UK digital transformation market worth $68.81 billion by 2028
The U.K. digital transformation market size is expected to reach USD 68.81 billion by 2028, registering at a CAGR of 22.8% from 2021 to 2028, according to a new study by Grand View Research, Inc. The rising demand for advanced technologies such as Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT) is promoting the adoption of connected devices as well as data-rich and analytics solutions across businesses and enterprises. These solutions enable the integration of intelligence capabilities into business operations and practices to facilitate improved and effective customer engagements while driving operational optimization.
The increasing use of mobile devices, smartphones, and applications across business processes and departments is also promoting digitization and is expected to drive the market growth over the forecast period. The rapid shift from traditional to digitalized business models is facilitating the introduction of additional advanced technological products and services across industries and sectors, which is anticipated to further drive the market growth.
The COVID-19 pandemic has posed a significant challenge for the global economy. Digital transformation can help enterprises survive the business continuity challenges presented due to the lockdown, work from home, social distancing, and other mandates. Some organizations faced challenges due to the lack of digital strategy and infrastructure or tools to work remotely. Although the COVID-19 pandemic has adversely affected personal, professional, and community life, it has presented business opportunities for this market. Digital transformation solutions are expected to help teams learn to collaborate and businesses can function effectively without having people in the office. This scenario is expected to propel the digital transformation market growth in the U.K. Grandview Research
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