GVR Report cover Digital Transformation Market Size, Share & Trends Report

Digital Transformation Market Size, Share & Trends Analysis Report By Solution (Analytics, Mobility), By Deployment, By Service, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-851-0
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global digital transformation market size was estimated at USD 731.13 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 26.7% from 2023 to 2030. The market growth can be attributed to the growing adoption of cutting-edge technologies such as Artificial Intelligence (AI), cyber security, Business Intelligence (BI), big data analytics, and cloud, which sparked innovation and transformation in the business environment, resulting in increased revenue. The COVID-19 pandemic has forced businesses to opt for cloud technologies for remote working. This has resulted in the growing demand for cloud services for business continuity. In addition, with the growing number of remote workers, more businesses are being conducted using email and collaboration & digital tools, which is expected to drive the growth of the market.

U.S. Digital Transformation Market size and growth rate, 2023 - 2030

Digital transformation assists organizations in coping with various risks and handling disruptions such as geopolitical conditions, marketplace fluctuations, and rebuilding corporate structures.Businesses are increasingly utilizing AI, big data, and BI, to collect real-time information, get actionable insights, better understand client needs, and boost overall efficiency. The market players emphasize developing advanced technology-equipped market solutions to improve their business profitability, driving market growth. For instance, in June 2021, Genesys launched Genesys DX, a digital customer engagement offering. Its solution leverages the company’s customer experience and AI expertise and helps organizations predict customer intent and understand customer needs.

Increasing the use of digital experience platforms (DXPs) to enhance the customer experience and brand loyalty is creating a positive outlook for the digital transformation market. End-use companies from industries/sectors such as BFSI, retail, IT & telecom, and healthcare are implementing DXPs in their business operations to improve customer engagement and accelerate the product’s time to market. End-use companies are partnering with industry players to implement DXPs in their business models. For instance, in August 2021, CoStrategix collaborated with DXP provider Optimizely to enable its clients to create customer-first digital experiences. In addition, CoStrategix easily integrated the Optimizely DXP platform into its existing cloud platform to make efficient data-driven decisions, supporting market growth.

Digital technologies are leading to the rapid shift from legacy systems to modern and efficient systems. For some businesses, digital transformation will be an IT initiative aimed at gaining a competitive advantage. Others will see it to address expanding client needs as part of their strategy to stay relevant. Organizations demand immediate, precise, and real-time feedback with the help of big data analysis to develop new products and services or improve existing ones and gain a competitive advantage. Furthermore, with the shifting focus of end-user companies on remote working & digital workplaces, automation and AI technological proliferation are playing a vital role in creating new opportunities for organizations to streamline the process and improve productivity, supporting the market’s growth.

Digital transformation solutions are designed to enhance the consumer buying experience in both Business-to-Business (B2B) and Business-to-Customer (B2C) scenarios. The evolution of custom development has quickly become a part of the principal methods used by companies to bring customers closer to the company and its brand. Customized development is the creation of a personalized user experience for a brand. Apps are the main customer development sources, and their prevalence reflects their demand. Thus, the demand for customized digitally accessible apps and services that are developing personalized user experience are increasing.

Solution Insights

The analytics segment held the largest market share of more than 30.0% in 2022, attributable to the analytical solutions' ability to support a broad range of applications across various end-use industries and growing demand by end-use firms to gain powerful insights from enormous data volumes. The analytical solutions in the market assist industries in increasing operational efficiency, improving yield, and reducing equipment downtime. With the effective use of analytical solutions, end-user companies can understand consumer purchasing patterns and forecast sales more precisely.

The social media segment is anticipated to grow at the fastest CAGR of approximately 28.0% during the forecast period. The shifting focus of end-user enterprises on utilizing social media to reach the maximum potential audience and improve their brand representation is propelling segment growth. Social media is used for promoting sales, marketing of available products & services, maintaining public relations, and product launches. Furthermore, businesses increasingly use social media to gain critical market insights. Higher competition, pressure from consumers, and evolving technologies are compelling businesses to produce, promote, and operate with higher agility & creativity, supporting segment growth.

Service Insights

The professional services segment held the largest revenue share of 74.8% in 2022. The significant market share can be attributed to the growing demand for professional services such as managed & consulting services in various industries. Organizations digitalizing their business operations need professional services to resolve various issues, such as cultural transformation and vendor selection. The market is anticipated to grow as professional service providers help end-user organizations in deploying and utilizing the appropriate resources.

The implementation and integration segment is anticipated to grow at a notable CAGR of 26.6% during the forecast period owing to end-user organizations' inclination towards implementation service providers for seamless deployment of digital solutions. Furthermore, the implementation & integration of digital transformation solutions is a tedious job which creates the need for proper assistance for deploying the solutions in the existing framework, supporting the segment growth.

Deployment Insights

The on-premises segment held the largest market share of 51.1% in 2022. On-premise solutions offer advanced data security, which makes it easier for end-user companies to comply with various government regulations. Further, on-premise digital transformation solutions offer better control over sensitive data to businesses. However, shifting end-user companies’ focus on cloud-based digital transformation solutions owing to its low operating costs & diverse subscription plans is expected to restrict the market growth in the forecast period.

