Global Digital Transformation Market Huge Growth by 2027 | Microsoft, SAP, Baidu, Adobe Systems, Alibaba, IBM, Google, Marlabs, Salesforce, Broadcom (CA Technologies) and Others- ReportnReports


ReportsnReports added Global Digital Transformation Market by Component, Technology Deployment Mode, Organization Size, Business Function, Vertical, Region and Forecast to 2027 research report to its advanced database.

The global digital transformation market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period, to reach USD 1,548.9 Billion by 2027 from USD 594.5 Billion in 2022. The key elements anticipated to propel the adoption of digital transformation market technology throughout the forecast period are rising expenditure on marketing efforts, rising spending on television commercials, and changing consumer intelligence landscapes. In addition, the use of digital technology has led to developments that are reflected in the Digital Transformation Market. During the projection period, the adoption of the digital transformation market will increase due to its use across organizational processes, companies, competencies, and procedures.

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The improvement of organizational functions, workforce optimization, and conversion of an organization’s offerings and services are all achieved with the help of the digital transformation market, which is anticipated to fuel the market’s expansion in the years to come. Manufacturers now require digitalization due to the development of digital technologies such as big data & analytics, cloud computing, blockchain, mobility, AI, robotics, IoT, and cybersecurity. These innovations are also used by businesses to enhance client relationships and add new features to their existing business processes, which is causing businesses to adopt digital transformation.

The AI technology to have the highest CAGR during the forecast period

By technology, the digital transformation market has been segmented into cloud computing, big data & analytics, mobility & social media management, cybersecurity, AI, IoT and other technologies. The CAGR of the AI technology is estimated to be the largest during the forecast period. The use of advanced technologies such as cloud, IoT, big data & analytics, mobility & social media management, AI and cybersecurity had led to innovate and transformation, stimulating the growth of business ecosystem. In the market for digital transformation, AI increases consumer satisfaction, which accelerates the market adoption of AI technology. The rise of artificial intelligence had changed how data is gathered and evaluated.

The Large Enterprises segment to register for the largest market size during the forecast period

The digital transformation market has been segmented by organization size into large enterprises and SMEs. The market for Large Enterprises is expected to register for the largest market size during the forecast period. Solutions for digital transformation are used by large businesses to improve operational effectiveness and consumer experiences. To develop a data-driven strategy, they must integrate, categorize, and evaluate a vast amount of data from many operations.

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Among business functions, other business functions is register to grow at highest CAGR during the forecast period

Legal, supply chain, and operations are included under other business functions. The legal industry must digitally alter all aspects of the legal experience, including service delivery, workflows, processes, team communications, and client involvement. The efficiency and workflow at a traditional law firm could seem slower than what clients expect from contemporary digital technologies, which provide instant satisfaction. Businesses are utilizing digital technology to share assets and information in unique ways related to the supply chain. The capabilities of the technologies that are accessible to organizations have a significant impact on the rate of supply chain digitalization. A s developers designed applications to benefit from the data produced by ERP systems, one of the first business functions to experience substantial technical advancements is supply chain management.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the digital transformation market.

  • By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
  • By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
  • By Region: APAC: 25%, Europe: 30%, North America: 30%, MEA: 10%, Latin America: 5%

The report includes the study of key players offering digital transformation solutions and services. It profiles major vendors in the global digital transformation market. The major vendors in the global digital transformation market include Microsoft (US), SAP (Germany), Baidu (China), Adobe Systems (US), Alibaba (China), IBM (US), Google (US), Marlabs (US), Salesforce (US), Broadcom (CA Technologies) (US), Equinix (US), Oracle (US), Hewlett Packard Enterprise (US), HCL Technologies (India), Tibco Software (US), Alcor Solutions (US), Smartstream (US), Yash Technologies (US), Interfacing (US), Kissflow (India), eMudhra (India), ProcessMaker (US), Process Street (US), Happiest Minds (India), Scoro (UK), Dempton Consulting Group (Canada), Brillio (US), and Aexonic Technologies (India).

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Research Coverage

The market study covers the digital transformation market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, technology, deployment mode, organization size, business function, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.


Report Highlights The Dawn of Thailand’s e-Payment Era


The rapid development of Thailand’s e-Payment landscape has made it an essential part of modern Thai life, allowing unbounded global commerce and accommodating the rise of the “New Normal” during the COVID-19 crisis, while setting the scene for the Kingdom to steadily evolve into a “cashless society,” according to a report published on the Thailand NOW website.

