The increased use of machine learning and artificial

LONDON, Sept. 14, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the digital transformation market, the increasing adoption of machine learning and artificial intelligence is expected to drive the growth of the digital transformation market in the future. Digital transformation provides traditional businesses with solutions such as cloud computing, big data and analytics, data management and other advanced features such as artificial intelligence and machine learning, which contribute to the optimization of business operations, resulting in reduced effort in operations and increased efficiency. Thus, their usage has increased in various sectors such as healthcare, banking, transportation, manufacturing, and others, increasing the demand in the digital transformation market.

For example, according to the report published by Cloudmantra, an India-based technology services company, the use of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20% while reducing the use materials by 4% in 2021. It also gives manufacturers the ability to control overall equipment effectiveness (OEE) at the plant level, increasing OEE performance by 65% ​​to 85%. Additionally, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers are using artificial intelligence to improve day-to-day operations, design products, and plan future operations. Hence, the increasing adoption of machine learning and AI is driving the digital transformation market.

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The size of the global digital transformation market is expected to grow from $0.94 trillion in 2021 to $1.17 trillion in 2022 at a compound annual growth rate (CAGR) of 24.7%. The global digital transformation market share is expected to reach $2.64 trillion in 2026 at 22.4% CAGR.

Technological advancements in digital solutions are gaining popularity among digital transformation market trends. Major companies operating in the digital transformation market are focusing on developing technologically advanced products to strengthen their market position. For example, in April 2020, Oracle Corporation, an IT technology company and software solution provider based in the United States, created a new cloud data storage service called GoldenGate, a cloud infrastructure software from Oracle which uses real-time data analytics for data analysis. Real-time data analysis provides very fast analysis of data using different logical and mathematical operations, which helps to understand business needs and implement any decision instantly. GoldenGate provides customers with highly automated and fully managed cloud service such as database replication, real-time data analysis and real-time data ingestion in the cloud, which will make daily business operations easy and analyzable.

Key players in the digital transformation market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Google Inc., Cognizant, Accenture PLC, Dell EMC, Siemens AG, Hewlett-Packard Company, Adobe Systems Inc., Capgemini, Cognex Corporation, Deloitte , Marlabs Inc., Equinix Inc., PricewaterhouseCoopers, Apple Inc., Broadcom, CA Technologies, KELLTON TECH, International Business Machines Corporation, Hakuna Matata Solutions, ScienceSoft Inc., SumatoSoft, Space-O Technologies, HCL Technologies and Tibco Software Inc.

The global digital transformation market analysis is segmented by technology into cloud computing, big data and analytics, artificial intelligence (AI), internet of things (IoT), blockchain; by mode of deployment in the cloud, on premises; by size of organization into large enterprises, small and medium-sized enterprises (SMEs); by end user in BFSI, Healthcare, Telecom & IT, Automotive, Education, Retail & Consumer Goods, Media & Entertainment Manufacturing, Government, Other.

North America was the greater region in the digital transformation market in 2021. Asia Pacific should be the fastest growing region in the global digital transformation market over the forecast period. The 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.

The Global Digital Transformation Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide digital transformation market insights, analysis and forecast market size and growth for overall market, Digital Transformation Market segments and geographies, Digital Transformation Market trends, Digital Transformation Market drivers, Digital Transformation Market restraints, revenue, profiles and market shares of top digital transformation market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.

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Sherry J. Basler