Digital Transformation Market: Trends, Growth Drivers, and Key Player Developments

By: axiom market research & consulting
PUNE, India - March 20, 2023 - PRLog -- The digital transformation of people's daily lives is advancing day by day. There are more and more users sharing information, thus building a network. This business model will lead to an active change in the role of the organization in the ecosystem and digitization offers opportunities for implementation. This development will also change the traditional manufacturing sector. Digital transformation is adoption of digital technology to transform services or businesses through replacing non-digital or manual processes with digital process or replacing older digital technology with newer digital technology. Digital solution may enable in addition to efficiency via automation, new type of innovation and creativity, rather than simply enhancing and supporting tradition method. In political, business, trade, industry and media discourses, digitalization has become one of the most important economic themes of the future, affecting not only the economy, but society as a whole. Digitization is the conversion of signals and media objects (document, sound, images) into digital form that are processes, stored and transmitted via digital devices and networks due to the adoption of digital technologies and the use of system built on them. Digital transformation if often viewed as an implementation of digital technologies into all area of business in order to build more sustainable relationships and better understand the needs of customer. Digital transformation is the force that moves businesses forward.

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Increasing usage of smart devices, improved connectivity and demand for high end-user experience are among key aspects driving the digital transformation trend, taking services to the customer doorstep. Digital business transformation is driven by key factors like innovative technology, consumer customer behavior and market demand, and also environmental factors. The use of advanced technologies, such as cloud, IoT, big data and analytics, mobility and social media has led to innovation and transformation, thereby stimulating growth in the business ecosystem. Enterprises have started incorporating big data and business intelligence to obtain real-time information, gain actionable, insights, understand customer requirements and facilitate growth in their overall productivity. The majority of companies are adopting digital transformation practices which majority focus on digital interactions with their customers. This factor has led to an increase in demand for digital transformation solutions across various industry verticals.
Source:axiom market research & consulting
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