The advances are the result of careful planning and development over the past six years of the rollout of financial technology services and systems, the report said. That level of preparation allowed the country to be ready to implement solutions needed when the arrival COVID-19 accelerated the adoption of technology by Thai consumers.

Thailand’s move towards e-Payment has been driven by the National e-Payment Master Plan, which was launched in 2015 with the aim to transition the Kingdom to a digital economy and to bring economic progress for all in the country.

The plan’s five core elements are the PromptPay system, launched in 2016 to allow real time transactions to take place using national ID or phone numbers; the multiplication of EDC networks and tools that eliminate the need for cash; the digitization of the tax system; the establishment of a state e-Payment system for efficient welfare distribution, and the promotion of electronic payment systems.

E-Payments are overseen by the Bank of Thailand, the country’s central bank, supports the National e-Payment Master Plan with its own Payment Systems Roadmap, which states, “Digital Payment is to be the most preferred choice in efficient, safe, low-cost payment systems that meets users’ needs.”

Arguably the greatest boost to e-Payment has been the proliferation of smart mobile phones, which placed access to fintech and digital money services in the pockets of everyday people. Further driving e-Payment has been the advent of the Quick Response (QR) code, a system invented in Japan in 1994, that allows for actionable data to be read by smartphones. Harnessing QR codes for e-Payment was spearheaded by Chinese e-commerce and social media giants Alibaba and WeChat and led to their popularity throughout Asia, the report said.

The mobile banking applications, that streamlined the myriad of financial services into safe and user-friendly interfaces, have all but replaced traditional in-person banking and pushed e-Payment into the Thai mainstream. The mobile banking apps, first introduced by Kasikornbank in 2010, then by Krungthai Bank and Siam Commercial Bank in 2012, had initially limited functionalities, but they have now effectively set the stage for Thailand’s present e-Payment landscape.

Users quickly started to adopt these new tools. Just one year after its launch, the PromptPay system had logged over 718 million transactions and, by December 2018, counted 46.5 million users, over half the country’s population, the report said, citing the National e-Payment Committee assessment.

Overall, electronic transactions rose from a share of 15.9% of the nation’s GDP in 2010 to 24.2% in 2019, according to Bank of Thailand data.

All of these developments proved especially valuable when the COVID-19 crisis started in early 2020, the report said.

Needing to distribute aid nationwide while maintaining social distancing, the Thai government was able to use the e-Payment infrastructure  provided by programs such as PromptPay to effectively carry out its social services.

Using the e-wallet Pao Tang app, assistance programs Rao Chana and Mor 33 Rao Rak Gun provided direct monthly payouts to those in need during the pandemic. The Co-Pay program saw the government pay for half of purchases made by users who simply had to make their payments via the Pao Tang app, which also supports Ying Chai Ying Dai, another Government program, granting vouchers in users’ apps to stimulate commerce.

Furthermore, the “New Normal” realities of remote working and learning, food delivery, and online shopping affirmed the need for e-Payment as an element of app-based services, the report said.

Food delivery services provided in Thailand by operators such as Grab Food, Line Man, and Food Panda saw a massive jump once COVID-19 hampered dine-in eateries and necessitated contactless living, with food orders skyrocketing 100-300%, the report said, citing a United States Department of Agriculture report.

Conditions imposed by the pandemic even played a part in establishing Thailand’s first unicorn, e-commerce service provider Flash Group, which announced in June 2021 it had reached a valuation of over US$1 billion, as online retail soared due to COVID-19.

The development of Thailand’s digital economy e-Payment involves cooperation with regional partners, and the central bank has moved to establish cross border arrangements with its counterparts in Malaysia and Singapore to facilitate retail e-Payment transactions for consumers and businesses in Thailand with their counterparts in both countries.

Also, in a forward-looking initiative, the Bank of Thailand has since 2019 worked on a joint research project with the Hong Kong Monetary Authority, regarding the development of central bank digital currencies (CBDC) and block-chain technology.

More broadly, the supply chain and logistics sector is seeing exciting developments in blockchain adoption for greater transparency, traceability, and automation in the production cycle. For instance, the International Organization for Migration (IOM) has partnered with impact tech firm Diginex Solutions to better protect migrant workers in Thailand’s garment industry using labour management facilitated by blockchain technology.

This ultimately benefits companies looking to improve their ESG disclosure as well as investors wishing to build socially responsible portfolios, which are known to out-perform the market.

All combined, e-Payment thoroughly deserves the attention and support it is receiving in Thailand, offering ease and financial empowerment to individuals and a world of potential for businesses at the national and regional levels, the report concluded.