Digital Transformation Market to Cross US$2.5 Trillion in 2026

The market size data cited as per a recent report indicates significant growth in the global digital transformation market. Currently the market is estimated to be valued at $998.99 billion U.S. Dollars in 2020, and the report foresees it to reach almost $2.8 trillion by 2026. That’s a growth rate of 17.42% CAGR. This was listed in Reportlinker.com, "Digital Transformation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026).

Growth in Digital Transformation Market: Driving Factors

The manufacturing industry, for instance, is adopting fast digital transformation mechanisms to reap the benefits of automation. On the provider’s end, the advent of modernized digital transformation technologies, such as the internet of things, is making the process easier. From the overall perspective of brand equity, digital transformation is helping businesses improve their reputation, user experience standards and customer retention ratios. 

Apart from IoT, combining Big Data methods with appropriate technology is also accelerating the transformation process by making it easier to process large data sets. Businesses are using predictive analytics to preempt the probable shifts in the industry and prepare accordingly. 

Another technological paradigm, artificial intelligence, is making processes safer with its preventive maintenance features. Industries like Oil and Gas are also leveraging AI to discover new basins and exploration locations.  

New Technologies Facilitating the Transformation 

Apart from the already known technologies involving Big Data, AI and IOT, many new technologies are also on the rise. These technologies play a vital role in helping companies transform digitally. Such technologies include collaborative robots, SCARA robots, single-axis, AI-enabled robots, exoskeletons, etc. These technologies help processes to streamline, improve their efficiency and eliminate errors. Collaborative robots are making the processes safer, while AI-powered robotics is helping plants to fill the gap between physically distanced workers. 

The Growth Markets

Growth in the Asia Pacific Market is backed by rising investments in the process of digitalization. In several countries, even the government is adopting crucial initiatives to encourage the process, while vendors are responding to the demand by investing more in their production capabilities. In Japan, for instance, digital transformation is a part of the administrative reform agenda. The Japanese government is also forming collaborations with leading tech companies. 

Multiple tech companies are innovating regularly and coming up with new and more efficient solutions. These entities are creating partnerships, agreements, and collaborations to expand their market and create a synergistic ecosystem.