Digital Transformation Market size is forecast to reach $1.3 trillion by 2027 – IndustryARC
Digital Transformation Market size is forecast to reach $1.3 trillion by 2027, growing at a CAGR of 16.4% from 2022 to 2027. Digital Transformation Market is estimated to witness substantial growth over the forecast period primarily due to advancements in healthcare systems and improvements in healthcare infrastructure and government initiatives and an increase in per capita healthcare is driving the market growth. Digital transformation is the integration of digital technology into all aspects of how healthcare business interacts with patients, healthcare providers, and regulators. The rise in telemedicine has improved doctor visits across multiple channels digitally and remote patient monitoring uses digital technologies to monitor and capture medical and other health data from patients electronically.
Competitive Landscape:
The top 5 players in the Digital Transformation industry are –
1. IBM Corporation
2. CGI Group Inc
3. Accenture PLC
4. Deloitte LLP
5. HCL Technologies
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Segmental Analysis:
1. The artificial Intelligence segment is expected to grow at a higher CAGR of 19.9% during the forecast period 2022-2027. This is due to Artificial Intelligence offering an array of advantages over clinical decision-making techniques.
2. The water industry is progressing towards a new level due to digitalization which has led to the use of connected and intelligent systems resulting in efficient energy usage, reducing water losses, and resource optimization to a much higher extent.
3. North America is expected to dominate the Digital Transformation Market size with a CAGR of 20.5% in the forecast period 2022-2027. The demand is majorly driven by the growing demand for the healthcare sector in the region, specifically in the United States. It is owing to the emerging technologies involved in digitalization which include IoT, virtual reality, AI and Others.
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Report Coverage |
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Report Attributes |
Details |
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By Technology |
Artificial Intelligence, Cloud Computing, Big Data Analytics and Internet of Things, Cybersecurity, AR/VR, Blockchain, Robotics, Mobility and Others. |
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By Offering |
Software (Cloud, On-Premises, Hybrid) Services (Professional, Managed).
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By Organization Size |
SME, Large Enterprises.
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By Geography |
North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC(China, Japan India, SK, Australia, Indonesia and Others), South America(Brazil, Argentina, Chile, Colombia and others) and RoW (the Middle East and Africa).
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Market Drivers and Challenges:
1. An increase in per capita healthcare and initiatives by governments are the two factors fueling the demand for enhanced healthcare services. Various government and healthcare organizations such as hospitals, clinics and pharmaceutical companies are increasing investments in their IT infrastructure in order to better improve customer needs.
2. Aging plants deviate from functioning at optimum efficiency and this can lead to an increase in power usage along with frequent asset and components breakdown which at times result in severe loss of money and operator’s life as well. To ensure efficient process flow and safety, utilities are adopting digital solutions for continuous monitoring of plant assets to optimize their usage, maintenance schedule and so on.
3. The current period has been observing a gradual decline in the profitability of many European gas-fired power plants. Numerous utilities have decided to either decommission or temporarily shut down a number of gas-fired plants.
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