Smart City Initiative Aims to Drive Digital Transformations Market Growth by 2028
Growing Use of AI &
Robotics in End-Use Industries is Expected to Drive the Growth of the Global
Digital Transformation Market during the forecast period of 2024-2028
According to
TechSci Research report, Digital Transformations Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Digital
Transformations market is anticipated to register a robust growth during the
forecast period, 2024-2028. Global Digital
Transformations Market is growing owing to rising demand for customized digital
transformation within companies. Moreover, businesses face variety of obstacles
when it comes to expansion, like sales activities, business partnerships,
clientele and IT infrastructure. These issues are resolved with the aid of
digital transformation solutions. Additionally, market suppliers provide highly
customized digital transformation solutions to address the business concerns of
their clients. This level of personalization is made possible by the suppliers'
data and as a result customized digital transformation satisfies client needs
and demands.
The fast
development of technology over the past two decades has enabled firms to
deliver cutting-edge services while also facilitating a change in client
expectations. Owing to the significant benefits that digitalization offers to
clients, the speed of this digitization is expected to accelerate. Customers
can now easily communicate their thoughts, ideas, and opinions with the public
thanks to advanced technology. Customers today place a great importance on
customer experience and prefer reading reviews from strangers than
advertisements. Additionally, consumers today anticipate quick replies from
businesses, as well as self-serve alternatives, simple access to tools and solutions,
personalized messages, and other such services. This is forcing companies to
adopt digital transformation hence driving the growth in the global digital
transformation market.
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Global Digital Transformation market is segmented on the basis
of technology, end use, and deployment type. Based on technology, the market is
segmented into data analytics,
cloud computing, AI, IoT, and block chain. Organizations
are searching for innovative ways to effectively integrate and manage their
larger device networks as the number of smartphone users rise. Organizations
have found that using mobility-focused solutions is an efficient method to learn
about the whereabouts of their users' devices, who is using them, and what data
they are accessing. By limiting third party engagement, this helps companies
further cut expenses associated with upgrades and plan modifications.
Applications for personalization, information/content, integrated smart
enterprises, productivity and workflows, transaction/commerce, business
verticals, community, engagement marketing, and loyalty are among the areas
where mobility solutions can be used.
During the
forecast period, the blockchain technology segment is expected to develop at
the fastest CAGR. The rising demand for transactions from the financial sector
is to blame for this. Additionally, booming investments in this technology are expected
to spur market expansion in a number of nations, including the United States,
Singapore, Argentina, and Switzerland.
Data analytics
enables businesses to make strategic, important modifications that lower costs
and increase output. This further aids businesses in maintaining their
competitiveness in the marketplace. Organizations can make future projections
and make the necessary modifications to achieve goals with the use of
information about the current situation of their consumers and employees.
Based on end use,
the market is segmented into healthcare,
government, BFSI, retail, manufacturing, telecom & IT, and others. The
category of banking, financial services, and insurance (BFSI) held the largest market
share for digital transformation, and it is expected that it will continue to
dominate the market owing to the use of digital technology. Businesses in the
BFSI sector are continually implementing new customer-centric strategies and
scurrying frantically to satisfy client expectations. The need for digital
transformation in the BFSI sector is being driven by increased usage of smart
devices for daily financial activities, growing demand for excellent end-user
or customer experience, and improved connectivity.
Key market
players in the Global Digital Transformations Market:
- Amazon Web Services
- Oracle Corporation
- Microsoft
Corporation
- VMware, Inc.
- SAP SE
- IBM Corporation
- Salesforce.com Inc.,
- HCL Technologies
Limited
- Wipro Limited
- Accenture plc.
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“During the forecast
period, the healthcare segment is anticipated to register the highest CAGR.
Flexible business strategies are required for effective patient care because of
the quickly increasing consumer volume. These recently constructed frameworks
will address risk factors related to costs and encourage the adoption of
innovative marketing tactics. By making smarter decisions, they would also
improve the patient experience and utilizing time and resources effectively
will be simpler. Digital transformation is altering the healthcare sector for
improved treatment plans and outcomes. Some specific examples include
telemedicine, AI-driven medical equipment and patient care robots, and
electronic health records.” said, Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Segmented By Service
Type (IoT Consulting Service, IoT Infrastructure Service, System Designing
& Integration Service, Support & Maintenance Service, and Education
& Training Service), By Organization Size (SMEs, Large Enterprises), By
Deployment Type (Cloud, On-premises), By End Use Industry (IT & Telecom,
Retail, Manufacturing, Healthcare, BFSI and Others), By Region, Competition has evaluated the future growth potential of digital
transformations market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with the essential drivers, challenges, and opportunities in the global
digital transformations market.
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