Have you seen a transformation in some business operations around you?
By implementing digital transformation initiatives, stores can improve operations, enhance customer experience, and acquire an advantage in the retail industry.
Digital transformation is a key factor in business survival today.
Do you want to know the top digital transformation statistics? This resource is for you.
Post Contents
- 1 Key Statistics
- 2 Digital Transformation Statistics 2024: Market Size and Spending
- 2.1 1. The Digital Transformation Market Size Worldwide Was Worth Approximately $1.91 Trillion in 2022 and is Forecasted to Grow up to $8.92 Trillion by 2030
- 2.2 2. Spending on Digital Transformation Worldwide is Forecasted to Reach $2.16 Trillion in 2023
- 2.3 3. 56% of Companies Made Digital Transformation Their Main Priority in 2021
- 2.4 4. The Digital Transformation Market in the US is Projected to Generate a Revenue of $350 Billion in 2023
- 2.5 5. Nespresso is One of the High-Profile Examples of Digital Transformation
- 2.6 6. 75% of Information Technology Organizations Adopted SaaS and IaaS to Cover the Remote Working Demand in 2020
- 2.7 7. Banking, Financial Services and Insurance (BFSI) Accounts for the Largest Share of the Global Digital Transformation Market, Accounting for 26.3%
- 2.8 8. By 2023, the Analytics Segment of the US Digital Transformation Market is Forecasted to Generate a Revenue of $128 Billion.
- 3 Conclusion
- 4 Sources
Key Statistics
- The digital transformation market size in 2022 was worth around $1.91 trillion. It is forecasted to reach $8.92 trillion by 2030.
- Spending on digital transformation worldwide is expected to exceed $2 trillion in 2023.
- In 2021, about 56% of companies prioritize digital transformation.
- Based on projections, the digital transformation market in the US will generate a revenue of $350 billion in 2023.
- 75% of information technology organizations adopted SaaS and IaaS to fulfill the remote working demand during the pandemic.
- In 2022, the Banking, Financial Services and Insurance (BFSI) sector accounted for a market share of 26.3%.
- It is projected that the analytics segment of the US digital transformation market will generate a revenue of $128 billion in 2023.
Digital Transformation Statistics 2024: Market Size and Spending
1. The Digital Transformation Market Size Worldwide Was Worth Approximately $1.91 Trillion in 2022 and is Forecasted to Grow up to $8.92 Trillion by 2030
Digital transformation changes how businesses operate, interact with stakeholders, and deliver value to consumers.
By integrating advanced digital technologies like cloud computing, IoT, and AI into business processes, businesses can enhance customer experience and stay competitive in the digital age.
According to Fortune Business Insights, the digital transformation market size worldwide in 2022 was worth an estimated $1.91 trillion.
Digital Transformation CAGR
The market is forecasted to reach $2.27 trillion in 2023 and grow to $8.92 trillion by 2030. It is projected to register a CAGR of 21.6% during this period.
This expansion is driven by the rise of smart cities and urbanization, where they leverage digital technologies and data-driven solutions to address urban challenges and enhance operations.
Moreover, IoT sensors are integrated across various industries which allows organizations to capture real-time data and automate processes.
(Fortune Business Insights and GlobeNewswire)
2. Spending on Digital Transformation Worldwide is Forecasted to Reach $2.16 Trillion in 2023
Enterprises invest in technologies and services related to digital transformation to continuously adapt to technological advancements and evolving market trends.
Investments in technology infrastructure, digital tools, software, applications, and IT services are significant in supporting digital transformation initiatives.
Such includes data storage systems, cybersecurity solutions, cloud computing platforms, networking equipment, ERP systems, CRM software, data analytics platforms, and other tools.
Spending on digital transformation worldwide is expected to reach $2.16 trillion this year, up from $1.18 trillion in 2019.
Global spending can hit $2.51 trillion next year and $3.4 trillion by 2026.
(Statista)
3. 56% of Companies Made Digital Transformation Their Main Priority in 2021
Digital transformation has become the top priority of many companies worldwide to drive operational efficiency, meet customer expectations, empower employees, and stay competitive.
In 2021, about 56% of companies made digital transformation their top priority, up by 2% from last year.
