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Digital Transformation Market to Be Worth $5275.7 Billion by 2031 – Exclusive Report by Meticulous Research®

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REDDING, Calif., July 29, 2024 /PRNewswire/ — According to a new market research report titled, ‘Digital Transformation Market by Offering (Solutions, Services), Organization Size, Deployment Mode, Technology (Cloud Computing, AI&ML, IoT, AR&VR), End Use Industry (BFSI, Healthcare, Retail & E-commerce), and Geography—Global Forecast to 2031,’ the global digital transformation market is projected to reach $5275.7 billion by 2031, at a CAGR of 22.4% from 2024–2031.

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Digital transformation is a process that incorporates digital technology across all areas of an organization. It evaluates and modernizes an organization’s processes, products, operations and technology stack to enable continuous, rapid, customer-driven innovation. Digital transformation helps companies to increase customer loyalty, attract talented employees, foster competitive advantage and build business value. There are various technologies are used in digital transformation such as IoT, cloud computing, AR & VR, artificial intelligence & machine learning.

The growth of the digital transformation market is driven by the rapid proliferation of smart devices and apps, and the increasing adoption of artificial intelligence & machine learning. However, the lack of data privacy and security concerns restraint growth of the market. Furthermore, the increasing adoption of blockchain as a mainstream technology is expected to generate growth opportunities for the players operating in this market. However, the reliance on legacy systems and outdated technologies is a major challenge impacting the market’s growth. Additionally, the growing use of IoT and edge computing in manufacturing facilities and the rising integration of robotic process automation (RPA) in E-commerce are the latest trend in the market.

The digital transformation market is segmented by offering (solutions and services [consulting services, planning and designing services, engineering services, support and maintenance services, application development services, network infrastructure management services, and other services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (mobile technology, internet-of-things (IoT), network connectivity, digital twin & simulation, robotic process automation, cloud computing, artificial intelligence & machine learning, AR & VR, additive manufacturing & 3D printing, big data & real-time analytics, cybersecurity, and other technologies), end-use industry (retail & E-commerce, government & public sector, healthcare, supply chain & logistics, energy & utility, manufacturing, BFSI, IT & telecommunications, media & entertainment, education, transportation, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country & regional levels.

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Based on offering, in 2024, the services segment is expected to account for the larger share of around 57.0% of the digital transformation market. The segment’s large market share is attributed to the growing need to improve productivity and profitability through enhanced resource management using digital transformation services; increasing adoption of digital transformation services to increase organizational agility and resilience in business operations; and the rising use of digital transformation to stop errors by eliminating time-consuming manual data entry and human inefficiencies. Also, this segment is expected to register a higher CAGR during the forecast period.

Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the digital transformation market. However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is attributed to the growing adoption of digital transformation in SMEs to reduce operational costs and improve productivity by automating routine tasks & processes, and the rising use of digital technologies in SMEs helps to adapt changing market conditions and customer demands for better agility in decision-making and operations.

Based on deployment mode, in 2024, the cloud-based deployment segment is expected to account for the larger share of over of the digital transformation market. The segment’s large market share is attributed to the growing adoption of cloud-based digital transformation systems that helps to improve access to data, allowing collaboration and communication of business process in real-time; the cloud-based digital transformation provides robust security measures such as data encryption, multi-factor authentication, and regular security audits to protect data and applications.

Also, this segment is expected to register a higher CAGR during the forecast period.

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Based on technology, in 2024, the cloud computing segment is expected to account for the largest share of around 26.0% of the global digital transformation market. However, the artificial intelligence & machine learning segment is expected to register a highest CAGR during the forecast period. The growth of this segment is attributed to the growing adoption of AI in digital transformation to facilitate better decision-making through advanced analytics and predictive modeling, and the rising integration of AI in digital transformation due to advanced machine learning algorithms to analyze patterns & predict potential security threats.

