With 20.9% CAGR, Digital Transformation Market Size to Reach USD 6.78 Billion [2022-2029] – QNT Press Release

Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) — The digital transformation market size hit USD 1.51 trillion in 2021. The market value is slated to rise from USD 1.79 trillion in 2022 to USD 6.78 trillion by 2029exhibiting a CAGR of 20.9% during the forecast period. Rapid use of cutting-edge technologies, such as AI, IoT, cloud computing, and others, is driving the global market share for digital transformation, says Fortune Business Insightstm in its report titled, “Digital Transformation Market Forecast, 2022-2029”.

COVID-19 Pandemic Spurred the Growth of the Global Market

Following the pandemic, a number of organizations planned to make investments in cutting-edge technologies to address the rising need for digitization. Due to lockdown scenarios caused by the COVID-19 pandemic for a set amount of time, organizations across the world were experiencing finance difficulties. Businesses have given their staff members the option of working remotely during this pandemic. Attributed to this, a number of IT businesses intend to use the software as a service and infrastructure as a service to handle their remote workforce.

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By Technology, IoT is Anticipated to Dominate the Global Market Share

The expansion of the cloud-based digital transformation market share is anticipated to be driven by rising IoT device usage and an increase in data generation. IoT devices produce a significant volume of data, which needs additional storage space.

By Enterprise Type, Large Enterprises to Lead Driven by Digitization Need

The large enterprises segment is expected to have the largest share in the global market. This is primarily due to increased digitalization and large-scale businesses adopting cutting-edge technologies such as cloud computing, AI, and IoT.

By Deployment Model, Adoption of Cloud Services Drives Market Growth

The prediction period shows that the CAGR for the cloud segment will be the greatest. The market is growing as a result of increasing cloud infrastructure investments and the quick migration of company workloads from on-premises to cloud.

By Industry, Healthcare will Show Expansive Growth

The healthcare segment will witness the highest anticipated CAGR over the forecast period. The need for natural language processing has marginally increased as a result of the growing usage …

Full story available on Benzinga.com

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