Digital Transformation Market size was valued at USD 887.41 billion in 2023 and is set to cross USD 18.84 trillion by 2036, expanding at more than 26.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of digital transformation is evaluated at USD 1.07 trillion. The growth of the market can be attributed primarily to the advent of industry 4.0 in the manufacturing sector to improve, automate and modernize processes. Along with these, increasing integration of several digital transformation technologies, such as the internet of things and wireless communication, in industrial procedures, along with rapid upsurge in digital transformation is also projected to drive market growth in the upcoming years. Furthermore, rise in usage of mobile devices, smartphones and applications across business processes and departments, and growing demand for industrial automation are projected to offer lucrative opportunities for market growth in the near future. Approximately 5 billion people used smartphones in 2018, which grew up to about 6 billion by the end of 2020. In addition, it is calculated that the userbase of these devices will reach almost 7 billion in 2025.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
26.5% |
|
Base Year Market Size (2023) |
USD 887.41 billion |
|
Forecast Year Market Size (2036) |
USD 18.84 trillion |
|
Regional Scope |
|
The market is segmented by technology into industrial robotics, internet of things, advanced human machine interface, big data and analytics, 3D printing/additive manufacturing, machine learning, and artificial intelligence, out of which, the industrial robotics segment is anticipated to hold the largest share in the global digital transformation market. This can be accounted to the growing adoption of new technologies such as collaborative robots, single-axis, AI-enabled robots and SCARA robots. Apart from this, enhanced production capabilities and rise in workplace safety are also assessed to lead industries to raise their investments in robotic systems implementation. Additionally, on the basis of vertical, the BFSI segment is assessed to occupy the largest share over the forecast period owing to the large volumes of data generated every day in this sector. The healthcare segment is predicted to witness the highest growth by the end of 2030 in view of the escalating demand for electronic data for patient outreach and across operation channels.
Our in-depth analysis of the global market includes the following segments:
|
By Technology |
|
|
By Deployment |
|
|
By Vertical |
|
On the basis of geographical analysis, the global digital transformation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific industry is predicted to hold largest revenue share by 2036, ascribed to upsurge in usage of cloud technologies among various industries, and growing number of small and medium sized organizations in the region. According to the SME Finance Forum, in the Asia and Pacific region SMEs comprise more than 98 percent of the total enterprises, and contribute about 17 percent to the national GDP in low-income countries, and about 40 to 50 percent in higher income countries.
Rapid growth in the use of mobile devices and social media analytics is also projected to fuel the progress of the market in the coming years. Moreover, the market in North America is expected to acquire the most significant share during the forecast period in view of the largescale usage of variety of online payment methods in the retail sector, high penetration of internet services, and strong presence of prominent market players in the region.
September 2021- Britannia Industries Ltd. collaborated with Accenture to accelerate its digital transformation by accelerating innovation, capturing value, and improving the customer and supplier experience.
November 2020- ANSR partnered with Google Cloud to accelerate digital transformation for global capability centers and enable enterprises to build at-scale digital transformation capabilities.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?