Digital Transformation Market to Witness Substantial Growth at a 24% CAGR by 2031
Digital Transformation Market size was valued at USD 561.19 Billion in 2022 and is poised to grow from USD 695.88 Billion in 2023 to USD 3,889.60 Billion by 2031, growing at a CAGR of 24% during the forecast period (2024-2031).
Digital transformation market has transformed the face of every sector. Companies are facing stronger competition than ever and are hence emphasizing the ultimate digital experience and satisfying the ever-changing demands of consumers. Irrespective of size, businesses underwent unique strategic shifts during this process, thereby impacting the market growth positively.
As companies are emphasizing digital transformation approaches, major trends are seen to be emerging. Nearly 70% of companies have identified and leveraged the technology to streamline manual processes and overall workflows as are priority, symbolizing concentration on their operational efficiency. Also, the key drivers for digital transformation include multiple efforts with nearly 51% belonging to the growth opportunities and approximately 41% driven by augmented competitive pressure. Looking forward, as the Internet of Things captured a major market share in the past years, augmented reality and virtual reality are anticipated to witness speedy growth until next year. Currently, an important trend will be intensifying the use of automation technologies in the digital transformation mission. In the same way, hyper automation, better use of cloud technologies, no-code or low-code tools, AI, and others are expected to majorly encourage company scaling.
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Artificial Intelligence to be a Major Renovation Catalyst Impacting Market
At present, businesses are emphasizing incorporating artificial intelligence in digital transformation initiatives. In the past few months, most businesses have been experimenting with generative AI and increasing their use of ML (machine learning). The same is projected to follow this year as well, but also market players are making efforts to scale artificial intelligence in their enterprises. Businesses will follow the AI trend to enhance their productivity, improve their customer experience, and improve decision-making. This will pressure AI to blend with digital transformation jobs, which aim for the same thing. CTOs and CIOstasks are to look for ways to integrate AI into digital transformation effectively. This will make remarkable changes, mainly in the customer experience domain. Here, generative AI holds potential to offer customers faster and better answers, with more companies tracking processes for better productivity.
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- April 2024: Accenture has agreed to acquireIntellera Consulting, an Italian consultancy firm operating in the public administration and healthcare sectors. The acquisition aligns with Accenture’s ongoing focus on helping Italian public service organizations enhance and transform their citizen services.
- April 2024: Capgemini today announced the signing of a strategic agreement with the Norwegian Public Roads Administration (NPRA) to enable its digital transformation journey and manage its transition towards a more data-driven entity. NPRA strives to provide a smart, safe and continuous road transport system for all of Norway and data is key in ensuring this.
- April 2024: Global experience innovation company Valtech has acquired digital transformation consultancy Kin + Carta in a deal valued at £239m. Valtech will add 1,900 consultants, engineers and data scientists to its global team through the acquisition. Kin + Carta’s footprint in the US and UK, along with its delivery centers in Latin America and southeast Europe, will strengthen Valtech’s presence in growth markets.
- June 2024: Telefónica Tech and IBM today announced a new collaboration agreement to drive the deployment of Artificial Intelligence (AI), analytics and data governance solutions and respond to the constant and dynamically evolving needs of enterprises.
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Implementing digital technologies impact in increased revenue. Each year, the promising trending factors in digital transformation hold great opportunities to make business process faster, enhance its operations. benefits like allowing software monetization, improving customer satisfaction, driving data-driven insights, and rising agility, and much more. These are projected to affect the growth of business, thereby making impact on the market.
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