The global Digital Transformation Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,548.9 billion by 2027 from USD 594.5 billion in 2022. Major drivers for the digital transformation market are the scalability of digital efforts, economic advantages of cloud-based digital transformation solutions, emergence of ML and AI, changes in the customer intelligence landscape, and the rise in adoption of big data and related technologies as well. The major restraint for the market is the issues related with privacy and data security as well. Critical challenges facing in the digital transformation market include concerns related to modernizing IT and lack of skilled personnel. Underlying opportunities in the digital transformation market includes the rise in government initiatives and financial support for adopting digitization and the demand for the personalized digital transformation.
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As per verticals, the healthcare, life sciences & pharmaceuticals segment to grow at highest CAGR during the forecast period
The digital transformation market is segmented on verticals into Healthcare, Life Sciences & Pharmaceuticals, BFSI, Telecommunication, Manufacturing, Retail & Ecommerce, Government & Defense, Media & Entertainment, IT/ITES, Energy and Utilities, and other verticals, such as travel & hospitality, transportation & logistic, and education. As per verticals, the healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. The healthcare sector is progressively embracing digital transformation technologies such as big data & analytics and cloud computing, for the management of electronic health records and healthcare information. Additionally, customers in the BFSI vertical require immediate access to their accounts and transaction details. For banks and other financial service providers, the automation of many activities, including lending and compliance management, is another benefit of digital transformation solutions. Therefore, the use of and management of digital transformation solutions in the healthcare, life sciences & pharmaceutical, and BFSI sectors presents enormous growth prospects for service integrators, research & consulting vendors, and hardware integration service providers.
Cloud segment to grow at the highest CAGR during the forecast period
As per deployment mode, the digital transformation market has segmented it into cloud and on-premises. The on-premises digital transformation solutions had been adopted by various businesses due to its better control and management of data. While end users who are worried about cost and security tend to choose the cloud deployment type, the on-premises deployment type offers scalability and flexibility. The adoption of on-premises digital transformation solutions had been greatly impacted by the growing adoption of cloud computing solutions. Offering cutting-edge and reliable cloud solutions is a goal for many cloud-based digital transformation service providers. The primary benefits of cloud deployment types include easy deployment, low deployment cost, easy accessibility, and upgradeability as well. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.
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Some major players in the infrastructure as code market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), and Aexonic Technologies (India). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global digital transformation market.
Oracle is a world leader in providing a wide range of products, services, and solutions to satisfy the needs of business IT environments, including platforms, applications, and infrastructure. Businesses of all sizes, governments, educational organizations, and resellers are among Oracle’s clients. Through a global sales team and an Oracle partner network, the company sells its products and services both directly and indirectly. It focuses on creating, producing, and selling application software, databases, and hardware systems. The company offers SaaS solutions that use cutting-edge technologies such as blockchain, IoT, AI, and ML. It operates in more than 175 countries through three business segments, including cloud and license, hardware, and services. It serves more than 430,000 consumers in a variety of business verticals. Also, it has its global presence across Americas, Europe, Asia Pacific, and Middle East & Africa.
Adobe is a multinational software firm with a wide range of products. The firm is divided into three segments: Print & Publishing, Digital Media, and Digital Marketing. Adobe licenses its technology to hardware manufacturers, software developers, and service providers for use in their products and solutions. Web experience, analytics, social media optimization, testing and targeting, and campaign administration are all included in the marketing cloud of the company. It uses the SaaS, managed service, term subscription, and pay-per-use business models to deliver its products. Also, offers six cloud-based marketing solutions. Adobe provides products like Adobe Sign, Adobe Stock, Experience Manager, and Advertising Cloud. It offers services to a number of business verticals, including telecommunications, media and entertainment, retail, financial services, and government as well.
IBM is a multinational technology and advisory firm which provides infrastructure, hosting, and consulting services. The firm is divided into five main business units: systems, global business services, global technology services, cloud and cognitive software, and global financing. It serves a number of industries, including aerospace and defense, government, manufacturing, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer goods, banking & finance, life sciences, telecommunications, media & entertainment, chemicals, and more. With customers in more than 175 nations, IBM has a significant presence in the Americas, Europe, Middle East & Africa, as well as Asia Pacific. It was now the preferred platform for all corporate applications.
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