The global digital transformation market is expected to garner US$ 2.3 Trillion in 2032 while recording a CAGR of 14.2% during the forecast period. The growth of the market can be attributed to the dynamic development of information technology. The advent of industrial robots is expected to play an important role in driving the market. Eminent organizations in the industry have launched several collaborative robots such as ABB’s YuMi, and KUKA’s LBR iiwa, which enhance workers’ safety. Over a few years, plug-and-play collaborative robots have gained significant traction. Surged demand for plug-and-play robots can be attributed to their ease of use.
The market is estimated to have experienced a growth rate of 23.6% from 2015-to 2021. Expansion of the market during the mentioned timeframe is credited to the growing inclination toward a digitalized setup, along with the emergence of various technically developed products and services from 2015-21.
With the ever-evolving regulatory environment, organizations are inclining towards a new customer era where digital technologies are performing a crucial role in meeting the demands of consumers. Also, organizations are producing an enormous amount of data that needs strong analysis and ML algorithms to develop insights, thereby, developing the digital transformation market. Enterprises are adopting modern technologies such as; big data, AI, and ML, to strengthen the digital transformation process and gain a competitive edge in the global competition.
Key Takeaways from the Market Study:
- The global digital transformation market to garner US$ 621.1 Billion in 2022
- The global digital transformation market to exhibit a CAGR of 14.2% by 2032
- The U.S market to procure US$ 811.7 Billion by 2032
- The U.K market to record a CAGR of 13.7% by 2032
- Chinese market to garner US$ 134 Billion
- Market in Japan to exhibit a CAGR of 13.3% from 2022-2032
- South Korean market to secure US$ 84.2 Billion by 2032
“Increasing popularity of AI, ML, and IoT to encourage organizations to adopt digital transformation. With growing awareness about its benefit, more organizations are willing to adopt the modern business models against the conventional style.”- remarks an analyst at Fact. MR
Players in the global digital transformation market are focused to expand their product portfolio and enhance their influence in the market through strategies such as collaboration, partnerships, mergers and acquisitions, and others. Key players in the region include Microsoft, IBM, SAP, Oracle, and Google. Recent developments among players include:
- In August 2021, Kubota Corporation announced a partnership with Accenture to boost its digital transformation by enhancing its business model to contribute to food, environmental, and water solutions. The partnership will offer a platform for Kubota locally and globally by incorporating services that combine the digital technologies of Accenture, comprising AI and the IoT.
- In October 2021, Siemens Smart Infrastructure announced the acquisition of Wattsense, French hardware, and software firm that provides IoT management systems for small mid-sized buildings, bringing Siemens’ building product line to a new stage.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global digital transformation market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-to 2032.
The study reveals essential insights based on Analysis by Technology (Cloud Computing, Big Data, and Analytics, Mobility/ Social Media, Cybersecurity, Artificial Intelligence, Internet of Things), Deployment ( Cloud, On-Premise), Organization ( SMEs, and Large Enterprises), Vertical (BFSI, Retail & eCommerce, IT and Telecom, Media and Entertainment, Manufacturing, Healthcare, and Life Sciences, Education, Government and Defense, and Others), and Region (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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