Take a look at this data from 2021:
- 56% of companies prioritize digital transformation in 2021
- 50% of companies prioritize cybersecurity in 2021
- 48% of companies prioritize cloud migration in 2021
- 29% of companies prioritize customer experience in 2021
- 27% of companies prioritize cost savings in 2021
- 12% of companies prioritize automation in 2021
- 12% of companies prioritize analytics in 2021
(Zippia)
4. The Digital Transformation Market in the US is Projected to Generate a Revenue of $350 Billion in 2023
In 2023, the digital transformation market in the US is projected to generate a revenue of around $350 billion, rising from $120 billion seven years ago.
By 2025, it is projected to generate an estimated $490 billion.
Let’s take a look at the digital transformation market revenue in the US from 2014 to 2023:
- In 2014, the digital transformation market in the US generated an estimated revenue of $92.19 billion
- In 2017, the digital transformation market in the US generated an estimated revenue of $140 billion
- In 2020, the digital transformation market in the US generated an estimated revenue of $220 billion
- In 2023, the digital transformation market in the US will generate an estimated revenue of $350 billion
(Statista)
5. Nespresso is One of the High-Profile Examples of Digital Transformation
Nespresso, known for its specialty coffee machines designed for brewing high-quality coffee, implemented a system that helps them connect, understand, and serve their consumers.
They used a cloud-based CRM system that offers omnichannel access to customer service and shopping.
With digital transformation, consumers can connect and interact with Nespresso through their website and physical store.
It can also gather customer information and see their preferences through the CRM system.
This 360-degree view helped Nespresso understand its customers better and enabled them to expand their market and boost sales.
(TechTarget)
6. 75% of Information Technology Organizations Adopted SaaS and IaaS to Cover the Remote Working Demand in 2020
The COVID-19 pandemic twisted the usual work setup of many people.
The strict lockdown made people work from home.
Businesses and companies embrace this new work arrangement.
They adopted software as a service (SaaS) and infrastructure as a service (IaaS) to manage the remote workforce.
During this time, about 75% of information technology organizations adopted more than one of the services to cover the demand of the remote workforce.
Remote workers need these system solutions to fulfill their tasks.
These include advanced technologies like Big Data tools, cloud computing, and AI.
(Fortune Business Insights)
In 2022, the Banking, Financial Services and Insurance (BFSI) experienced strong adoption of digital technologies, which drove the digital transformation market growth.
It accounts for the largest market share, accounting for 26.3%.
An example of this is Bank of America. It launched a new tool called CashPro Forecasting in January 2022.
This tool accurately forecasts future cash positions by analyzing the customer’s accounts.
CashPro Forecasting uses artificial intelligence and machine learning technology to analyze past transaction history, cash flow patterns, and account balances.
(Fortune Business Insights)
8. By 2023, the Analytics Segment of the US Digital Transformation Market is Forecasted to Generate a Revenue of $128 Billion.
Statistics show that organizations in the US focus on analytics and cloud computing solutions as part of their digital transformation initiatives.
The analytics segment of the US digital transformation market is forecasted to generate a revenue of $128 billion in 2023.
Meanwhile, the cloud computing segment will generate $100 billion.
The mobility segment of the market is expected to generate $60 billion in revenue, and the social media segment will generate $44 billion.
(Statista)
Conclusion
There is a significant growth in the digital transformation market size and spending in recent years as companies and businesses across various industries recognize the need to invest in digital transformation initiatives.
Advancements in digital technologies, processes, and strategies can drive innovation, gain operational efficiencies, improve customer experience, and boost sales.
It is worth noting that digital transformation is an ongoing investment to continuously respond to technological advancements and evolving customer preferences and needs.
That’s all for digital transformation statistics in 2024.
1 thought on “Digital Transformation Statistics 2024: Market Size and Spending”
The article provides an insightful overview of the profound impact that digital transformation is having on businesses across industries. The key statistics shared here underscore the magnitude of this shift. The exponential growth projected for the digital transformation market, from $1.91 trillion in 2022 to an estimated $8.92 trillion by 2030, highlights the crucial role advanced technologies like IoT, cloud computing, and AI play in reshaping business operations and customer experiences.