digital transformation in spending market was valued at USD 511.90 billion in 2021 and is expected to reach USD 2058.55 billion by 2029, registering a CAGR of 19.00% during the forecast period of 2023-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
A high quality Digital Transformation in Spending Market analysis report is structured with full commitment and transparency in research. This market report offers CAGR value fluctuation during the forecast period of 2021-2029 for the market. The report provides statistics on the current state of the industry as a valuable source of guidance and direction for companies and investors interested in this market. Market share analysis and key trend analysis are the two other major success factors of this market report. Competitive analysis covered in this influential Digital Transformation in Spending market report helps to get ideas about the strategies of key players in the market.
A strong research methodology used in the large scale Digital Transformation in Spending market report consists of data models that include Market Overview and Guide, Vendor Positioning Grid, Market Time Line Analysis, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. The most relevant, unique and creditable global market research report is brought for valuable customers and clients depending upon their specific business needs. The worldwide Digital Transformation in Spending market report is generated with the systematic gathering and analysis of information about individuals or organizations which is conducted through social and opinion research.
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Key Players Mentioned in the Digital Transformation in Spending Market Research Report:
Microsoft Inc (U.S.), IBM (U.S.), SAP SE (Germany), Oracle (U.S.), Google Inc (U.S.), Cognizant (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Adobe (U.S.), Accenture (Ireland), HCL Technologies Limited (India), Broadcom (U.S.), Equinix, Inc. (U.S.), Dell Inc., (U.S.), TIBCO Software Inc. (U.S.), Marlabs (U.S.), Alcor Solutions, Inc. (U.S.), SmartStream Technologies ltd. (U.K.), Yash Technologies (U.S.), Interfacing (Canada), Kissflow, Inc. (India), eMudhra (India), Process Maker (U.S.), Process Street (U.S.), Happiest Minds (India), Scoro Software (U.K.), Brillio (U.S.) and Aexonic Technologies (U.S.)
Recent Developments
-In April 2021, In preparation for the second season, Oracle and SailGP, the top sailing racing league in the world, have expanded their successful Digital Transformation platform. SailGP uses Oracle Cloud Infrastructure (OCI) to deliver real-time data to all eight of the league's national teams and broadcast partners and viewers worldwide.
-In April 2020, IBM unveiled innovative AI-driven technology. IBM recently introduced revolutionary AI-powered solutions to aid the Health and Research Community in finding medical insights and COVID-19 treatments faster.
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Digital Transformation in Spending Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Burgeoning Demand for Personalized Digital Transformation
Different company growth issues such as the sales operation, corporate cooperation, and digital client base, are faced by every enterprise. Solutions for digital transformation successfully address issues unique to the industry sector and company segment. For instance, an auto parts manufacturer cannot potentially benefit from the same digital transformation strategy as a company that manufactures textiles. As a result, market vendors are providing highly customized digital transformation solutions to solve their clients' difficulties with corporate growth. With enterprise data, this level of personation is achievable. Enterprise data is being generated in massive numbers and is expanding exponentially. Since most of these are typically not streamlined, new technologies like AI, big data, ML, and data analytics can produce useful business insights and significantly increase income in these situations. As a result, market suppliers concentrate on creating individualized digital transformation solutions that precisely satisfy the needs of various industries and businesses.
Furthermore, the factors such as increasing demand of the mobile devices coupled with the easiness in access offered by online services and block chain will accelerate the overall market expansion during the forecast period. Additionally, the rising need to improve the operational performance is anticipated to drive the growth rate of the digital transformation in spending market. The increasing spending on marketing and advertising activities by enterprises will further positively impact the market's growth rate during the forecast period.
Opportunities
Adoption of Digital Initiatives
The industrials must implement programs broadly to have a substantial influence. The development of new enterprise-wide business processes is required for scaling up. Businesses will need to resolve potential conflicts as their online presence grows since traditional channels, like in-person interactions, will continue to be important. The acceptance and scaling phase is typically the most challenging aspect of any digitalization initiative. To succeed, industrial organizations must continually reevaluate their top domains, value levers, solutions, and use cases. Numerous applications across industries, including the material handling, aviation, medical, agricultural, and energy sectors, have shown the value of AI-driven automation. AI is being used to identify equipment problems and find irregularities in products, in addition to automating operations.
Based on types, the Digital Transformation in Spending Market Segmentations
Technology
Cloud Computing
Artificial Intelligence
Big Data and Analytics
Mobility/Social Media
Cybersecurity
Internet of Things
Others
Service
Professional Services
Implementation and Integration
Deployment Type
Cloud
On-Premises
Organization Size
Small and Medium-Sized Enterprises
Large Enterprises
Vertical
Banking
Financial Services and Insurance
IT and Telecom
Manufacturing
Education
Retail
Media and Entertainment
Government
Others
Global Digital Transformation in Spending Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2023-2029):
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America (Brazil, Argentina and Colombia etc.)
Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
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The report also tracks the latest market dynamics, such as driving factors, restraining factors, and industry news like mergers, acquisitions, and investments. It provides market size (value and volume), market share, growth rate by types, applications, and combines both qualitative and quantitative methods to make micro and macro forecasts in different regions or countries.
Benefits:
- This research offers a comprehensive analysis of current trends, projections, and dynamics for the years, with the goal of assisting in the identification of current market opportunities.
- The individual market revenue of the major countries in each area is mapped.
- The research examines the Digital Transformation in Spending market circumstances on a regional and country-by-country basis.
- The Digital Transformation in Spending market’s major participants have been identified.
- To understand the competitive environment across geographies, this study assesses the competitive landscape and conducts a value chain analysis.
- An in-depth analysis of the Digital Transformation in Spending market’s segmentation within the market has been offered, which is predicted to aid in the current market opportunities.
Table of Contents
- Part 01: Executive Summary
- Part 02: Scope of the Digital Transformation in Spending Market Report
- Part 03: Global Digital Transformation in Spending Market Landscape
- Part 04: Global Digital Transformation in Spending Market Sizing
- Part 05: Global Digital Transformation in Spending Market Segmentation By Product
- Part 06: Five Forces Analysis
- Part 07: Customer Landscape
- Part 08: Geographic Landscape
- Part 09: Decision Framework
- Part 10: Drivers and Challenges
- Part 11: Market Trends
- Part 12: Vendor Landscape
- Part 13: Vendor Analysis
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