Global Digital Workplace Market Size, Share, Growth Analysis, By Component(Solutions, Unified Communication and Collaboration), By Organization Size(Small and medium sized enterprises, and Large Enterprises.), By End User(Banking Financial Services and Insurance (BFSI), Education) - Industry Forecast 2024-2031

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).

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. 'General Electric (U.S.)', 'IBM Corporation (U.S.)', 'PTC (U.S.)', 'Microsoft (U.S.)', 'Siemens (Germany)', 'ANSYS, Inc. (U.S.)', 'SAP SE (Germany)', 'Oracle (U.S.)', 'Robert Bosch GmbH (Germany)', 'Swim.ai, Inc. (U.S.)', 'Atos SE (France)', 'ABB (Switzerland)', 'KELLTON TECH (India)', 'AVEVA Group plc (U.K.)', 'DXC Technology Company (U.S.)', 'Altair Engineering, Inc (U.S.)', 'Hexaware Technologies Limited (India)', 'Tata Consultancy Services Limited (India)', 'Infosys Limited (India)', 'NTT DATA, Inc. (Japan)', 'TIBCO Software Inc. (U.S.)', 'Accenture plc', 'Trianz', 'Capgemini', 'Infosys Limited', 'Tech Mahindra Limited'

A digital workplace helps with having to hire, maintain, motivate, and engage employees. The digital workplace policies allow for a diversity of work methods, and employees are allowed to use their own devices. When persona-based models are utilized in place of single services, end users get a workspace package that is tailored to their needs and is suitable for purpose. Employee data and content are safely integrated into collaboration tools, company drop boxes, and cloud storage, enabling employees to access data from any device, in any location, at any time, whether they are working remotely or locally. Access to this data improves productivity, organizational agility, and efficiency.

Growing demands for service desks across end-user industries may result from businesses progressively moving towards service desks and digital transformation because it can enable customer- and business-centric digital transformation that is realistic and sustainable. The market is anticipated to rapidly grow over the period of the forecast period as a result of the increasing act as an opportunity for cloud and mobile services. This is explained by a rise in the demand for employee participation to enable safer working cooperation. Particular difficulties faced by small and midsize businesses (SMBs) include continued high costs, balancing security and usability, managing various devices and operating systems, addressing privacy issues, etc. The purchase and maintenance of mobile applications and devices can be expensive and difficult. Employees may be required to wait weeks or even months to just get what they need, which can be costly. The company will still have to deal with ongoing issues like customer service, maintenance, security, and warranties after they are finally operating. These problems can be solved by mobility services, which is crucial because financial limitations are a primary driver of this technology's adoption in organizations.

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.