Redefining Industries: The Impact of Digital Transformation on Markets

 San Francisco, 31 May 2024: The Report Digital Transformation Market Size, Share, Growth & Trends Analysis Report By Solution, By Deployment, By Service, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 - 2030

A strategic approach in the digital transformation market has prompted organizations to cash in on the full value of innovation and technology. Disruption in the digital environment has prompted incumbent companies to align their business models and integrate conventional and digital products. Enterprises are embedding state-of-the-art technologies across their operations for business agility and increased efficiency. For instance, an organization may inject funds into cloud computing or AI, or it might bolster its supply chain procurement strategies using advanced technologies.

Compelling growth strategies, including ideation, innovation and commercialization, can help stakeholders restore purpose and unlock growth avenues. Digital transformation services can impact market capitalization on the back of digital strategy and an organization’s ability to adopt new processes. So much so that the global digital transformation market size is likely to be valued at USD 4,617.78 billion by 2030. The bullish growth outlook suggests companies are contemplating boosting their digital investment. It comes against the backdrop of the trend for digital experience platforms (DXPs), big data, AI and business intelligence.

As digitization transcends traditional roles, such as customer service, sales and marketing, the following mega-trends provide a holistic picture:

Blockchain Dovetails with Innovation

Industries, companies and many consortia are pinning hope on blockchain to unlock an oasis of opportunities at a pivotal juncture of technological disruptions. Incumbents and startups are expected to lead the game and shape the future through distributed ledger technology and smart contracts. The digital transformation industry is well-positioned to address existing limitations in the supply chain, data management solutions and business services. In essence, smart contracts can streamline business functions and bolster productivity by pruning the time to draft paper documents and storing contract information securely and automatically. Meanwhile, blockchain can create increased transparency in the supply chain, thereby helping underscore procurement strategies.

Big Data Analytics Forges Ahead

Businesses are leaving no stone unturned to explore predictive modeling under the aegis of automation to make more informed decisions. Amidst an influx of data, C-suite leaders envisage data analytics as second to none to respond to market trends aptly. Organizations are counting on big data analytics for real-time feedback, reduction of equipment downtime, and increased operational efficiency. Investments in big data can be tantamount to increased customer satisfaction, data integration and data management strategies. Companies are likely to seek bespoke solutions to enhance digital interaction and enhance return on investment (RoI).

Cybersecurity Vital on the Way to Industry 4.0

Rampant cyberattacks have served as a compass, pointing organizations toward robust cybersecurity solutions on a path toward a digital economy. In December 2023, Russia’s Foreign Intelligence Service (SVR) was reported to have targeted servers to test and compile software with the intention of maliciously modifying the source code of developers. As such, the U.S. federal government has rolled out a U.S. Cyber Trust Mark certification and labeling program to protect consumers. Industry leaders are expected to integrate AI with cyber defense tools to detect anomalous network traffic and other adversary activity more efficiently.

Healthcare Providers Keep Abreast of the Trend

The proliferation of telehealth, wearable medical devices, 5G and virtual reality tools has become a vital proposition for healthcare providers to boost patient experience. In essence, wearable devices have gained an impetus to underscore preventative medicine, while virtual reality can help doctors acquire better training. Prevailing dynamics allude to a surge in healthcare spending. To illustrate, the National Healthcare Expenditure (NHE) in the U.S. stood at USD 4.5 trillion in 2022. The average growth in NHE is likely to outpace the average GDP growth (over 2022-2031), the former standing at 5.4%, while the latter accounting for 4.6%.

A culture of innovation and change is gradually permeating the healthcare sector with the penetration of AI, electronic health records (EHR), telemedicine and data analytics.

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Key Digital Transformation Companies:

The following are the leading companies in the digital transformation market. These companies collectively hold the largest market share and dictate industry trends.

• Accenture plc
• Adobe Systems Inc.
• Broadcom, Inc.
• Cisco Systems, Inc.
• Dell EMC
• Dempton Consulting Group
• Google Inc.
• Happiest Minds
• Hewlett Packard Enterprise Co.
• International Business Machines Corporation
• Kellton Tech Solutions Ltd.
• Microsoft Corporation
• Salesforce, Inc.
• SAP SE
• TIBCO Software

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