Expanding digitalization trend and growing need for optimal resources set to drive market growth for digital transformation, says Fact.MR, a market research and competitive intelligence provider, in its updated industry analysis. According to the study, the global digital transformation market is approximated at a value of US$ 791.4 billion in 2024 and has been projected to rise at a CAGR of 12.8% from 2024 to 2034.
The advanced mobile devices and apps are major aspects of modern life that aids in connecting individuals anytime and anywhere. The integration of advanced technologies in any organization increases their effectiveness and responsiveness.
Growing use of digital experience platforms to boost brand loyalty and enhance customers experience is generating positive outlook for market. BFSI, retail, and IT & telecom are some of the major end users of digital technologies. Large enterprises are investing heavily for the adoption of digital technologies to boost their market position. Cloud computing is one of the major technologies gaining traction across the globe.
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Key Takeaways from Market Study
The global digital transformation market is projected to reach US$ 2,639.4 billion by 2034. Demand for digital technologies in the United States is projected to increase at a CAGR of 13.3% during the next ten years.
The South Korea digital transformation market is evaluated at US$ 39.4 billion in 2024. Cloud computing demand is forecasted to reach a market value of US$ 739 billion by 2034.
“Rising industrial activities, growing use of high-speed internet in most organizations, and surge in the adoption of automated machinery are driving global digital transformation market growth”, says a Fact.MR analyst.
Winning Strategy
Leading digital transformation service providers are looking at high-growth opportunities in North America and Europe. These regions are advancing in several sectors and being early adopters they are investing significantly in advanced technologies such as artificial intelligence, machine learning, predictive analysis, and Internet of Things.
The market is characterized by the presence of prominent companies and start-ups. New companies are investing in R&D activities to offer innovative technologies. Some of the start-ups offering digital technologies are Triotos, CyAmast, INVENTIO.ai, and AITOMATIC.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global digital transformation market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on technology (cloud computing, big data & analytics, mobility/social media, cybersecurity, artificial intelligence, Internet of Things, others), deployment (cloud, on-premise), organization size (small & medium-sized enterprises, large enterprises), and vertical (BFSI, retail and e-Commerce, IT & telecom, media & entertainment, manufacturing, healthcare & life Sciences, education, government & defense, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Regional Analysis
The surge in industrial activities and the growing trend of automation across various sectors are significantly boosting sales of digital technologies in the United States. As a major marketplace with the presence of numerous leading organizations, the U.S. is at the forefront of adopting smart technologies.
The increasing penetration of IoT in industries such as manufacturing, retail, healthcare, and more is poised to play a crucial role in the robust market growth within the United States. Additionally, the rise in industrial activities is prompting organizations to implement digital technologies. The demand for digital transformation requires strong IT support, which is readily available in the country. The U.S. is also witnessing a dominance in advanced programming and software solutions, largely due to its modern automotive operations and manufacturing capabilities.
