The global digital transformation market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,548.9 Billion by 2027 from USD 594.5 Billion in 2022. The extent of digital transformation had expanded due to shifting consumer preferences, the quick rapid growth of mobile devices and applications, increasing penetration of IoT, and the acceptance of cloud services as well.
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As per verticals, the healthcare, life sciences & pharmaceuticals segment to grow at highest CAGR during the forecast period
As per verticals, the healthcare, life sciences & pharmaceuticals vertical is expected to grow at the highest CAGR during the forecast period. The requirement for value-based treatment is driving a significant movement towards digital transformation in the healthcare, life sciences & pharmaceuticals. The goal of digital transformation is to have a significant, beneficial influence on a member’s health and quality of life. With the help of technologies such as Big Data and predictive analytics, the range of digital health services is growing. Therefore, the technologies that come with digital transitions provide significant possibilities for innovation across a range of industries, including medication development and manufacturing, mobile clinical trials, and supply networks supported by Blockchain.
Cloud segment to grow at the highest CAGR during the forecast period
As per deployment mode, the digital transformation market has segmented it into cloud and on-premises. The ease of deployment, low deployment costs, ease of upgradeability, and accessibility are the main benefits of this deployment style. It increases flexibility while assisting in lowering IT expenses and financial risks. Small businesses and individual users hence frequently favour cloud-based digital transformation solutions. During the forecast period, the cloud segment is anticipated to grow at the highest CAGR for the digital transformation market.
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Among the regions, North America is expected to register the largest market size during the forecast period
North America is expected to register the largest market size during the forecast period. The presence of various developed economies such as US, and Canada, and is the home to several public vendors that are operating in the market. The various investments made in technologies such as AI, IoT, and big data by various major players would boost the growth of the market in this region. The digital-government ecosystem in North America is still developing and maturing as new technologies become available and public expectations of government services changes. Strong policies are in place at various levels in both the US and Canada to direct efforts to digitise the whole federal government.
Some major players in the digital transformation market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), and Aexonic Technologies (India).
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