Global Digital Transformation Market is anticipated to grow from 1,200.5 billion in 2022 to 7,200.5 billion by 2030.
The process of integrating digital technology into company processes that are related to their customers, workforce optimization, infrastructure, and financial operations is known as “digital transformation.” These digital technologies include blockchain, IoT, cloud computing, big data analytics, and artificial intelligence. The World Economic Forum estimates that over the next six years, the value of digitalization will increase to USD 100 trillion due to rapid increases in data traffic, online users, connected objects, and cloud computing technologies worldwide.
Drivers:
Growing demands for using digitized information to encourage simple and efficient ways of working is boosting the growth of the digital transformation market. Digitalization is changing ways retail sector operates by helping them keep customer records easily and quickly retrievable via computer. Digital transformation has enhanced the global banking sector by adding value to customer interaction and online transactions. Companies across the globe are revisiting everything they do, from internal systems to customer interactions. The global media and entertainment as well as the gaming sector are creating clever, effective, and disruptive ways of leveraging technology. For instance, Netflix that started out as a mail order service and disrupted the brick-and-mortar video rental business are offering digital innovations by making wide-scale streaming possible. Therefore, growing ability of the digital transformation in to inform how businesses could operate efficiently is anticipated to bolster the market growth.
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Segmentation:
On the basis of organization size, the global Digital Transformation market is segmented into Large Enterprise, and Small and Medium Enterprise. On the basis of End User, the global Digital Transformation market is segmented into BFSI, Government, Healthcare, IT and Telecom, Manufacturing, Retail, and Others.
Geography:
On the basis of region, the global Digital Transformation market is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global Digital Transformation market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.
Impact of COVID-19 on the global Digital Transformation Market:
The Covid-19 pandemic significantly increased the adoption of new Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, digital deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industries are rapidly improving for business that are actively embracing digitalization. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly digitalization and automation to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the Digital Transformation market in the post pandemic era.
Impact of the Russia-Ukraine War on the global Digital Transformation Market:
The global supply chains are disrupted by the Russia-Ukraine conflict in the same way as the it did when the COVID-19 pandemic first surfaced. There has been a significant rise in the transportation costs, gas prices, and electricity rates as a result of the Russia Ukraine war. Due to the increased energy costs, companies are forced to raise prices. The supply of commodities is substantially disrupted in regions such as US, Europe, and China. The conflict has accelerated the chip shortage and raw materials such as neon and palladium used in semiconductor manufacturing. Russia and Ukraine are the two major producers of neon and palladium. The countries produce more than 50% of the aforementioned raw materials. Due to the war the industries that are completely dependent on Russia and Ukraine for raw material are incurring huge losses and are unable to find an alternative supplier soon. The continuation of the conflict is likely to further delay IIoT hardware production and sales which is anticipated to slow down the accelerated deployment of the Digital Transformations. This is estimated to negatively impact the global market growth.
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