Digital Transformation global market to grow at CAGR of 13% by 2028

Considering the economic change brought on by COVID-19 and the Russia-Ukraine War influence, the global market for digital transformation is anticipated to grow at a CAGR of 13.0% between 2023 and 2028. According to a Valuates Reports, the digital transformation market is estimated to grow from USD 464190 million in 2022 to USD 966420 million by 2028.

The need for business continuity during emergencies like COVID-19 is one element that is predicted to fuel the digital transformation market. In addition, it is projected that the need for businesses to continuously adapt and change to meet their customers’ constantly shifting needs will fuel the digital transformation market.

Introducing Everything as a Service (XaaS)

Everything as a service (XaaS), one of the key developments in digital transformation, is projected to take off in 2022. Businesses can provide their products and services to clients using the XaaS subscription-based service model. Organizations can now save money and get the specific goods they need for their business processes thanks to the availability of XaaS. The XaaS model also offers businesses a great deal of scalability and flexibility. Companies frequently had to purchase and install authorized software packages locally to construct a network before XaaS and cloud computing emerged. These elements are anticipated to fuel the market for digital transformation’s expansion.

IoT is the most significant development in digital transformation

The Internet of Things (IoT) is one of the most significant developments in digital transformation for 2022, and it is expected to drive the growth of the Digital Transformation market. The phrase “Internet of Things” refers to how physical objects are connected to the internet and to one another to exchange and collect data. This data can boost productivity, generate new business ideas, and improve customer experiences. The proliferation of IoT devices is being fueled by lower costs, rising processing power, and falling sensor prices. As IoT devices become more accessible and less expensive, they can be used as keys for enterprises to undergo digital transformation.

Total experience, automation, and AR cloud remain major market drivers

Total experience (TE) will continue to be a significant market driver for digital transformation. Total experience combines all customer and employee touchpoints into one seamless experience. This includes digital and physical channels, such as websites, mobile apps, contact centers, and physical storefronts. Businesses must have a solid understanding of their customers’ desire to provide an excellent overall experience. Additionally, companies must use cutting-edge technologies like AI and AR to tailor their products and services.

Automation is a significant trend that is affecting the development of the market for digital transformation. Operations are automated using technology, which enables them to function independently.

AR cloud is anticipated to help the market for digital transformation grow even further. Thanks to AR Cloud, businesses have the opportunity to improve connections and communication throughout their whole ecosystem.

WRITTEN BY

Team Eela

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