Digital Transformation Market to Surpass USD 3,889.60 Billion by 2031, Witnessing 24% CAGR Growth | SkyQuest Technology
Westford, June 28, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Digital Transformation Market will attain a value of USD 3,889.60 Billion by 2031, with a CAGR of 24% during the forecast period (2024-2031). Some of the chief factors that have led to the growth of the market include the use of technologies such as cyber security, AI, BI, cloud computing among others. These technologies have hence created the transformation and innovation of the business environment hence resulting to high revenues. The changes that have marked Industry 4.0 in the manufacturing sector, a number of factories have embarked on digitizing their processes and workflows and the use of cobots in production is forecasted to rise continually.
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Browse in-depth TOC on “Digital Transformation Market”
- Pages – 157
- Tables – 118
- Figures – 77
Digital Transformation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 695.88 Billion |
| Estimated Value by 2031 | $ 3,889.60 Billion |
| Growth Rate | Poised to grow at a CAGR of 24 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Technology, Deployment Mode, Business Function, Enterprize Size, and Verticals |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Executing digital technologies |
| Key Market Drivers | Growing Usage of Mobile Devices |
On-Premises Segment Leads the Digital Transformation Market by Enabling Data Security
The on-premises segment has dominated the market with the maximum share of total revenues in the market. On-premises solutions are very secure since they provide end-user companies with the security of their data and allow them to meet different regulations across governments. These solutions also give businesses the upper hand when it comes to handling their important information which further drives its adoption.
Growing Usage of Mobile Devices Fuels the Growth of the Cloud Segment in the Market
The cloud segment is expected to have the highest growth rate during the forecast period due to the increased access to mobile devices and developments in the technology of information dissemination. Cloud-based digital transformation solutions help end-use industries to find ways that can help them to operate efficiently in the changing markets. Increasing private and public investments in cloud computing technology is also expected to drive the growth of this segment.
North America Leading the Digital Transformation Market Due to Growing Online Payments
North America has the highest market share in the digital transformation market and will continue to maintain its position soon. The use of different kinds of online payment methods and cloud computing technologies has contributed to the dominance of this region. Enterprises in the countries like the US and Canada have become more committed to investing and dedicating budgets for marketing and digital channels, fueling this industry’s development.
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Digital Transformation Market Insights:
Drivers
- Growing usage of mobile devices
- Increasing adoption and investment
- Rising AI-powered automation
Restraints
- Cyber security concerns to hinder market growth
- Security concerns associated with digital technologies
- Data interchange is a significant concern for firms dealing with individuals’ personal data
Prominent Players in Digital Transformation Market
The following are the Top Digital Transformation Companies
- Microsoft
- SAP
- Adobe Systems
- Alibaba
- IBM
- Marlabs
- Salesforce
- Equinix
- Oracle
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Key Questions Answered in Digital Transformation Market Report
- What is the key market trend in the digital transformation market?
- Who are the leading digital transformation providers in the world?
- Which region accounts for the largest market share in the digital transformation market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of digital transformation market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the digital transformation market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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