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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:

    --  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
    --  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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SOURCE Grand View Research, Inc.

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