Digital Transformation Market Worth $1,548.9 Bn By 2027: Report
Digital Transformation Market size is expected to grow to USD 1,548.9 billion by 2027. During the forecast period, cloud segment is expected to grow at the highest CAGR.
The MarketsandMarkets™ report says that the global Digital Transformation Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1 per cent to reach USD 1,548.9 billion by 2027 from USD 594.5 billion in 2022.
In comparison to other regions, North America is anticipated to have the highest adoption of digital transformation solutions. This is mostly owing to the presence of numerous developed economies, such as Canada and US, as well as the emphasis on innovations produced through R&D and different technology.
During the forecast period North America is expected to register the largest market size during the forecast period and is projected to grow to USD 451,508 million by 2027, at a CAGR of 18 per cent during the forecast period.
Some major players in the Digital Transformation Market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), and Aexonic Technologies (India).
During the forecast period, cloud segment is expected to grow at the highest CAGR. “The on-premises digital transformation solutions had been adopted by various businesses due to its better control and management of data. While end users who are worried about cost and security tend to choose the cloud deployment type, the on-premises deployment type offers scalability and flexibility,” the report stated.
The report noted that the extent of digital transformation had expanded due to shifting consumer preferences, the quick rapid growth of mobile devices and applications, increasing penetration of IoT, and the acceptance of cloud services as well.