Based on end use industry, in 2024, the BFSI segment is expected to account for the largest share of around 29.0% of the global digital transformation market. The segment’s large market share is attributed to the growing adoption of digital transformation in BFSI to streamline processes, improve customer services, and offer personalized experiences; the increasing integration of digital technologies such as AI & ML in banks & financial institutions to detect anomalous activity and prevent fraud.

However, the healthcare segment is expected to register the highest CAGR during the forecast period.

Based on geography, in 2024, North America is expected to account for the largest share of over 44.0% of the digital transformation market. North America’s significant market share can be attributed to the increasing investments in digital technologies such as cloud computing, IoT, and AI & ML in the region and the rising integration of robotic process automation (RPA) in retail & E-commerce companies in North America. However, the Asia-Pacific market is expected to register the highest CAGR of over 24.0% during the forecast period. The growth of this market is attributed to the increasing government initiatives & policies toward digitization in developing nations in Asia-Pacific; the increasing adoption of AI & robotics in manufacturing industries in the region, and the growing integration of AR & VR to enhance consumer experience in retail & E-commerce sector.

The key players operating in the digital transformation market are International Business Machines Corporation (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.), SAP SE (Germany), Capgemini SE (France), ABB Ltd. (Switzerland), Deutsche Telekom AG (Germany), Telefónica, S.A. (Spain), Accenture plc (Ireland), TE Connectivity Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata Consultancy Services Limited (India), and Cisco Systems, Inc. (U.S.).

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Scope of the Report:

Digital Transformation Market Assessment—by Offering

SolutionsServicesConsulting ServicesPlanning & Designing ServicesEngineering ServicesSupport and Maintenance ServicesApplication Development ServicesNetwork Infrastructure Management ServicesOther Services

Digital Transformation Market Assessment—by Organization Size

Large EnterprisesSmall & Medium-sized Enterprises

Digital Transformation Market Assessment—by Deployment Mode

Cloud-based DeploymentOn-premise Deployment

Digital Transformation Market Assessment—by Technology

Mobile TechnologyInternet-of-Things (IoT)Network ConnectivityDigital Twin & SimulationRobotic Process AutomationCloud ComputingArtificial Intelligence & Machine LearningAR & VRAdditive Manufacturing & 3D PrintingBig Data & Real-time AnalyticsCybersecurityOther Technologies

Digital Transformation Market Assessment—by End-use Industry

Retail & E-commerceGovernment & Public SectorHealthcareSupply Chain & LogisticsEnergy & UtilityManufacturingBFSIIT & TelecommunicationsMedia & EntertainmentEducationTransportationOther End-use Industries

Digital Transformation Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalyNetherlandsSpainSwedenRest of EuropeAsia-PacificJapanChinaIndiaSouth KoreaSingaporeAustralia & New ZealandIndonesiaRest of Asia-PacificLatin AmericaMexicoBrazilRest of Latin AmericaMiddle East & AfricaUAESaudi ArabiaIsraelRest of Middle East & Africa

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Related Reports:

Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography – Global Forecast to 2030

Augmented and Virtual Reality Market by Type (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device (AR Devices, VR Devices), Application (Health and Safety, Training), End-use Industry and Geography – Global Forecast to 2030

Digital Twin Market by Component (Software, Services), Type (Component Twin/Part Twin, Asset Twin, Process Twin, System Twin/Unit Twin), Application, End-use Industry, and Geography—Global Forecast to 2030

Industrial Automation Market by Offering (Solutions (Enterprise-level Controls, Plant Instrumentation, Plant-level Controls), Services), Mode of Automation, End-use Industry (Oil & Gas, Automotive, Food & Beverage), and Geography – Global Forecast to 2031

Additive Manufacturing Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware, Materials, Services) Technology (FDM, DMLS, SLA, SLS, Polyjet, DED) End User (Consumer, Electronics, Healthcare, Automotive, Aerospace) – Global Forecast to 2031

Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography – Global Forecast to 2031

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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Doo Group Strengthens Global Reach with CySEC License for Doo Financial

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LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.