The hosted segment is expected to grow at the fastest CAGR of 29.9% through 2030. The significant growth can be attributed to advancements in information-sharing technologies and the increasing use of mobile devices. Cloud-based digital transformation solutions facilitate effective and efficient ways to adapt to evolving market environments. Furthermore, increasing public and private investments in cloud technology are anticipated to create a favorable environment for segment growth in the forecast period.

Enterprise Size Insights

The large enterprise segment held the largest market share of 58.4% in 2022. Large enterprises are emphasizing digital transformation as it offers a smooth execution of the business process and cost-effectiveness. This is essential for large enterprises as they need better adaptability, data protection, and simplicity of framework coordination. Large enterprises have better financial capability, which enables them to implement advanced techniques across the entire organization and improve their business profitability.

The Small & Medium Enterprise (SME) segment is anticipated to grow at a significant CAGR of 28.3% over the forecast period. The increasing importance of enhanced customer experience, increased business scalability, and rapid digitization is propelling the adoption of digital transformation solutions in SMEs. Furthermore, there is increasing demand for cloud-based solutions owing to its lower costs and wider availability. These factors may propel the growth of the market in SMEs during the forecast period.

End-use Insights

The BFSI segment held the largest market share of over 28.3% in 2022 due to the shifting attention of financial institutions and banks toward offering enriched consumer experiences to increase their customer base and improve brand identity. The increased focus of banks on providing seamless technical support and assistance to increase customer retention rate is driving segment growth. The growing popularity of remote working has fueled the growth of the market in the BFSI industry.

Global Digital Transformation Market Report Segmentation

The healthcare segment is anticipated to grow at the fastest CAGR of 28.6% over the forecast period. In the healthcare industry, digital transformation solutions can produce tremendous results in sales and marketing apart from providing a holistic view of each patient. As such, the key market players are concentrating on modernizing their digital transformation solutions by integrating sophisticated technologies, such as AI, ML, and big data, into their business portfolios. Furthermore, healthcare digitization enables organizations to deliver contextual and predictive offerings to their customers.

Regional Insights

North America held the largest revenue share of 43.2% in 2022 owing to the high adoption of different types of online payment modes and rapid adoption of cloud computing technologies. Furthermore, the growing consumer preference for digital media to post reviews and share experiences is prompting brands and enterprises to adopt digital transformation solutions and develop a customer-centric business model. As such, enterprises in the U.S. and Canada are spending aggressively and allocating a dedicated budget for marketing and digital channels, supporting the industry trend.

Digital Transformation Market Trends by Region, 2023 - 2030

The Asia Pacific is anticipated to rise as the fastest developing regional market at the fastest CAGR of 29.4% due to the rising adoption of digital transformation solutions in SMEs. The growing adoption of AI-driven advanced analytics tools and IoT-based sensors and devices to offer personalized services for both B2C and B2B consumers is one of the major factors contributing to the growth of the regional market. A large proportion of smartphone users in the Asia Pacific region are accessing social media through their mobile phones. Therefore, the region offers enormous opportunities for digital transformation solutions.

Key Companies & Market Share Insights

The market is competitive with the presence of major companies such as Accenture plc; International Business Machines Corporation; Microsoft Corporation; and Google, Inc. These companies maintain an exhaustive product portfolio and are employed to maintain a competitive edge in the market, their product offerings, the applications segment they serve, the sophistication of their technology, their strategy to differentiate their products, and their industry impact.

The key strategies include strategic collaborations, partnerships, and agreements; new product development; capability expansion; mergers & acquisitions; and research & development initiatives. For instance, in October 2022, Accenture plc announced the expansion of their multilateral framework through a reiteration of their commitment to developing their talent, enhancing shared capabilities, and creating innovative concepts using data and AI. In addition, the companies aimed to provide improved support to assist clients in establishing a robust digital core and reinventing their businesses on the cloud. Some prominent players in the global digital transformation market include:

  • 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

Digital Transformation Market Report Scope

Report Attribute


Market size value in 2023

USD 880.28 billion

Revenue forecast in 2030

USD 4,617.78 billion

Growth rate

CAGR of 26.7% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

August 2023

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Solution, service, deployment, enterprise size, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; UK; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; UAE; Saudi Arabia

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Digital Transformation Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global digital transformation market report based on solution, service, deployment, enterprise size, end-use, and region:

  • Solution Outlook (Revenue, USD Billion, 2018 - 2030)

    • Analytics

    • Artificial Intelligence (AI)

    • Cyber Security

    • Cloud Computing

    • Mobility

    • Social Media

    • Others (Internet-of-Things (IoT), Blockchain)

  • Service Outlook (Revenue, USD Billion, 2018 - 2030)

    • Professional Services

    • Implementation & Integration

  • Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

    • Hosted

    • On-premise

  • Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

    • Large Enterprise

    • Small & Medium Enterprise

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • BFSI

    • Government

    • Healthcare

    • IT & Telecom

    • Manufacturing

    • Retail

    • Others (Education, Media & Entertainment, Transportation, Travel & Hospitality)

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • UAE

      • Saudi Arabia

      • South Africa

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