Technology

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

Published

2 months ago

July 29, 2024

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 However, the reliance on legacy systems and outdated technologies is a major challenge impacting the market’s growth.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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Technology

USI Releases its Climate and Nature Risk Management Report

Published

2 mins ago

September 29, 2024

SHANGHAI, Sept. 30, 2024 /PRNewswire/ — In a decisive move to combat climate change and uphold the principles of the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework, USI (SSE: 601231) released its 2023 Climate and Nature Risk Management Report. This follows the company’s inaugural TCFD Report in 2021. The latest report, structured around the TCFD and TNFD frameworks, provides a comprehensive overview of USI’s governance, strategy, risk management, and metrics and targets related to climate adaptation and biodiversity conservation.

The conclusion of the United Nations Climate Change Conference (COP28) in December 2023 marked a significant agreement to drastically reduce emissions. USI reaffirms its commitment to the Paris Agreement’s goals, embedding environmental sustainability into its core operations through its Environment, Health, Safety & Energy Policy. The company actively participates in the CDP and SBT initiatives, setting and promoting ambitious carbon reduction targets. Notably, USI’s facilities in Mainland China, Mexico, and Vietnam are now powered entirely by renewable energy, and all major facilities worldwide have achieved third-party ISO 14064-1 verification for their greenhouse gas emissions. USI is also accelerating its R&D efforts to develop low-carbon products, increasing the share of clean tech and eco-design products, with long-term goals of using 100% renewable energy in all manufacturing facilities by 2035 and achieving net-zero carbon emissions by 2040.

In 2023, USI demonstrated its commitment to biodiversity conservation by announcing its Biodiversity and No Deforestation Commitment and implementing a biodiversity risk assessment system, aiming for a Net Positive Impact by 2050. Since 2013, USI has invested in afforestation projects to combat desertification in Inner Mongolia and Ningxia, gradually restoring local biodiversity. The latest ecological surveys report 47 species in Inner Mongolia and 14 species in Ningxia, indicating stabilizing sand, a balancing ecosystem, and early signs of recovery. By the end of 2023, USI had planted 151,482 trees covering 97.91 hectares, capturing 729.44 metric tonnes of CO2e and conserving approximately 134,332.52 metric tonnes of water annually.

USI remains steadfast in its mission to build a sustainable environment, uphold social responsibility, and pursue sustainable governance, contributing to the planet’s sustainable development.

About USI (SSE: 601231)

USI, Universal Scientific Industrial (Shanghai) Co., Ltd., is a global leader in electronic design and manufacturing as well as a leader in the field of SiP (System-in-Package) technology. With Asteelflash and Hirschmann Car Communication, USI has 30 production and service locations across four continents of Asia, Europe, the Americas, and Africa, and offers customer diversified electronic products with D(MS)2 services: Design, Manufacturing, Miniaturization, Industrial software, and hardware Solutions, and material procurement, logistics and maintenance Services. USI is a subsidiary of ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX). To learn more, please visit www.usiglobal.com and engage with us on LinkedIn and YouTube.

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SOURCE UNIVERSAL SCIENTIFIC INDUSTRIAL (SHANGHAI) CO., LTD

Technology

STEM Exploration Day Ignite Girls Passion for Careers in STEM

Published

2 hours ago

September 29, 2024

Professional women with careers in science, technology, engineering and math make a world of difference in inspiring young girls to show them they can achieve anyything they want to with hard work and believing n themselves.

INDIANAPOLIS, Sept. 29, 2024 /PRNewswire-PRWeb/ — The Children’s Museum of Indianapolis is proud to help ignite a passion in science, technology, engineering and mathematics (STEM) for girls of all ages. The STEM Exploration Day took place on Saturday, September 28, 2024 with professional women sharing their experience and advice.

There’s something about a robot that can feed into that interest in science, technology, engineering and math. Touch sensors, buttons and sonar show them how to control different actions and that’s fascinating.

Young girls met with women in various STEM professions including coding, physics, astronomy, robotics and engineering just to name a few. Hands-on activities and demonstrations served as great learning opportunities as visitors received special giveaways.

Programs & Activities – Thank you to all participating groups that provided hands-on activities and helped guide STEM career explorations. They included:

Eli Lilly and Company Visiting Scientist Dr. Carlotta Berry
Dr. Berry is an accomplished electrical engineer specializing in controls and robotics. She advocates for the demystification of STEM through innovative strategies, including robot hip-hop slam poetry. She is a professor and endowed department chair at Rose-Hulman Institute of Technology. She’s also an author, researcher, mentor, role model, prolific speaker, and a STEM trailblazer. Dr. Berry engaged visitors in hands-on exploration with robots. You can hear more from her here: https://youtu.be/16smIuetR_w

Indiana Visiting Artist Emily Bennett
If your first thought of “sculpture” is a gleaming marble bust from ancient Greece, just wait until you see the work of Terre Haute artist Emily Bennett! She redefines what sculpture can be, weaving colorful fibers onto metal structures to create bold, vibrant pieces. The results are what she calls “imaginary dreamscapes” that you can hang on the wall or set on a shelf. As programming coordinator for the Community School of the Arts at Indiana State University, Bennett relishes helping people uncover their artistic abilities.