Expanding Regulatory Reach

The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.

“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU

Strengthening Client Confidence

Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.

By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.

About Doo Group

Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.

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Liberty General Insurance Continues to Drive Insurance Awareness and Inclusion with ‘Suraksha ka Vaada Bima ke Saath’ Initiative Across Delhi and Punjab

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NEW DELHI, Nov. 15, 2024 /PRNewswire/ — Liberty General Insurance, one of the leading non-life insurance companies in India and the lead insurer for Delhi under the Insurance Regulatory and Development Authority of India’s (IRDAI) State Insurance Plan, is spearheading an insurance awareness initiative in Delhi. While there are no gram panchayats in Delhi, Liberty continues to drive insurance awareness through grassroots and digital outreach.

In parallel, Liberty is fulfilling its rural and social obligations by focusing on underserved areas in Punjab. This effort includes a recently initiated awareness campaign across 400 gram panchayats in Punjab to expand insurance penetration and increase accessibility in these regions.

In Delhi, Liberty continues to create awareness under ‘Suraksha ka Vaada Bima ke Saath’ initiative launched in 2023. This October Liberty began with a Door-to-Door Campaign across North-West and North East Delhi, reaching over 1600 households in Karala Village, Budh Vihar, Kanjawala Village and Begumpur, Burari, Kanhiya Nagar, Rampura, and Jahangirpuri, achieving over 25000 impressions. Over nearly a month, Liberty’s teams engaged with residents, distributing leaflets and explaining the benefits of motor and health insurance. This campaign was followed by the ‘Nukkad Natak’ (Street Play) initiative in South Delhi, targeting key neighborhoods of Sarojini Nagar, Lajpat Nagar, Nirman Vihar, Lakshmi Nagar, and Begumpur chowk market. The street plays used interactive performances to educate communities on the importance of insurance and dispel common myths. To reinforce the message, Liberty’s team also disseminated copies of the ‘Wise Ways of Insurance’ booklet—a unique resource developed to demystify insurance products and promote informed decision-making. The booklet, which is being translated into vernacular languages, is also being distributed in other states as part of Liberty’s commitment to financial literacy across India.

Complementing its on-ground efforts, Liberty General Insurance continues to leverage social media to drive targeted insurance awareness campaigns. Recognizing that widespread mobile access allows more people to connect online, Liberty reaches both rural and urban audiences, empowering individuals everywhere with the knowledge needed to make informed financial decisions.

Commenting on this awareness drive, Mr. Parag Ved, CEO & Whole-Time Director, Liberty General Insurance said, “Our ‘Suraksha ka Vaada Bima ke Saath’ campaign is an effort in line with IRDAI’s ‘Insurance for All by 2047’ vision, towards empowering communities across Delhi, Punjab, and beyond with the financial security that insurance provides. With general insurance penetration in India still at less than 1% of its GDP, there is a pressing need to educate communities and break down the barriers to understanding the importance of insurance. Liberty will ensure that its wide distribution network makes policies accessible to all, so that every citizen—no matter where they are—can access the financial safety net that insurance offers.”

“Liberty is committed to fostering a culture of financial resilience where every Indian can feel secure about their future. Together, we are building a future where insurance isn’t just a product but a promise of protection and peace of mind,Mr. Ved added.

Looking ahead, Liberty will be rolling out a transit media campaign across South Delhi in December, utilizing branded auto rickshaws to increase visibility and connect with residents in this vibrant area of the capital. By leveraging transit media, Liberty aims to bring insurance awareness into people’s daily routines, making information accessible in familiar, everyday settings. This campaign builds on the success of previous awareness initiatives and reinforces Liberty’s commitment to educating and empowering individuals about insurance.

