U.K. Digital Transformation Market Growth & Trends
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.
U.K. Digital Transformation Market Report Highlights
- In terms of solution, the social media segment is anticipated to register considerable growth over the forecast period. Social media is increasingly being employed to build and enhance the customer experience of a brand. This medium is utilized for maintaining public relations, promoting sales, and marketing the available products and services
- In terms of deployment, the hosted segment is anticipated to expand at the highest CAGR from 2021 to 2028. Hosted solutions allow companies to access data across connected devices anytime, which surges the customization scope and enables the application of analytical tools across several business channels
- In terms of enterprise size, the large enterprise segment is anticipated to witness significant growth. This growth can be attributed to the growing demand for robust monitoring solutions and automation abilities for strategic decision-making and resource allocation across large organizations
- In terms of end use, the retail segment is expected to expand at a promising CAGR from 2021 to 2028. The significant growth of this segment can be attributed to the increasing penetration of the internet and the growing usage of mobile applications for making purchases and related decisions. Moreover, digitalization can be employed to improve the in-store experience by using kiosks and interactive displays to help customers look through the entire catalog of offerings