Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Digital Transformation market is projected to reach USD 966420 Million by 2028 from an estimated USD 464190 Million in 2022, at a CAGR of 13.0% during 2023 and 2028.
Major factors driving the growth of the Digital Transformation Market:
The Digital Transformation market 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.
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. Prior to the development of XaaS and cloud computing, companies frequently had to buy and install authorized software packages locally in order to build a network. Now that XaaS is accessible, organizations can save costs and obtain the precise items they require for their unique business processes. Additionally, the XaaS model gives enterprises a great deal of flexibility and scalability. These factors are expected to drive the growth of the Digital Transformation market.
One of the most significant developments in digital transformation for 2022 is the Internet of Things (IoT), which in turn is expected to drive the growth of the Digital Transformation market. The term “Internet of Things” describes how physical items are linked to the internet and to one another so they can exchange and collect data. This information can be used to increase productivity, develop fresh company ideas, and enhance consumer experiences. IoT device proliferation is fueled by lowering costs, rising processing power, and dropping sensor prices. IoT technologies can be utilized as keys for enterprises to undergo a digital transformation as IoT devices become more accessible and less expensive to deploy.
Total experience (TE) will continue to be a key driver of the digital transformation market in the forecast period. Total experience refers to the integration of all consumer and employee touch points into a single, unified experience, including both digital (such as a website and mobile app) and physical (such as contact centers and physical storefronts) channels. Businesses need to have a thorough awareness of their consumers’ wants in order to deliver a fantastic overall experience. Additionally, companies must personalize their goods and services using cutting-edge technology like AI and AR.
Another major trend influencing the growth of the digital transformation market is automation. Technology is used to automate operations, allowing them to run on their own. Efficiency and productivity are increased by the automation of current business operations using ground-breaking technologies. Businesses will now need to adhere to automation standards in order to deploy operations seamlessly and efficiently.
AR cloud is expected to further augment the digital transformation market. Businesses have the chance to enhance connections and communication throughout their entire ecosystem thanks to AR Cloud. Businesses may develop new customer experiences and connect with employees in creative ways by blending the physical and digital worlds. Due to the excitement surrounding it, AR Cloud has become increasingly popular in digital transformation.