USD 33.42 billion
Report ID:
SQMIG45B2038 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
99 |
Figures:
82
Global Digital Workplace Market size was valued at around USD 33.42 billion in 2022 and is expected to rise from USD 40.87 billion in 2023 to reach a value of USD 204.57 billion by 2031, at a CAGR of 22.30% during the forecast period (2024–2031).
Increased digitalization, rise in demand in desktop-as-a-service, and growing employee demand for further flexibility in terms of work-life balance all are factors that contribute to the current growth. The digital workplace offers a number of benefits that promote employee productivity without compromising ongoing corporate operations due to the growing digital technology of smart assets. For instance, in August 2021, the 16,000 employees dispersed over 40 countries of the world-renowned insurance company Munich Re and the IT services and consultancy company HCL Technologies signed a deal to collaborate on the creation of a next-generation digital workplace.
Including a global and local perspective, HCL would offer multilingual support to Munich Re's global workforce, including in the languages of Spanish, German, and Mandarin. To boost productivity and the user experience for employees, HCL will also implement a customized service desk solution and use automation and self-service. On account of the technological advances, important businesses now have new opportunities to improve their labor management.
The industry for digital workplace transformation services is driven by the advancement of mobile technologies, shifting workforce demographics, and the trend towards connected workplaces. To meet their demands and effectively finish the task, a number of future workspaces are increasingly implementing cloud services such as Infrastructure as a Service (IaaS), Backend as a Service (BaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).
Furthermore, while maintaining security constraints, businesses can use cloud services to give fast access to business-critical data and enterprise applications on a number of devices, such tablets, smartphones, and laptops. During the course of the forecast period, these factors are expected to offer growth opportunities for the major players operating in the global digital workplace market.
US Digital Workplace Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 33.42 billion
Largest Segment
Large Enterprises
Fastest Growth
Small and medium sized enterprises
Growth Rate
22.30% CAGR
To get more reports on the above market click here to Buy The Report
The global digital workplace market is segmented based on component, organization size, end user, and region. Based on component, the market is segmented into solutions, unified communication and collaboration, unified endpoint management, enterprise mobility and management, services, professional services, managed services. In terms of organization size, the Digital Workplace Market is segmented into small and medium sized enterprises, and large enterprises. With respect to segmentation by end user, the Digital Workplace Market is segmented into Banking Financial Services and Insurance (BFSI), Education, Healthcare and Pharmaceuticals, Government and Public Sector, IT Enabled Services and Telecommunication, Media and Entertainment, Retail and Consumer Goods, Manufacturing, Others. Geographically, the global digital workplace market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Digital Workplace Market Analysis by Component
In 2022, the solution segment held 67.6% market share, attributed to end users' use of workplace solutions, such as social and collaborative tools, cloud storage tools, and content management systems, to increase resource usage and productivity. For instance, Trianz PULSE, a next-generation digital workplace solution, is made to make it easier to manage remote workforces and enable collaboration and communication between clients, providers, and partners in a single centralized environment.
It enables a social network for the office, encourages teamwork and collaboration throughout the company, and gives users access to social media for posting official messages. Self-service capabilities for the organization's IT departments also improve productivity and efficiency. During the projection period, the benefits of digital workplace solutions are projected to promote the segment's growth.
Digital Workplace Market Analysis by Organization Size
In 2022, the large enterprise segment contributed 61.5% of total revenue. Numerous sizable businesses are adopting cloud computing and cutting-edge technologies that are simple to use and supported by AI and other automation tools and software. Tata Consultancy Services Limited (TCS) Cognex, for instance, is a digital workspace solution that was created, built, and designed to fulfill the needs of large enterprises and deliver complete automation. The system gives customers access to augmented reality (AR), virtual reality (VR), and cognitive automation as well as real-time dashboards with intelligent reporting. The adoption of digital workplace solutions in big businesses will be accelerated by the implementation of these solutions.
The Small & Medium Businesses (SMEs) segment is expected to grow at the fastest CAGR of 24.3% during the forecast period. Despite having a weak organizational infrastructure, SMEs are quickly implementing digital workplace services. It provides SMBs with a number of benefits, including improved client experiences, a shorter time to market, lower costs, and higher staff productivity and business efficiency.
Furthermore, due to the lower costs, absence of manual tasks for hardware maintenance, and scalability, that leads to lower capital and operational expenses, SMEs are rapidly adopting cloud enterprise scale. These elements will fuel the industry's growth in SMEs during the forecast period for the digital workplace.
To get detailed analysis on other segments, Request For Free Sample Report
North America currently dominated the market by earning the largest share as a result of early industry adoption of cutting-edge technology. The US and Canada are the two key market growth engines. The United States and Canada are mature markets in the field of the digital workplace since these countries were early adopters of the services and technologies. The rapid adoption of technologies like robotic process automation (RPA), augmented reality, and artificial intelligence is also driving market growth (AI). Social media collaboration outside of the enterprise has considerably spurred market expansion in the field, especially in the US. The top digital workplace vendors' presence in the region is a major element in this expansion as well.
The fastest CAGR growth rate is expected in the Asia-Pacific region over the projection period. The market has expanded rapidly in the Asia Pacific area as a result of the rising adoption of digital workplace strategies by small and medium-sized businesses. Companies now recognize the value of employee engagement in providing a better customer experience and, therefore, larger profits. As a result, SMEs are predicted to adopt digital workplace solutions in order to save money. China, Japan, India, South Korea, and Australia are the significant growth motors for APAC region's digital workplace industry. In addition, Southeast Asian nations have recently become a major market for the digital workplace. During the anticipated term, they are anticipated to provide the digital workplace market with new opportunities.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Digital Workplace Market Drivers
Increasing Demand for Efficient and Organizational Agility to Propel Growth
High Flexibility and Cost-efficient Nature to Boost Growth
Digital Workplace Market Restraint
Lack of Workforce Training may Hamper Growth
Request Free Customization of this report to help us to meet your business objectives.
The presence of multiple players results in an intense market competition. Players are focusing on improving their internal company operations, as major firms are confirmed to have their resources allocated to R&D initiatives. To further improve their products and acquire a competitive advantage, companies are seen participating in mergers, acquisitions, and partnerships. Other players are successfully developing new items and improving existing ones in an effort to win over more customers and market share.
Digital Workplace Market Top Player’s Company Profiles
Digital Workplace Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Digital Workplace market is the demand for further flexibility has grown significantly across all enterprises, along with an improvement in the employee experience. This is due to the unhealthy work-life balance and rigid schedules that are part of the traditional/physical job. Business leaders all over the world intend to put employee experience ahead of customer experience since, according to studies, companies that offer an engaging staff experience provide a 50% better customer experience. In order to improve customer experience, major organizations have seen a quick adoption of the digital workplace. In today's competitive environment, digital workplace tools and technology have shown to be effective in providing flexibility and a positive employee experience. The use of cloud-based apps across a variety of industries and increased employee flexibility with regard to work-life balance can be ascribed to market expansion. Also, the market is being driven by the growing BYOD (bring your own device) trend and corporate mobility by businesses.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 33.42 billion |
Market size value in 2031 | USD 204.57 billion |
Growth Rate | 22.30% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Workplace Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Workplace Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Workplace Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Workplace Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG45B2038