According to a new research report “Digital Transformation Market by MarketsandMarkets, the global digital transformation market size is set to grow from USD 695.5 billion in 2023 to USD 3,144.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period.
The market growth is driven by offering (Solutions & Services), Technology (Cloud Computing, Big Data & Analytics, Blockchain, Cybersecurity, AI), Business Function (Accounting & Finance, IT, HR), Vertical, & Region.
Top Eight Companies in the Digital Transformation Market
According to the MarketsandMarkets report, key players in the Digital Transformation Market are;
- Microsoft (US)
- SAP (Germany)
- Baidu (China)
- Adobe Systems (US)
- Alibaba (China)
- IBM (US)
- Google (US)
- Marlabs (US)
As per verticals, thehealthcare, life sciences & pharmaceuticals segment is to grow at the highest CAGR during the forecast period
The healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. Healthcare and life sciences refers to the integration and utilization of digital technologies and solutions to improve patient care, enhance operational efficiency, and drive innovation in the healthcare and life science industries.
It involves the adoption of various digital tools, platforms, and strategies to digitize processes, collect and analyze data, enhance collaboration, and deliver personalized care.
By Solutions, Cloud Segment to grow at the largest market size during the forecast period.
By solutions, the digital transformation market has been segmented into cloud and on-premises. The cloud offers cost optimization opportunities by reducing the need for on-premises infrastructure and providing pay-as-you-go models that align with business needs.
Overall, these drivers have fueled the widespread adoption of digital transformation and cloud technologies, enabling organizations to streamline processes, drive innovation, and achieve strategic objectives in an increasingly digital world.
During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.
By Business Function, the Human resource segment is to grow at the highest CAGR during the forecast period
By business function, the digital transformation market has been segmented into accounting and finance, marketing and sales, HR, IT, and operation. HR is the growing need for organizations to adapt and thrive in an increasingly digital and competitive landscape.
This transformation is fueled by several trends, including the integration of advanced technologies such as artificial intelligence, machine learning, and automation to streamline HR processes, enhance data-driven decision-making, and improve the overall employee experience.
During the forecast period, the human resource segment is anticipated to grow at the highest CAGR for the digital transformation market.
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