Women in Lilly Discovery and Development (WiLDD) with Eli Lilly and Company (families created their own binary bracelets and lava lamps).

80 Acres Farms

Franklin Pest Solutions

Indiana State Police Crime Laboratory (visitors examined various pieces of evidence with forensic experts to learn how they solve crimes).

Society of Women Engineers (girls explored mechanical engineering and learned how to make their own catapults). UIndy Human Identification Center (families received an interesting introduction to forensic anthropology, learned about radiographs and studied casts of bones from various animals to learn about the different ages and stages of life).

City of Indianapolis—Department of Public Works, Engineering (shared a storm drain model to demonstrate how families can protect stormwater).

IU Astronomy Department (families learned how the same elements that make up our bodies are also present in galaxies billions of light years away and examined the patterns of Hydrogen, Helium, Oxygen and Neon and made bracelets with the same patterns as these elements).

IU Intelligent Systems Engineering (featured robotics and electronics).

IEEE Women in Engineering (helped visitors explore various sensors).

Sycamore School (more than two dozen activities revolving around mechanics, electricity, sound, optics and air pressure made up the activities).

American Council of Engineering Companies (ACEC) (provided a bridge building simulation).

The Gurl Code (provided binary bracelets, 3D Pens, Ozobots and MakeyMakey).

DNA Discovery in Corteva Agriscience STEMLab (families were able to extract real DNA from plant cells, discovered where DNA can be found in nature and learned about how scientists discovered the structure of DNA).

STEM Exploration Day is presented Lilly Girls & Young Women In STEM and supported by Indiana Soybean Alliance.

About The Children’s Museum of Indianapolis
We ignite joy, wonder and curiosity by creating powerful learning experiences for children and adults. For more information about The Children’s Museum, visit http://www.childrensmuseum.org and follow us on social media @childrensmuseum.

Media Contact

Kimberly Harms, The Children’s Museum of Indianapolis, 317-334-4003, kimh@childrensmuseum.org, www.childrensmuseum.org

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SOURCE The Children’s Museum of Indianapolis

Technology

NECA to Unveil EV Charging Resource Network at NECA 2024 San Diego

Published

5 hours ago

September 29, 2024

SAN DIEGO, Sept. 29, 2024 /PRNewswire/ — The National Electrical Contractors Association (NECA) today announced the unveiling of its EV Charging Resource Network at NECA 2024 San Diego. Developed in collaboration with Fuser LLC, this platform aims to empower NECA members to capitalize on the rapidly growing EV charging market.

NECA’s new online hub will provide charging news, information and industry networking opportunities.

“We see a critical need to unify the professional community around Electric Vehicle Service Equipment (EVSE),” said Marco Giamberardino, NECA’s Senior Vice President of Government and Public Affairs. “As EV adoption accelerates, we have to ensure our infrastructure keeps pace. This Resource Network will play a crucial role in connecting skilled electrical professionals with the growing demands of the industry.”

Pete Mastrorocco, NECA’s Senior Vice President of Education, Events and Partnerships, expects the Resource Network to represent NECA’s ongoing commitment to boosting member engagement in lucrative new markets. “EVSE represents a significant opportunity for our members,” said Mastrorocco. “NECA’s Resource Network will be an invaluable tool, helping contractors connect with experienced peers, share knowledge and capitalize on the industry’s rapid growth.”

Key features of NECA’s EV Charging Resource Network will include:

Training resourcesComprehensive EVSE news and informationRegular updates on National Electric Vehicle Infrastructure (NEVI) and Charging and Fueling Infrastructure (CFI) funding opportunitiesCurated links to state and utility grants and rebatesSpecial opportunities for NECA members

The Resource Network also provides access to Fuser, the open marketplace and networking platform devoted to EVSE.

Fuser LLC executive Pat McGinnis has expressed hope to build a stronger, more responsive industry by working with NECA to bring together all EVSE stakeholders. “These initiatives will streamline the service and installation process, create new business opportunities, and support widespread adoption of electric vehicles,” commented McGinnis. “Fuser is working with NECA to integrate their platform and is currently offering an exclusive 4-month free trial of their open marketplace to all NECA members.”

For convention details, visit necaconvention.org.

To explore NECA’s EV Charging Resource Network, visit www.necaev.org.

About NECA

NECA is the voice of the $240 billion electrical construction industry that brings power, light, and communication technology to buildings and communities across North America. NECA’s national office and 118 local chapters advance the industry through advocacy, education, research, and standards development. Go to www.necanet.org for more information.

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SOURCE National Electrical Contractors Assoc Inc.