With customers’ expectations shifting with the evolution of new technologies, a digital-first approach has become undeniably critical for businesses to survive in this competitive market.
The COVID-19 pandemic, in particular, has left a lasting mark on the digital transformation market. Businesses were urged to speed up their digital initiatives and take on cutting-edge innovations as a result of the crisis.
As businesses looked to ensure uninterrupted operations and serve shifting consumer behaviours, the need for digital transformation solutions exploded.
In simple words, the digital transformation involves the modification of business models, operations, and processes to meet changing business and market requirements.
According to a recent SNS Insider report, the digital transformation valuation for 2022 is around USD 596 billion. It also forecasts that the market will reach USD 2738 billion by 2030.
The key companies named in the report are Microsoft, Adobe, Salesforce, and so on.
The war between Russia and Ukraine has had an extensive effect on the digital transformation market. While jeopardising supply chains and expenditure patterns, it has also raised questions about cybersecurity and prompted shifts in digital policies. It has, however, created novel possibilities for greater demand, partnership, and inventiveness.
According to the report, North America represents a dominant force in the digital transformation market when it comes to the region leading this revolutionary shift.