About Liberty General Insurance

Liberty General Insurance Ltd. (LGI) is a joint venture between Summit Asia Investment Holdings PTE Ltd.— a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S., Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1100+ with presence across 100+ locations in 28 states and UTs. Its partner network consists of about 6000+ hospitals and more than 5000 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, engineering insurance, marine insurance, liability insurance and property insurance among other products in India.

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Hikvision unveils WonderHub and elevates smart collaboration across industries

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HANGZHOU, China, Nov. 15, 2024 /CNW/ — Hikvision unveiled its fully upgraded smart collaboration business. The event showcased a range of innovative products designed to transform collaboration in education, meetings, retail, and more. Among the highlights were cutting-edge solutions like WonderHub interactive displays, digital signage, and video conference devices. These products underscore Hikvision’s commitment to driving digital transformation and enhancing user experiences in an increasingly connected world.

At the heart of this ecosystem is WonderHub, which features WonderOS, an AI-powered platform that seamlessly connects devices and enhances collaboration. With tools like WonderSpark for interactive whiteboards and WonderCast for wireless content sharing, WonderHub enables users to communicate, create, and collaborate more effectively than ever.

Boosting Classroom Engagement with Innovative Solutions

In education, WonderHub is designed to elevate classroom experiences. The interactive displays enable students to share and express ideas effortlessly, creating a more engaging and dynamic learning environment. The built-in WonderSpark smart whiteboard software uses AI to recognize equations, provide solutions, and generate interactive 3D teaching materials across subjects like mathematics, chemistry, and natural sciences. Teachers can also access licensed images and videos through Creative Commons integration, enriching lesson content and boosting student engagement.

Classrooms equipped with WonderHub also benefit from multi-window modes and a suite of 19 educational tools. These include subject-specific templates and interactive applications. For remote learning, WonderHub integrates seamlessly with third-party conferencing platforms, allowing students to collaborate in real-time, no matter their location.

Empowering Business Meetings with Intelligent Features

Hikvision’s smart collaboration solutions transform business meetings into more efficient and immersive experiences. The WonderHub Ultra Series allows users to easily connect personal devices and leverage the interactive display’s camera, speakers, and microphone for high-quality remote conferencing. The HiSpire meeting management system streamlines meeting logistics, including room scheduling, attendee notifications, post-meeting summaries, and distribution of materials.

Advanced AI features, such as auto-framing and speaker tracking, ensure optimal video quality. Meanwhile, app-free screen casting allows for easy sharing of presentation materials. The X12 and X28 audio-video cameras offer enterprises tailored setups to suit meeting rooms of any size, ensuring seamless communication with high-definition video and precise audio capture.

Transforming Retail Spaces with Dynamic Digital Signage

Hikvision has also advanced its digital signage solutions to enhance customer engagement in retail scenarios. The vibrant displays and centralized content management allow retailers to effectively capture attention. High-brightness window displays attract passersby with promotions and new product highlights. Meanwhile, floor-standing signage supports interactive features, such as self-service ordering. The HikCentral FocSign platform enables retailers to remotely manage and distribute content across multiple locations, improving operational efficiency and ensuring consistent branding.

These digital signage solutions, including the DP and DL series, boast superior brightness and clarity, ensuring visibility even in strong lighting conditions. The displays run on Hikvision’s self-developed platform and support WonderCast wireless casting, enabling quick and easy content sharing from various devices.

Since entering the smart collaboration market in 2017, Hikvision has rapidly become a leading global player. With over 300,000 units sold across more than 140 countries and regions, Hikvision’s smart collaboration business exemplifies the company’s commitment to innovation, quality, and user-centric design. As a key highlight of this evolution, the fully upgraded WonderHub represents the next leap forward in smart collaboration technology.

By bridging advanced technology with practical applications, WonderHub, along with Hikvision’s broader range of smart collaboration solutions, is leading the way in providing more efficient and intelligent solutions for users worldwide.

For more information about Hikvision’s smart collaboration products and solutions, please visit Hikvision’s official website.

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