Digital Transformation Market Size

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.