Growing Use of AI & Robotics in End-Use Industries is Expected to Drive the Growth of the Global Digital Transformation Market during the forecast period of 2024-2028.
According to TechSci Research report, Digital Transformations Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Digital Transformations market is anticipated to register a robust growth during the forecast period, 2024-2028. Global Digital Transformations Market is growing owing to rising demand for customized digital transformation within companies. Moreover, businesses face variety of obstacles when it comes to expansion, like sales activities, business partnerships, clientele and IT infrastructure. These issues are resolved with the aid of digital transformation solutions. Additionally, market suppliers provide highly customized digital transformation solutions to address the business concerns of their clients. This level of personalization is made possible by the suppliers’ data and as a result customized digital transformation satisfies client needs and demands.
The fast development of technology over the past two decades has enabled firms to deliver cutting-edge services while also facilitating a change in client expectations. Owing to the significant benefits that digitalization offers to clients, the speed of this digitization is expected to accelerate. Customers can now easily communicate their thoughts, ideas, and opinions with the public thanks to advanced technology. Customers today place a great importance on customer experience and prefer reading reviews from strangers than advertisements. Additionally, consumers today anticipate quick replies from businesses, as well as self-serve alternatives, simple access to tools and solutions, personalized messages, and other such services. This is forcing companies to adopt digital transformation hence driving the growth in the global digital transformation market.
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Global Digital Transformation market is segmented on the basis of technology, end use, and deployment type. Based on technology, the market is segmented into data analytics, cloud computing, AI, IoT, and block chain. Organizations are searching for innovative ways to effectively integrate and manage their larger device networks as the number of smartphone users rise. Organizations have found that using mobility-focused solutions is an efficient method to learn about the whereabouts of their users’ devices, who is using them, and what data they are accessing. By limiting third party engagement, this helps companies further cut expenses associated with upgrades and plan modifications. Applications for personalization, information/content, integrated smart enterprises, productivity and workflows, transaction/commerce, business verticals, community, engagement marketing, and loyalty are among the areas where mobility solutions can be used.
During the forecast period, the blockchain technology segment is expected to develop at the fastest CAGR. The rising demand for transactions from the financial sector is to blame for this. Additionally, booming investments in this technology are expected to spur market expansion in a number of nations, including the United States, Singapore, Argentina, and Switzerland.
Data analytics enables businesses to make strategic, important modifications that lower costs and increase output. This further aids businesses in maintaining their competitiveness in the marketplace. Organizations can make future projections and make the necessary modifications to achieve goals with the use of information about the current situation of their consumers and employees.
Based on end use, the market is segmented into healthcare, government, BFSI, retail, manufacturing, telecom & IT, and others. The category of banking, financial services, and insurance (BFSI) held the largest market share for digital transformation, and it is expected that it will continue to dominate the market owing to the use of digital technology. Businesses in the BFSI sector are continually implementing new customer-centric strategies and scurrying frantically to satisfy client expectations. The need for digital transformation in the BFSI sector is being driven by increased usage of smart devices for daily financial activities, growing demand for excellent end-user or customer experience, and improved connectivity.
Key market players in the Global Digital Transformations Market:
- Amazon Web Services
- Oracle Corporation
- Microsoft Corporation
- VMware, Inc.
- SAP SE
- IBM Corporation
- Salesforce.com Inc.,
- HCL Technologies Limited
- Wipro Limited
- Accenture plc.
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“During the forecast period, the healthcare segment is anticipated to register the highest CAGR. Flexible business strategies are required for effective patient care because of the quickly increasing consumer volume. These recently constructed frameworks will address risk factors related to costs and encourage the adoption of innovative marketing tactics. By making smarter decisions, they would also improve the patient experience and utilizing time and resources effectively will be simpler. Digital transformation is altering the healthcare sector for improved treatment plans and outcomes. Some specific examples include telemedicine, AI-driven medical equipment and patient care robots, and electronic health records.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Digital Transformations Market Segmented By Service Type (IoT Consulting Service, IoT Infrastructure Service, System Designing & Integration Service, Support & Maintenance Service, and Education & Training Service), By Organization Size (SMEs, Large Enterprises), By Deployment Type (Cloud, On-premises), By End Use Industry (IT & Telecom, Retail, Manufacturing, Healthcare, BFSI and Others), By Region, Competition has evaluated the future growth potential of digital transformations market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with the essential drivers, challenges, and opportunities in the global digital transformations market.
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