The global digital transformation market size is expected to reach USD 3,810.05 billion by 2030, registering a CAGR of 23.1% from 2022 to 2030, according to Grand View Research. The development is ascribed to the increasing need for the establishment of innovative solutions that are equipped to engage customers as well as employees to seamlessly integrate data, operations, IT, and business. Besides, the high acceptance and demand of the Internet of Things (IoT) and other evolving technologies are boosting the growth of the market.
- The social media segment is expected to experience a considerable CAGR of 25% over the forecast period. In recent years the use of mobile technology has exponentially increased, due to which social media has transformed and it is now favoring the market growth.
- After successfully implementing digital transformation solutions, companies will still need maintenance and support from their vendors. This is believed to raise the demand for professional services over the forecast period.
- The hosted deployment segment accounted for a market share of over 45% in 2021 and it is expected to experience the boost attributable to benefits like accessibility, reduced cost, and enhanced security.
- The growth of digital transformation is witnessed across the large enterprise segment which holds over 55% of the revenue share in 2021. It is anticipated to experience tremendous growth over the forecast period as large enterprises are concentrating on enhancing the productivity and effectiveness of employees by utilizing digital transformation solutions.
- The healthcare segment is expected to register the fastest CAGR of 24% from 2022 to 2030. This is due to high customer expectations and the rising focus of medical services providers towards making the patient journey easy by streamlining operations and correctly understanding the need of patients.
- The Asia Pacific region is expected to grow at a remarkable rate and reach USD 1,306.82 billion by 2030, such development is due to the developing interest in the utilization of the Internet of Things (IoT), predictive analytics, Artificial Intelligence (AI), and other advanced technologies in the regional market.