The ongoing digital transformation does not spare universities. Quite the contrary, higher education institutions could be even more affected by it than some other organizations due to their unique position in society as seats of learning, as educators of the workforce and as a key enabler of technological advancement. This article discusses disruptive changes in the field of higher education that include changing learner profiles, new competence requirements and the emerging competition from non-conventional actors. Furthermore, it examines the potential effect of digital transformation in ensuring affordable and inclusive access to tertiary education. These trends will significantly shape the higher education of the future. It is therefore even more important to proactively recognize the opportunities and challenges, but also the relevant stakeholders for cooperation. The article draws on a study conducted within the framework of an EU-funded project (“VISION”).