The increased usage of Machine learning and Artificial Intelligence.
In the future, the market for digital transformation is anticipated to rise due to the rising usage of machine learning and artificial intelligence, according to a study analysis by The Business Research Company. With the help of modern features like artificial intelligence and machine learning, digital transformation offers traditional organizations technologies like cloud computing, big data analytics, data management, and other advanced features that optimize corporate processes and boost productivity. As a result, their use expanded in a number of industries, including healthcare, banking, transportation, manufacturing, and others, driving up demand in the market for digital transformation.
For instance, the use of machine learning in the Indian manufacturing business, according to research released by Cloudmantra, a technology services company with headquarters in India, has increased manufacturing capacity by up to 20% while reducing material usage by 4% in 2021. Additionally, it enables manufacturers to control OEE at the plant level, boosting OEE performance from 65% to 85%. In addition, the MIT Technology Review Insights research states that by 2022, 60% of manufacturers will be utilizing AI to enhance daily operations, design products, and organize their future operations. As a result, the market for digital transformation is driven by the growing adoption of machine learning and AI.
At a compound annual growth rate (CAGR) of 24.7%, the global market for digital transformation is anticipated to increase in size from $0.94 trillion in 2021 to $1.17 trillion in 2022. At a CAGR of 22.4%, the global market share for digital transformation is anticipated to reach $2.64 trillion in 2026.
Technological development in digital solutions is becoming increasingly popular among market trends for digital transformation. To improve their market position, significant businesses involved in the digital transformation sector are concentrating on creating cutting-edge products. For instance, in April 2020, the US-based computer technology company Oracle Corporation, which also provides software solutions, developed a brand-new cloud data storage service called GoldenGate. This service employs Oracle's cloud infrastructure software and real-time data analytics to analyze data.