According to the current analysis of Reports and Data, the global digital transformation market was valued at USD 469.71 Billion in 2020 and is expected to reach USD 1,560.53 Billion by 2028, at a CAGR of 16.1%.  The study provides an overall insight into the factors responsible for the growth in the Digital Transformation market. Owing to rising urbanization and digitalization across the world, organizations are switching towards using technology driving solutions to match the rapid pace of business growth and implementation of techniques in today’s scenario. Parallel growth of end user Industries like BFSI and Healthcare sectors is expected to drive the digital transformation market. Furthermore, digital transformation has helped organizations in expanding customer base through better interactions and swifter customer support services.

The growth of digital transformation market is expected to be restrained because of low awareness regarding use of digital transformation and stigma against using IOT and Cloud services owing to its vulnerability and possibility of leak of data. It is anticipated that extensive research and development funded by various companies and governments would help in overcoming this challenge and convert it into an opportunity for the market to thrive upon. The paramount importance of confidentiality and secrecy in the operation of many government and private companies is expected to grow the size of the digital transformation market. The digital transformation solutions have different applications in the several end-user industries. The manufacturing end-user industry offers the most opportunities in the digital transformation market. The manufacturing end-user has many different processes involved in their day-to-day operations. The solutions enable the transformation of the conventional practices digitally using automation, analytics, machine learning, and cloud computing technologies. There are several vendors offering the digital transformation solution in the market. These companies have adopted different growth strategies for increasing their geographical footprint and enhance their digital transformation products and services.

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The global Digital Transformation Market is experiencing significant growth due to various factors. The introduction of connected and data-rich solutions that are flexible and capable of incorporating state-of-the-art technologies is a major driver for this market growth. With the increasing production and sales of consumer electronics such as smartphones, tablets, laptops, and personal computers, industries across different sectors are embracing digitization.

Organizations and businesses worldwide are recognizing the benefits of digital operations, leading to a preference for digital Workforce Transformation. This shift towards digital business operations is fueling the growth of the global Digital Transformation Market. Furthermore, the rising trend of Bring Your Own Device (BYOD) approach, where employees use their personal devices for work purposes, is contributing to the expansion of this market.

The outbreak of the COVID-19 pandemic has further accelerated the demand for digital Workforce Transformation. The implementation of contactless operations and social distancing measures has compelled businesses and organizations to adopt digital solutions to ensure the smooth functioning of their operations. As a result, there is a growing emphasis on digital Workforce Transformation across industries, leading to increased market growth.

These trends, including the adoption of connected and data-rich solutions, the proliferation of consumer electronics, the BYOD approach, and the impact of COVID-19, are expected to continue driving the growth of the global Digital Transformation Market.

 Some leading companies operating in the global Digital Transformation Market.

IBM Corporation, Microsoft Corporation, SAP, Dell EMC, Google, Accenture PLC, CA Technologies, Cognizant, Adobe Systems, Oracle Corporation, Hewlett Packard Enterprise, HCL Technologies, TIBCO Software, Marlabs, and Equinix

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The global market is further segmented into type and application:

Component type (Revenue in USD Million; 2018–2028)

• Solution
• Service

• Professional Services
• Managed

Technology (Revenue in USD Million; 2018–2028)

• Cloud Computing
• Big Data & Analytics
• Mobility/Social Media
• Cybersecurity
• Artificial Intelligence (AI)
• Internet of Things (IoT)
• Others

Business Function (Revenue in USD Million; 2018–2028)

• Workforce Workforce Transformation
• Workforce Workforce Transformation
• Operational Workforce Transformation
• Product Workforce Transformation

Deployment type (Revenue in USD Million; 2018–2028)

• On-Premises
• Cloud

Organization Size type (Revenue in USD Million; 2018–2028)

• Large Enterprises
• Small and Medium Scale Enterprises.

End-User (Revenue in USD Million; 2018–2028)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

·       North America (U.S., Canada, Mexico)

·       Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)

·       Asia Pacific (China, India, Japan, South Korea, Rest of APAC)

·       Latin America (Brazil, Rest of LATAM)

·       Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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