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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.
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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-
List of Key Market Players:
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
Value (USD Trillion)
By Technology, Enterprise Type, Deployment Model, Industry, and Region
By Enterprise Type
By Deployment Model