Digital transformation is defined as the incorporation of digital technologies into numerous aspects of an organization's operations and business models in order to drive fundamental changes and improve overall performance. It entails using technology to improve processes, customer experiences, and innovation, ultimately allowing businesses to adapt to the fast-changing digital landscape.
According to SPER Market Research, ‘Global Digital Transformation Market Size- By Solution, By Deployment, By Service, By Enterprise Size, By End-User - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Digital Transformation Market is predicted to reach 13086.86 billion by 2034 with a CAGR of 27.81%.
Drivers: Adoption of Blockchain as a Mainstream Technology. The blockchain technology is becoming widely used in digital transformation to improve transparency and trust in industries like finance, supply chain, and healthcare, helping to reduce fraud and errors. Its secure nature protects sensitive data from tampering and unauthorized access. Blockchain also simplifies processes by removing intermediaries and automating transactions with smart contracts, which cuts costs. The rising demand for blockchain comes from the need for better transparency, security, and efficiency in transactions and data management for both consumers and businesses.
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Restraints:
As organizations quickly adopt digital technologies, they face risks related to cybersecurity and data privacy. Evolving cyber threats create challenges for businesses in securing digital systems and protecting sensitive information. Strict data protection laws, like the General Data Protection Regulation (GDPR), require compliance, adding to these challenges. Businesses must invest in strong data security measures, increasing costs. Companies offering digital transformation solutions must ensure their products are secure and comply with regulations. Some businesses may avoid digital transformation due to concerns about data privacy and cybersecurity, hindering market growth. In 2024, North America is projected to hold the largest share of the global digital transformation market. This large market share is due to increased investments in digital technologies like cloud computing, IoT, and AI & ML, as well as the rising use of robotic process automation in retail and E-commerce and in the BFSI sector to stop fraud. Some of the key market players are Accenture plc, Adobe Systems Inc, Broadcom, Inc, Cisco Systems, Inc, Dell EMC, Dempton Consulting Group, Google Inc, and others.
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Digital Transformation Market Share
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