The $4.6 Trillion Digital Transformation Market Boom: Businesses Embrace AI and Automation for Growth – Horizon Databook by Grand View Research, Inc.
SAN FRANCISCO, July 8, 2024 /PRNewswire/ — The digital transformation market is experiencing a period of phenomenal growth fueled by a relentless pursuit of innovation and efficiency. According to a recent report by Grand View Research, Inc., the global digital transformation market is projected to reach USD 4.6 trillion by 2030, with a compound annual growth rate (CAGR) of 26.7% from 2024 to 2030. A prime instance of this growth is Huawei Technologies Co., Ltd.’s announcement in July 2024 at the Africa Connect 2024 event in Johannesburg. The company introduced its Xinghe Intelligent Network Solution, designed to help African nations leverage Net5.5G technology and accelerate their digital transformation journeys. This initiative highlights the expanding role of next-generation networking solutions in driving regional growth and infrastructure development. Here, we delve into the prominent categories poised to significantly impact the market in the coming years:
- The artificial intelligence (AI) market is a cornerstone of digital transformation. Expected to grow from USD 196.6 billion in 2023 to USD 1.8 trillion by 2030, AI is revolutionizing industries through automation, predictive analytics, and machine learning. Companies such as OpenAI and NVIDIA Corporation are leading the charge with innovative AI solutions. For instance, OpenAI’s GPT-4 is enhancing customer service automation, while NVIDIA Corporation’s GPUs are powering AI-driven research in healthcare.
- Quantum computing industry, though still in its nascent stage, promises to redefine computing capabilities. The quantum computing market is projected to grow from USD 1.2 billion in 2023 to USD 4.0 billion by 2030. International Business Machines Corporation and Google LLC are making significant strides, with International Business Machines Corporation’s Quantum System One and Google LLC’s quantum supremacy achievement showcasing the potential for solving complex problems that are currently intractable for classical computers. These advancements could revolutionize fields like cryptography, material science, and complex system simulations.
- Digital experience platforms (DXPs) are critical for enhancing customer engagement and personalization. The digital experience platforms market is set to grow from USD 12.4 billion in 2023 to USD 30.4 billion by 2030. Companies like Adobe Inc. and Salesforce, Inc. are key players, with Adobe Experience Cloud and Salesforce Experience Cloud enabling businesses to create seamless, personalized customer journeys. An example is Starbucks Coffee Company, which uses Adobe Inc.’s platform to deliver personalized experiences to its millions of customers worldwide.
- The demand for low-code development platforms is skyrocketing, driven by the need for rapid application development and deployment. The low-code development platforms market is anticipated to reach USD 35.2 billion by 2030, up from USD 6.8 billion in 2022. Leading companies like Mendix Technology BV and OutSystems are providing platforms that empower organizations to build applications with minimal coding. Siemens, for example, uses Mendix Technology BV to accelerate its digital innovation processes, significantly reducing the time to market for new solutions.
- Cloud computing continues to be a pillar of digital transformation, offering scalable and flexible solutions for businesses. The cloud computing market is expected to grow from USD602.3 billion in 2023 to USD2.4 trillion by 2030. Amazon Web Services (AWS), Microsoft Azure, and Google Cloud dominate this space. Netflix, leveraging AWS, can scale its services to millions of users globally, ensuring high availability and performance.
- The AI chipset market is booming and companies like Intel Corporation and Advanced Micro Devices, Inc. are at the forefront, developing chipsets that enhance the processing capabilities of AI applications. Tesla’s use of custom AI chips in its autonomous vehicles exemplifies how these advancements are pushing the boundaries of AI integration in everyday technology.
- Computer vision technology is transforming sectors like healthcare, automotive, and retail. The computer vision market is expected to grow from USD 16.7 billion in 2023 to USD 58.3 billion by 2030. Companies such as Google LLC and Amazon Web Services, Inc. are leading the way, with Google LLC’s DeepMind improving diagnostic accuracy in healthcare and Amazon Go stores utilizing computer vision for a seamless shopping experience without checkouts.
- Extended reality (XR), encompassing virtual reality (VR), augmented reality (AR), and mixed reality (MR), is revolutionizing how we interact with digital environments. The extended reality market is projected to expand from USD 142.4 billion in 2023 to USD 1.1 trillion by 2030. Companies like Meta (formerly Facebook) and Microsoft are pioneers, with Meta’s Oculus VR headsets enhancing gaming experiences and Microsoft’s HoloLens transforming training and remote collaboration.
- Blockchain technology is gaining traction for its potential to enhance security and transparency across various industries. The blockchain technology market is set to grow from USD 10.0 billion in 2022 to USD 1.4 trillion by 2030. Companies like International Business Machines Corporation and Stiftung Ethereum are leading innovations, with International Business Machines’ blockchain solutions improving supply chain transparency and Stiftung Ethereum‘s smart contracts enabling decentralized applications (DApps).
- The Internet of Things (IoT) market is rapidly expanding, driven by the proliferation of connected devices. IoT is enabling smarter homes, cities, and industries. Companies like Cisco Systems, Inc. and Siemens are at the forefront, with Cisco Systems, Inc.’s IoT solutions enhancing network connectivity and Siemens’ smart factory initiatives optimizing manufacturing processes.
The digital transformation market is a dynamic and rapidly evolving landscape, driving innovation and growth. As companies continue to invest in these technologies, the future promises even more groundbreaking advancements and opportunities. Staying informed of these trends is essential for businesses aiming to thrive in a digitally driven world, ensuring they are well-positioned to leverage the full potential of digital transformation in the years to come.
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