Digital Workplace Market Overview
A digital workplace refers to a cloud or on-premises-based work platform which enables organizations to move work to the virtual space. A digital workplace market size platform consists of all the collaboration features, data, applications, and tools employees need to perform work within a dependable online interface that they can handle anywhere, at any time, and on any device. Digital Workplace Market valued at USD 21.3 billion and projected to grow USD 90.5 Billion by 2030 with 15.16% CAGR.
Digital Workplace Market USP Covered
Market Drivers
The global digital workplace market has recorded a major rise in the growth rate in the last few years. The market's growth is mainly attributed to the demand for greater flexibility. Furthermore, factors such as increased team member experience, rapid adoption of the digital workplace by business leaders across the globe, and a growing focus on improved customer experience are also likely to catalyse the market's growth over the assessment timeframe. Moreover, the digital workplace platforms consolidate all team member data in one particular location, makeup it easy to work, and stay connected from anywhere, at any time. In addition, the improved productivity, growing demand for cost optimization, increasing adoption of the digital workplace from the developing economies, and rising adoption of cloud and enterprise mobility services among organizations are also some of the major parameters likely to boost the growth of the digital workplace market over the assessment timeframe.
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Competitive Analysis
The global digital workplace market has prominent leaders such as:
- DXC Technology (US)
- NTT Data Corporation (Japan)
- International Business Machines Corporation (US)
- Atos (France)
- Cognizant Technology Solutions Corporation (US)
- HCL Technologies (India)
- Zensar Technologies (India)
- The Hewlett Packard Enterprise Company (US)
- Accenture plc (Ireland)
- Wipro Limited (India)
- Fujitsu Limited (Japan)
- Capgemini SE (France)
- Tata Consultancy Services (India)
- Infosys Limited (India)
- CompuCom Systems Inc. (US)
- Unisys Corporation (US)
COVID-19 Impact
The global COVID-19 pandemic has had a major impact on the majority of the market sectors across the globe. Several companies functioned effectively before the COVID-19 pandemic; the epidemic caused even more organizations to quickly speed up digital adoption and employ best practices that until now were "nice to have." The COVID-19 pandemic stopped the digital deferment period, catering to the softer ignition for the digital revolution.
Furthermore, the global health crisis forced lockdown situations across several economies. It implemented various restrictions such as import-export ban, work from home, travel barriers, and closure of the shops markets. The pandemic had a major impact on the market areas such as transportation, automotive, tourism, oil and gas, leisure, hospitality, trade, and manufacturing. The industries implemented several strategies to cope with the pandemic situation in which digital workplace strategy has achieved major distinction across the organizations.
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Digital Workplace Market Regional Analysis
The global digital workplace market is studied across five major regions: Middle East Africa, South America, Asia-Pacific, Europe, and North America.
The MRFR analysis suggests that the North American region will secure the top position across the global digital workplace market over the assessment timeframe. The region is further split into Mexico, Canada, and the US. The regional market's growth is mainly attributed to the early implementation of innovative technologies across enterprises. Canada and the US are the leading revenue pockets across the region. Furthermore, the rapid adoption of advanced technologies such as Robotic Process Automation (RPA), Augmented Reality (AR), and Artificial Intelligence (AI) is boosting the growth of the regional market over the assessment timeframe. Social media collaboration outside the enterprise has significantly driven the market growth across the region, particularly the US region. In addition, the presence of prominent digital workplace vendors across the region is another crucial parameter supporting the regional market's growth over the coming years.
The digital workplace market for the European region is likely to register substantial growth over the assessment timeframe. The region is further split into France, Germany, the UK, and the Rest of Europe.
The Asia-Pacific regional market for the digital workplace is likely to register the highest CAGR over the forecasted timeframe. The regional market's growth is mainly attributed to the growing implementation of digital workplace approaches across medium and small-sized enterprises. The firms have realized the significance of team member engagement to provide a better customer experience, which in turn causes a major rise in the demand for the digital workplace over the assessment timeframe. The nations such as Australia, South Korea, India, Japan, and China are the leading growth engines of the APAC region's digital workplace market growth. Likewise, Southeast Asian nations are also come to rise as the leading markets for the digital workplace in the last few years. They are anticipated to launch new avenues for the digital workplace market during the assessment timeframe.
Based on the search results, the digital workplace market is experiencing significant growth with a high compound annual growth rate (CAGR) and is expected to generate substantial revenue in the coming years . Some specific trends in the market include:
Increasing adoption of cloud-based solutions: More businesses are moving towards cloud-based digital workplace solutions due to their accessibility, scalability, and cost-effectiveness.
Growing focus on employee experience and engagement: The shift towards more remote work has emphasized the importance of creating a positive employee experience and improving employee engagement. Digital workplace solutions can help achieve this by providing tools for collaboration, communication, and support.
Advancements in technologies like AI and analytics: AI and analytics are being increasingly incorporated into digital workplace solutions to provide greater automation, insights, and decision-making capabilities.
Greater emphasis on security and compliance: As the digital workplace continues to expand, there is a growing concern for security and compliance. This is leading to a greater emphasis on implementing digital workplace solutions that are secure, compliant, and able to protect sensitive data.
Expansion into new industries and sectors: While the use of digital workplace solutions has traditionally been concentrated in specific sectors, such as tech or finance, there is a growing trend of expansion into other industries and sectors as businesses look to improve their operations and increase productivity.
It's important to note that these trends are not exhaustive and that the digital workplace market is constantly evolving with new trends emerging. Additionally, the exact trends and their impact on the digital workplace market can vary depending on the source of the information, and further research may be necessary to obtain precise and up-to-date information.
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Digital Workplace Market Segment Analysis
Among all the components, the services segment is anticipated to secure the top position across the global digital workplace market over the forecasted era. Furthermore, the segment is split into managed services and professional services.
Out of all the deployment methods, the cloud segment is projected to record the highest CAGR over the assessment timeframe.
Considering the organization size, the SME segment is anticipated to register the highest growth rate over the forecasted timeframe.
Among all the verticals, the telecommunication and ITes, manufacturing, and BFSI sector are likely to contribute the maximum share across the global digital workplace market over the assessment timeframe.
