Workplace Transformation Market Size, Share, Growth Analysis, By Service(Application Management, Asset Management), By Enterprise Size(Large Enterprise, Small & Medium Enterprise (SME)), By End-use(BFSI, Government) - Industry Forecast 2024-2031

Global Workplace Transformation Market size was valued at USD 18.9 Billion in 2022 and is poised to grow from USD 22.25 Billion in 2023 to USD 81.93 Billion by 2031, at a CAGR of 17.7% during the forecast period (2024-2031). 

The main drivers of the market's expansion are the changing demographics of the labor force and the rising use of workplace mobility services, which increase worker productivity and cut down on operating costs. Businesses have resorted to remote working and revamped their systems to bring in a digital workplace in response to the COVID-19 outbreak in order to ensure business continuity. Enterprises have discovered new methods for delivering training & facilitating team ties and collaborations with the aid of digital workspaces. Additionally, due to the pandemic's easiness, a number of businesses have committed long-term resources to changing the workplace for the hybrid work model, which called for the use of cloud-based solutions to support remote employees with secure access. These elements are anticipated to favorably accelerate market growth.

The enterprises are increasingly adopting cutting-edge technology like corporate mobility & Bring Your Own Device (BYOD), which supports market expansion. Enterprise mobility enables distant workers to stay connected and exchange crucial information from any location. These services alter organizational restructuring-supported workplaces and business processes while lowering operational costs. Additionally, with the aid of artificial intelligence (AI), the Internet of Things (IoT), & Virtual Reality (VR), workspaces are anticipated to deploy more cloud-based and flexibility-enhancing accessible solutions. These technological developments have given market participants new chances to diversify their workforce management offerings and incorporate cloud functionalities.

The growth of automation and AI technologies is crucial for increasing productivity within organizations and optimizing workflows. Businesses are implementing thorough transformations in the workplace services that promote virtualization, cooperation, mobility, worker efficiency, and employee satisfaction across all industries. For instance, IBM (International Business Machines) and Infosys announced a partnership in 2021 to help businesses speed up their digital transformation journeys using IBM's public cloud. The market for organizational change is being driven by the abundance of chances for vendors to innovate their solutions by utilizing cutting-edge technologies.

The market for digital workplace transformation services is being driven by the development of mobile technologies, shifting workforce demographics, and the trend towards linked workplaces. The future workplaces are rapidly adopting cloud services like Infrastructure as a Service (IaaS), The back end as a Service (BaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) to fulfill their business expectations and effectively accomplish the assignment. Additionally, while preserving security constraints, businesses can use cloud services to give fast access to important data and company apps on a number of devices, including tablets, smartphones, and laptops. The leading companies in the market for change at work are anticipating growth opportunities from these aspects.

Several sizable businesses have adopted cloud computing technology that is easy to use, powered by AI and other automation technologies, and that is contextually aware and insights-enabled. Additionally, organizations may simply scale either increasing or decreasing their IT requirements with the help of cloud computing as needed. By enabling workers to access a centralized repository of documents with real-time changes, cloud computing also organizes and simplifies group collaboration, leading to higher productivity. Integrating tools like messaging apps, file hosting/sharing, and team-building software makes it easier for departments to communicate and fosters innovation. The expansion of the market for changing workplaces over the forecast period would be aided by these advantages of cloud technology.

US Workplace Transformation Market is poised to grow at sustainable CAGR for the next forecast year.