Digital Transformation Market To Grow At 13% CAGR By 2028: Report

New report suggests that the digital transformation market is expected to reach USD 966.42 billion by 2028, growing at a CAGR of 13.0 per cent between 2023 and 2028.

In 2022, the digital transformation market is estimated to be worth USD 464 billion.

Between 2023-28, the digital transformation market growth is anticipated to be driven by factors including the requirement for company continuity during emergency situations like COVID-19. 

Furthermore, the digital transformation market is anticipated to be driven by the requirement for enterprises to continuously adapt and evolve to suit the ever-changing needs of their customers, according to the report.

The report highlights that one of the major trends in the digital transition, known as everything as a service (XaaS), is anticipated to take off in 2022. A subscription-based service model known as XaaS allows businesses to deliver their goods and services to customers.

Interestingly, the Valuates report also says that AR cloud is expected to augment the digital transformation market too between 2023-28. “Due to the excitement surrounding it, AR Cloud has become increasingly popular in digital transformation,” the report said.

Today, North America is largest market for digital transformation, with a share of over 35 per cent, followed by Europe and China, both of which have a share of over 40 per cent.

Leading companies in the global digital transformation include IBM, Oracle, Microsoft, Dell, Huawei, etc. The top five providers globally control almost 30 per cent of the market.