Research Review | Increased dependency on AI and ML expected to fuel enterprise-level digital transformation
A new research report published by The Business Research Company, entitled “Digital Transformation Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026”, states that the increased adoption of artificial intelligence (AI) and machine learning (ML) will drive the growth of the digital transformation market for the foreseeable future.
Talking numbers, the global digital transformation market size is expected to grow from $9.4 million in 2021 to $1.17 trillion in 2022; that’s a compound annual growth rate (CAGR) of 24.7%. Looking ahead to 2026, the global digital transformation market share is expected to grow to $2.64 trillion at a CAGR of 22.4%.
Solution providers that help their customers with digital transformation often provide enterprises with solutions like cloud computing, big data and analytics, data management, and other advanced features such as artificial intelligence and machine learning. The goal in providing these technologies is to help with the optimization of business operations, leading to reduced efforts in operations and increased efficiency. Solution providers are seeing increased demand for digital transformation strategies from various sectors, including healthcare, banking, transportation, manufacturing, and others.
The report points out that major enterprises operating in the digital transformation market are aware of this trend and have placed heavy focus on developing technologically advanced products to strengthen their market position. These companies include, but are not limited to, the following:
· Dell EMC
· Google Inc.
· Apple Inc.
· Microsoft Corporation
· IBM Corporation
· Oracle Corporation
· Siemens AG
· Hewlett-Packard Company
· Adobe Systems Inc.
Regionally speaking, North America looks to be the largest region in the digital transformation market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global digital transformation market during the total forecast period.
Other regions covered in the global digital transformation industry outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
In addition to market size and forecasts, the report also covers market share, key strategies to undertake, and more. Download it in full