth

November 18, 2022 | Information & Technology

The digital transformation market size stood at USD 1.51 trillion in 2021. The market value is slated to rise from USD 1.79 trillion in 2022 to USD 6.78 trillion by 2029 at a CAGR of 20.9% during 2022-2029. Fortune Business Insights™ presents this information in its report titled “Digital Transformation Market Size, Share & COVID-19  Impact Analysis, By Technology (Cloud Computing, Big Data and Analytics, Cybersecurity, Artificial Intelligence, Internet of Things, and Others (Blockchain & Business Intelligence)), By Enterprise Type (Large Enterprises and Small and Medium-sized Enterprises (SMEs)), By Deployment Model (On-Premises 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, 2022-2029”.


COVID-19 Pandemic Boosted Global Market Expansion of Digital Transformation


Due to lockdown scenarios caused by the COVID-19 pandemic for a set amount of time, organizations across the world were experiencing financial difficulties. The businesses have given their staff members the option of working remotely during this pandemic. Due to this, a number of IT companies intend to use the software as a service and infrastructure as a service to handle their remote workforce. It makes use of a variety of cutting-edge technologies, including Big Data, cloud computing, and artificial intelligence, which optimize company processes.


Tanla and Kore.ai Announced their Alliance in Five Nations, Including India


In June 2022, Tanla, a CPaaS supplier, and Kore.ai, a developer of enterprise conversational AI software platforms and solutions, announced their alliance in five nations, including India, the Philippines, Indonesia, Vietnam, and the UAE. This relationship is a crucial first step in delivering top-tier conversational Artificial Intelligence (AI) systems built on Natural Language Processing (NLP) to diverse businesses and brands.


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


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


Growth to be Driven by Increased Cloud Infrastructure Adoption and Investment, IoT, and 5G


The capacity, usefulness, and flexibility of many sectors will be improved by the integration of 5G, IoT, and cloud technologies, particularly for cloud firms. To offer quicker speed, lower latency, and greater capacity, many businesses are computing 5G with cloud services. By forming alliances, making acquisitions, and working together, businesses are making investments in the adoption of 5G and the development of cloud infrastructure. However, digital technology-related data privacy and security issues may impede the digital transformation market growth.


Rising New Product Launches & Expansions for the Adoption of Digital Technologies Promote Market Expansion


Digital transformation giants, including Alphabet LLC, Amazon.com, Inc., Oracle Corporation, Microsoft Corporation, Hewlett Packard Enterprise Development LP, and others are concentrating on providing cutting-edge solutions based on digital technology. Due to an increase in customer demand, these players sought to diversify their product offerings. Major competitors in the market are utilizing a variety of business tactics, including alliances, mergers, and collaborations to grow their enterprises internationally.


Notable Industry Development-



  • April 2022: Amazon Inc. launched updated version, Amazon Aurora Serverless v2. It assists both Software as a Service (SaaS) providers and businesses with various apps that must manage capacity across their whole databases. It has no additional fees and offers pay-as-you-go services.


List of Key Market Players:



  • Alphabet Inc. (U.S.)

  • Amazon.com, Inc. (U.S.)

  • Oracle Corporation (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)


Further Report Findings-


Due to growing government initiatives and investments in digital technologies such as cloud computing, the Internet of Things, Artificial Intelligence (AI), and others, North America is predicted to lead the digital transformation market share. The Canadian government unveiled digital government policies in 2021 with the goal of coordinating the adoption of digital technologies, including cloud computing and Artificial Intelligence (AI) for the modernization of IT systems.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Trillion)



Segmentation



By Technology, Enterprise Type, Deployment Model, Industry, and Region



By Technology




  • Cloud Computing

  • Big Data and Analytics

  • Cybersecurity

  • Artificial Intelligence (AI)

  • Internet of Things (IoT)

  • Others (Blockchain, Business Intelligence)



By Enterprise Type




  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)



By Deployment Model




  • On-premises

  • Cloud



By Industry




  • Banking, Financial Services and Insurance (BFSI)

  • Manufacturing

  • IT and Telecommunications

  • Retail and Consumer Goods

  • Healthcare

  • Transportation and Logistics

  • Government

  • Others (Oil and Gas, Media and Entertainment, and Others)



By Region  




  • North America (Technology, Enterprise Type, Deployment Model, Industry, and Country)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)



  • South America (Technology, Enterprise Type, Deployment Model, Industry, and Country)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America



  • Europe (Technology, Enterprise Type, Deployment Model, Industry, and Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe



  • Middle East & Africa (Technology, Enterprise Type, Deployment Model, Industry, and Country)

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of Middle East & Africa





  • Asia Pacific (Technology, Enterprise Type, Deployment Model, Industry, and Country)


    • Japan (By Industry)

    • China (By Industry)

    • India (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific



Global Digital Transformation Market
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  • 2021
  • 2018-2020
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