Digital Transformation

Digital Transformation Market Size Worth $1,759.4 Billion By 2028

The global digital transformation market size is estimated to reach USD 1,759.4 billion by 2028, registering a CAGR of 23.6% over the forecast period, according to a new report by Grand View Research, Inc. The increasing adoption of advanced technologies, such as the Internet of Things (IoT) and machine learning, across several industries/sectors, is encouraging businesses to implement connected, analytical, and data-rich solutions via digital transformation. These solutions are capable of encapsulating intelligence into business operations to facilitate improved and more effective customer engagements. Moreover, the growing usage of mobile devices, smartphones, and applications across business functions is increasingly promoting digitization.

Key Insights & Findings from the report:

  • The solution segment is expected to capture the largest share by 2028 due to the exponential rise in the use of mobile technology across several industries, and the subsequent shift in the way content is consumed via social media platforms.
  • The rising implementation of digital transformation solutions across industries and verticals is driving the demand for support and maintenance services. This is expected to boost the demand for professional services over the forecast period.
  • The hosted deployment segment is expected to gain momentum over the forecast period owing to advantages, such as lower cost, convenience, flexibility, and improved security.
  • Large enterprise is expected to be the largest enterprise size segment due to the increased focus of large-scale firms on improving productivity and efficiency of workforces by using digital transformation solutions.
  • In terms of end-use, the healthcare segment is projected to register the fastest CAGR of more than 24% from 2021 to 2028.
  • The growing implementation of digital processes and technologies, such as telemedicine, blockchain, Electronic Health Records (EHRs), and AI-enabled medical devices, is allowing healthcare providers to improve patient care.
  • Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 due to the increasing penetration of advanced technologies.

Read 110-page market research report, “Digital Transformation Market Size, Share & Trends Analysis Report By Type (Solution, Service), By Deployment (Hosted, On-premise), By Enterprise Size (Large, SME), By End Use (BFSI, Healthcare), And Segment Forecasts, 2021 – 2028”, published by Grand View Research.

Digital Transformation Market Growth & Trends

Digital transformation enables organizations to mitigate business risks and manage disruptions, such as corporate restructuring, marketplace fluctuations, unforeseen pandemics, and unpredictable geopolitical environments, more efficiently. It enables organizations to address a range of process optimization. Moreover, it enables businesses to target a larger customer base by designing new business models, products, and services leveraging digitization. Furthermore, it helps facilitate the transformation of business activities, traditional processes, and business models to benefit from upcoming changes and opportunities pertaining to futuristic technologies.

The rapid urbanization and digitization across the globe are enabling organizations to embrace digital transformation using technology-driven solutions. The growing usage of cloud technology by various Small & Medium Enterprises (SMEs) helps them adopt modern Digital Experience Platforms (DXP) at reasonable costs without constant upgradation or replacement of systems. This is estimated to drive the market during the forecast period. Moreover, benefits, such as improvements in operational flexibility and overall customer experience, are encouraging digital transformation initiatives across SMEs, driving the market.

Digital Transformation Market Segmentation

Grand View Research has segmented the global digital transformation market on the basis of type, deployment, enterprise size, end-use, and region:

Digital Transformation Type Outlook (Revenue, USD Billion, 2016 – 2028)

  • Solution
    • Analytics
    • Cloud Computing
    • Mobility
    • Social Media
    • Others
  • Service
    • Professional Services
    • Implementation & Integration

Digital Transformation Deployment Outlook (Revenue, USD Billion, 2016 – 2028)

  • Hosted
  • On-premise

Digital Transformation Enterprise Size Outlook (Revenue, USD Billion, 2016 – 2028)

  • Large Enterprise
  • Small & Medium Enterprise (SME)

Digital Transformation End-use Outlook (Revenue, USD Billion, 2016 – 2028)

  • BFSI
  • Healthcare
  • Government
  • IT & Telecom
  • Manufacturing
  • Retail
  • Others

Digital Transformation Regional Outlook (Revenue, USD Billion, 2016 – 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • Middle East & Africa

List of Key Players of Digital Transformation Market

  • Accenture plc
  • Apple, Inc.
  • ADOBE, Inc.
  • CA Technologies (Broadcom, Inc.)
  • Dell Technologies Inc.
  • Hewlett Packard Enterprise Company
  • International Business Machines Corp.
  • Microsoft Corp.
  • Kellton Tech Solutions Ltd.
  • Google, Inc.

Check out more related studies published by Grand View Research:

  • U.K. Digital Transformation Market – The U.K. digital transformation market size is expected to reach USD 68.81 billion by 2028, registering at a CAGR of 22.8% from 2021 to 2028, according to a new study by Grand View Research, Inc. The rising demand for advanced technologies such as Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT) is promoting the adoption of connected devices as well as data-rich and analytics solutions across businesses and enterprises. These solutions enable the integration of intelligence capabilities into business operations and practices to facilitate improved and effective customer engagements while driving operational optimization.
  • Application Transformation Market – The global application transformation market size is expected to reach USD 17.95 billion by 2027, expanding at a CAGR of 10.4%, according to a new study conducted by Grand View Research, Inc. Growing digitalization initiatives among industries, rising penetration of cloud computing technology, and increasing demand for scalability are aiding the market growth. Moreover, the constant need to keep the applications updated with upcoming technologies and improve the Return on Investment (ROI) will also increase the utility of these services in coming years.
  • Contact Center Transformation Market – The global contact center transformation market size is expected to reach USD 35.19 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.2% over the forecast period. The contact center transformation solutions are allowing agents to efficiently up-sell and cross-sell products in addition to effectively handling a service call. Businesses are widely deploying intelligent call-routing technology as this technology is helping them in prioritizing calls based on the customer profile and agent skills.

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