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The $4.6 Trillion Digital Transformation Market Boom: Businesses Embrace AI and Automation for Growth - Horizon Databook by Grand View Research, Inc.
Tuesday, July 16, 2024
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:
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-- 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.
About Horizon Databook - The most extensive market research database
Horizon Databook is the largest market research database with over 1 million data points across 20,000+ markets. The platform is first-in-class and is designed to service a full suite of market research clients. It is a one, five solution platform and includes the following:
-- Over 1 million market statistics: Global, regional and country (25+)
statistics focusing on revenue, volume and growth spanning across a
timeline of 10 years form the core of this platform.
-- The platform hosts over 25,000 market reports ready to be downloaded or
viewed online in an HTML format. These reports are a comprehensive
analysis of a market and cover everything from market statistics,
drivers and restraints to detailed company analyses.
-- 5 million+ companies: Detailed financial performance, deals and latest
news are all an integral part of Horizon. We have partnered with
industry pioneers to provide accurate and latest competitive data.
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Contact Info
201 Spear Street 1100,
San Francisco, CA, 94105, United States
+1-415-854-0727
horizon@grandviewresearch.com
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SOURCE Grand View Research, Inc.
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