The global digital transformation market size is projected to reach USD 3,546.80 billion by 2028. This information is given by Fortune Business Insights™ in a new report, titled, “Digital Transformation Market, 2021-2028.” The report further mentions that the market stood at USD 737.88 billion in 2020. It would exhibit a CAGR of 22.1% during the forecast period between 2021 to 2028. The rapid innovations in Industry 4.0 have boosted the development of AI-powered robots, SCARA robots, single-axis robots, and collaborative robotics. In January 2021, NuTec Tooling Systems, for instance, bagged a new contract from a medical device OEM to develop a unique system for automating the process of coating plastic syringes, including COVID-19 applications. The company will deploy its SCARA robots to handle the parts cost-effectively.
Adoption of Novel Technologies to Normalize Market Growth amid COVID-19 Pandemic
In the first quarter of 2020, the digital transformation showcased a mixed impact of the COVID-19 pandemic. Several companies closed their production facilities across the globe because of lockdown and social distancing measures implemented by government bodies. But, it would be back to normal gradually in the upcoming years as the adoption of innovative technologies, such as industrial robots, cloud, and AI is increasing among enterprises. Our research reports will help you gain authentic insights into the industry for regaining business confidence.
Drivers Restraints-
Increasing Demand for Customer-centric Business Models to Accelerate Growth
Numerous companies worldwide have started integrating unique technologies, such as artificial intelligence and big data analytics into their pre-existing service models for developing advanced products and services to compete with their rivals. In addition to this, companies would be able to achieve customer-centric business models owing to the higher adoption of digital technologies as they provide multiple opportunities. Hence, they are shifting toward digital transformation to enhance customer experience. However, organizations can often fall prey to cyber-attacks and need to adopt better privacy solutions. It may obstruct the digital transformation market growth in the near future.
Regional Insights-
Urgent Need to Felicitate Industrial Modernization will Propel Growth in Asia Pacific
- North America: The region is expected to dominate throughout the forthcoming years backed by the rapidly transforming face of It is mainly propelled by dynamic consumer demand, digitization, and high market competition. The region generated USD 234.73 billion in 2020 in terms of revenue.
- Europe: It would remain in the second position because of the rising government initiatives in France and the U.K., for encouraging companies to use digital technologies. Besides, the surging number of data flows and connected devices in the region would aid the demand for digital transformation.
- Asia Pacific: It is anticipated to grow considerably stoked by the constant evolution of relevant strategies and policies in Japan, India, and China for upgrading digital transformation and bolstering domestic industrial modernization.
Fortune Business Insights™ lists out the names of all the reputed companies operating in the global market. They are as follows:
- Amazon Web Services (Washington, United States)
- Oracle Corporation (California, United States)
- Microsoft Corporation (Mexico, United States)
- VMware, Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- IBM Corporation (New York, United States)
- com Inc. (California, United States)
- HCL Technologies Limited (Noida, India)
- Wipro Limited (Bengaluru, India)
- Accenture plc (Dublin, Ireland)
- Cisco Systems, Inc. (California, United States)
- Teradata Corporation (California, United States)
- Cloudera, Inc. (California, United States)
- Tableau Software (Washington, United States)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Apple Inc. (California, United States)
- NVIDIA Corporation (California, United States)
