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According to IDC Statista, Digital Transformation, the adoption of digital technology to transform business processes and services from non-digital to digital, is expected to reach US$1.8 trillion globally in 2022 and grow to US$2.8 trillion by 2025, a ~12% compound annual growth rate (CAGR), significantly higher than global GDP growth. The study indicated Digital Transformation encompasses, among others, moving data to the cloud, using technological devices and tools for communication and collaboration, as well as automating processes. Overall, utilizing technologies for Digital Transformation render organizations more agile in responding to changing markets and enhance innovation, thereby making them more resilient.

While the Digital Transformation market is well-established, multiple studies reviewed by the Company suggest that the COVID-19 pandemic shifted the approach organizations are taking to accelerate progress and achieve success by focusing rapid development efforts at a single business function like finance or at a complex issue across business units. The Company believes that such a shift in approach will favor edgeCore’s “low-code” capabilities that enable tech savvy workers outside of traditional IT to create meaningful experiences for all participants (aka Digital Operations).