The paper considers the process of digital transformations within the framework of creating a Digital Single Market in the European Union. The author uses standard tools to identify strategic areas in which the transformation of the European market takes place. The importance and relevance of the development of the digital economy for the countries of the European Union in the context of the deepening globalization process and the rapid development of information technology is emphasized. In the framework of stimulating the economies of the EU countries, as well as with the aim of improving the quality of educational, medical services and solving other social problems - creating a single information market without geographical barriers, simplifying and standardizing Internet trade laws throughout the EU, ensuring a favorable legal and tax environment to expand the electronic trade in goods, services, technologies, become paramount tasks. The paper analyzes the key areas on which the creation of Digital Single Market is based: facilitating the access of consumers and businesses to goods and services via the Internet throughout the European Union; creating favorable conditions for the development of digital networks and services and promoting the maximum growth of the potential of European digital economics. It is shown that during the transformations in some areas, certain successes have already been achieved: the abolition of roaming, the increase in the volume of online trade in goods and services, the cross-border portability of digital content, including the successful coordination of the use of the 700 MHz band for the large-scale implementation of 4G broadband communications, which will further facilitate the deployment of networks 5G in 2020.