Digital Transformation Market to Reach A CAGR of 23.60% By The Year 2030

 

Digital Transformation Market Analysis and Size

Advanced thinking and change in business have been sparked by advanced technologies such as the Internet of Things, cloud computing, big data analytics, mobility, and social media. The "digital transformation" of business operations refers to the tries to modify resources and technology and integrate digital technologies used to serve customers better. IoT, cloud migrations, and other projects. These technologies helped businesses to accelerate their digital transformation worldwide. Digital technology has accelerated to substitute antiquated processes with modern, efficient ones.

Data Bridge Market Research analyses that the digital transformation market was valued at USD 752.38 billion in 2023 and is expected to reach the value of USD 4339.82 billion by 2030, at a CAGR of 23.60% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Market Definition

Digital transformation involves digital technology into several areas of a business, primarily changing how you operate and deliver value to consumers. It's also a cultural change that requires organizations to frequently challenge the status experiment quo and get comfortable with failure. Digital transformation allows business services to improve operations, improve customer experiences, create a brand reputation, and improve customer retention.

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COVID-19 Impact on Digital Transformation Market

The outbreak of coronavirus has positively affected the digital transformation market. Most of the businesses suffered huge losses owing to the lockdown condition and they were forced to invest highly on the digitization of their operations. Thus, the COVID-19 pandemic has significantly and positively impacted the global digital transformation market growth. The rapid adoption of the internet, wireless connectivity and cloud computing is anticipated to change the way of several industries. The BFSI, pharmacies, healthcare, retail, education are some of the industries that are projected to predict a drastic change owing to the mounting importance of smart devices and internet during pandemic.

Recent Development

  • In July 2021, Microsoft declared that they secured 5 years partnership with Telstra, the largest Australian company, to fuel Australia’s digital transformation. This partnership also aid Telstar in achieving its objective of running around 9% of its service on cloud infrastructure by 2025. Microsoft Azure is one of Telstra preferred cloud partner because of its multi cloud strategy
  • In May 2021, Ducati collaborated with SAP solution to make a possible business change which encompasses important business procedures. This collaboration aims to make an intelligent business network that increases the digitization of processes and improves the timeliness and quality of information.
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