Digital Transformation Market to Reach $1,199.1 Billion by 2030

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Asia-Pacific Digital Transformation Market by Technology (AI and ML, IoT, RPA), Deployment Mode, Offering (Hardware, Software), Enterprise Size (Small & Medium Enterprises, Large Enterprises), End-use Industry, and Geography - Forecast to 2030.’

The Asia-Pacific digital transformation market is projected to reach $1,199.1 billion by 2030, at a CAGR of 23.4% from 2023 to 2030. The growth of this market is attributed to the promising government initiatives & policies towards digitization in developing nations in Asia-Pacific, the lack of skilled workers in traditional manufacturing, increasing online sales methods, and the increasing adoption of AI & robotics in manufacturing industries in the region. However, the high cost of digital transformation and lack of infrastructure restrain market growth to a certain extent. At the same time, the integration of AR/VR for enhancing consumer experience and untapped opportunities in healthcare and construction are expected to create significant opportunities for this market. However, the lack of overall digital strategy and lack of thought leadership in driving digital transformation pose challenges to the growth of this market.

The Asia-Pacific digital transformation market is segmented based on technology, deployment mode, offering, enterprise size, end-use industry, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.

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Key Players

The key players profiled in the Asia-Pacific digital transformation market study include Alibaba Group (China), Trend Micro Incorporated (Japan), NEC Corporation (Japan), Baidu, Inc. (China), Fujitsu Limited (Japan), Dell EMC (U.S.), HP, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Hakuna Matata Solutions (India), Space-O Technologies (India), Happiest Minds Technologies Ltd. (India), Aexonic (India), HCL Technologies Limited (India), and eMudhra Limited (India).

Based on technology, the Asia-Pacific digital transformation market is segmented into mobility solutions, internet of things, network connectivity, digital twins & simulation, robotic process automation, cloud computing, artificial intelligence and machine learning, AR & VR, additive manufacturing & 3D printing, big data & analytics, and cybersecurity. In 2023, the cloud computing segment is estimated to account for the largest share of the Asia-Pacific digital transformation market. The large share of the segment is attributed to the increasing adoption of Software-as-a-Service (SaaS) offerings, easy signing up for cloud computing services, easy storage of vast amounts of data, availability of renting storage spaces based on flexible needs of the company, affordability of cloud services among others.

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Based on deployment mode, the Asia-Pacific digital transformation market is segmented into cloud and on-premise. In 2023, the on-premise segment is expected to account for the largest share of the Asia-Pacific digital transformation market. The large share of the segment is attributed to on-premise deployment offers advanced data security, which makes it easier for end-user companies to comply with various government regulations. Further, on-premise digital transformation offers better control over sensitive data to businesses, which is gaining popularity among BFSI and other workplaces. However, shifting end-user companies’ focus on cloud-based digital transformation solutions owing to its low operating costs & diverse subscription plans is expected to impede the market growth in the forecast period.

Based on offering, the Asia-Pacific digital transformation market is segmented into hardware, software, and services. In 2023, the services segment is expected to account for the largest share of the Asia-Pacific digital transformation market. The large share of the segment is attributed to the rising implementation and integration of smart technologies across several industries in order to promote smart manufacturing seamless and secure digital solutions, which have surged demand for professional services such as implementation, consulting, and a variety of services. Organizations digitalizing their business operations need professional services to resolve various issues, such as cultural transformation and vendor selection. Moreover, the market is anticipated to grow as service providers help end-user organizations in deploying and utilizing the appropriate resources.

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Based on enterprise size, the Asia-Pacific digital transformation market is segmented into small & medium enterprises and large enterprises. In 2023, the large enterprises segment is expected to account for the largest share of the Asia-Pacific digital transformation market. In Asia-Pacific, large enterprises are emphasizing digital transformation as it offers a smooth execution of the business process and cost-effectiveness. This is essential for large enterprises as they need better adaptability, data protection, and simplicity of framework coordination. Large enterprises have better financial capability, which enables them to implement advanced techniques across the entire organization and improve their business profitability.

Based on end-use industry, the Asia-Pacific digital transformation market is segmented into retail, government & public sector, healthcare, supply chain & logistics, utilities, manufacturing, BFSI, IT & telecom, media & entertainment, transportation, and other end-use industries. In 2023, the BFSI segment is expected to account for the largest share of the Asia-Pacific digital transformation market. The large market of the segment is attributed to the shifting attention of the Asia-Pacific financial institutions and banks toward offering enriched consumer experiences to increase their customer base and improve brand identity. The increased focus of banks on providing seamless technical support and assistance to increase customer retention rate is driving segment growth. The growing popularity of remote working has fueled the growth of the market in the BFSI industry.

Based on geography, the Asia-Pacific digital transformation market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, Indonesia, Australia & New Zealand, and the Rest of Asia-Pacific. In 2023, China is expected to account for the largest share of the Asia-Pacific digital transformation market. China's vast and tech-savvy population, coupled with a booming digital economy, provides a substantial market demand. The Chinese government has been actively fostering a digital transformation agenda through various initiatives, investments, and policies, thereby creating a conducive environment for tech-driven growth. Moreover, several industries are also influencing digital transformation growth, including e-commerce, financial services, healthcare, and manufacturing. E-commerce giants like Alibaba and Tencent, as well as leading financial technology companies, have been pivotal in driving innovation and adoption of digital solutions. Looking ahead, advancements are expected to revolve around 5G infrastructure expansion, AI and IoT integration, and the development of smart cities, which are likely to bolster the digital transformation market in China by improving connectivity, automation, and overall efficiency in various sectors.

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Key Questions Answered in the Report:

·  Which are the high-growth market segments in technology, deployment mode, offering, enterprise size, end-use industry, and geography?

·  What is the historical market size for digital transformation across Asia-Pacific?

·  What are the market forecasts and estimates for the period 2023–2030?

·  What are the major drivers, opportunities, and challenges in the Asia-Pacific digital transformation market?

·  Who are the major players in the market, and what are their market shares?

·  How is the competitive landscape for the Asia-Pacific digital transformation market?

·  What are the recent developments in the Asia-Pacific digital transformation market?

·  What are the different strategies adopted by the major players in the market?

·  What are the key geographic trends, and which are the high-growth countries?

·  Who are the local emerging players in the Asia-Pacific digital transformation market, and how do they compete with other players?

 

 

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