USD 18.9 Billion
Workplace Transformation Market Size, Share, Growth Analysis, By Service(Application Management, Asset Management, Desktop Virtualization, Enterprise Mobility & Telecom), By Enterprise Size(Large Enterprise, Small & Medium Enterprise (SME)), By End-use(BFSI, Government, Healthcare, IT & Telecom), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2067 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
100
|Figures:
76
Workplace Transformation Market Insights
Global Workplace Transformation Market size was valued at USD 22.25 Billion in 2023 and is poised to grow from USD 26.18 Billion in 2024 to USD 81.95 billion by 2031, at a CAGR 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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprisel
Fastest Growth
Large Enterprisel
Growth Rate
17.7% CAGR
Global Workplace Transformation Market ($ Bn)
Country Share for North America Region (%)
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Workplace Transformation Market Segmental Analysis
The global workplace transformation market is segmented in terms of service, enterprise size, end-use, and region. Based on service the market is segmented into Application Management, Asset Management, Desktop Virtualization, Enterprise Mobility & Telecom, Field Services, Service Desk, Unified Communication and Collaboration, Workplace Automation, Workplace Upgradation & Migration, and Others. Based on Enterprise Size the market is segmented into Large Enterprise, Small & Medium Enterprise (SME). Based on End-use the market is segmented into BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Retail. Based on region the global Workplace Transformation Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Workplace Transformation Market Analysis by Service
The market for changes in the workplace was dominated by the enterprise mobility & telecom category, which accounted for the biggest revenue share of 18.3%. The segment is expanding quickly as a result of businesses using tablets, smartphones, and various other smart devices more frequently. Carry Your Own Identity (CYOD) and the mobile-first approach are two recent innovations that are helping businesses adopt mobility services. For instance, demand for management of mobile devices solutions in the Apple market has surged as more organizations use Macs, iPhones, and iPads in their operations. The use of such devices provides attractive opportunities for segment expansion during the forecast period.
The asset management segment is expected to experience a CAGR of 18.6% over the forecasted period. The decreasing equipment downtime and need for optimum resource usage can be attributed to the segment's growth. Businesses can reduce stock and inventory management costs while optimizing the use of current equipment by monitoring and handling assets in real time. For instance, Progressive Infotech, a company that transforms how services are provided in the digital workplace, implemented Workelevate in February 2022 to expedite ticket management and enhance the employee experience. These benefits will encourage the segment's growth over the predicted period.
Workplace Transformation Market Analysis by End User
The BFSI category led the market and accounted for 22.9% of total revenue in 2022. The segment's expansion can be ascribed to the increasing use of business mobility management tools and the quickening pace of digitalization. Digital technologies have been used by a number of fin-tech companies, startups, and payment institutions, among others, to provide staff with the latest technological tools and enable more effective use of time and resources. For instance, to boost staff mobility, Fino Payments Bank, a bank, selected Seqrite's mSuite. The business will use Seqrite's mSuite to give its mobile workforce access to business data and applications while they're out and about, as well as to let IT personnel securely handle and supervise the devices. These elements are promoting the expansion of the workplace transformation market segment.
The healthcare segment is anticipated to expand at a CAGR of 19.5% over the forecast period. The growing need for digital information across patient outreach & operational channels is expected to propel the industry forward. Healthcare professionals can make use of mobile health apps on patients' cellphones to assess, for instance, patients' rhythms, blood pressure, and blood sugar levels. It also improves the patient experience by enabling more informed choices and the most efficient use of resources and time. These elements will support the segment's growth over the anticipated time period.
Global Workplace Transformation Market By Enterprise Size
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Workplace Transformation Market Regional Insights
North America held a 34.3% sales share and dominated the workplace transformation market. The use of emerging technologies like BYOD, AI, and business mobility management remedies, among others, is thought to be a contributing factor to regional growth. Cloud technologies are being quickly adopted by a number of workplace transformation service providers in the area, and AI is being incorporated into their service offerings. The region also has a significant demand for computer software and solutions for robotics because of the region's active industrial, retail, and automotive sectors. This ultimately spurs the growth of markets in the area throughout the anticipated period.
Asia Pacific is expected to experience a significant CAGR of 19.4% in the changing workplace market during the span of the forecast period as a result of the quick adoption of digitalization by different manufacturing and service sectors. Businesses all around the region are supporting BYOD, enterprise-wide adoption of offerings for the digital workplace, and widespread usage of cloud-based technologies. Additionally, during the projected period, the regional market will grow as a result of factors like globalization, rapid economic growth, and investment from abroad.
Global Workplace Transformation Market By Geography
- Largest
- Fastest
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Workplace Transformation Market Dynamics
Workplace Transformation Market Drivers
Digital Transformation Initiatives
- Organizations are increasingly adopting workplace transformation solutions to support their digital transformation efforts. This includes implementing technologies such as cloud computing, artificial intelligence, and automation to enhance productivity, collaboration, and agility in the workplace.
Workplace Transformation Market Restraints
Security and Data Privacy Concerns
- The adoption of workplace transformation solutions introduces new security and data privacy challenges. Organizations need to address concerns related to data breaches, unauthorized access to sensitive information, and compliance with data protection regulations.
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Workplace Transformation Market Competitive Landscape
It is being observed that market participants spend money on R&D projects to support growth and improve their internal business processes. Companies can be observed participating in collaborations, mergers, and acquisitions in order to improve their goods and acquire a competitive edge in the workplace transformation industry. To attract new clients and increase market share, they are successfully developing new products and improving existing ones. For instance, in 2021 Accenture announced the acquisition of Population Insight, a business administration consultancy, to strengthen its workforce management capabilities & support its capacity to provide Human Resources (HR) transformations to its clients. With this acquisition, Accenture will increase its planning capabilities & advisory services and offer its clients supplementary analytical and data technology solutions.
Workplace Transformation Market Top Player’s Company Profiles
- IBM Corporation
- Citrix Systems, Inc.
- Dell Technologies Inc.
- Hewlett Packard Enterprise Development LP
- Oracle Corporation
- Accenture plc
- Infosys Limited
- Capgemini SE
- Cognizant Technology Solutions Corporation
- Atos SE
- Fujitsu Limited
- Wipro Limited
- Tata Consultancy Services Limited
- HCL Technologies Limited
- NTT DATA Corporation
- DXC Technology Company
- Unisys Corporation
Workplace Transformation Market Recent Developments
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In 2024, A significant shift will occur in 2024 as companies move towards integrating Diversity, Equity, and Inclusion (DEI) principles into the fabric of their organizations. This strategic approach will redefine how business leaders view DEI, transitioning it from a set of actions ("what") to a core element driving success in achieving key objectives ("how").
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In 2023, Building a more inclusive talent pipeline by tapping into the potential of underrepresented groups will be crucial for success in both talent acquisition and fostering diversity within the workforce.
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In 2023, To incentivize in-office work, organizations are exploring creative solutions to address housing costs. One approach involves offering housing subsidies to help employees afford living near the office. Another option is for companies to invest in company-owned apartments close to their headquarters. This could make short-term work assignments or relocations more manageable for employees.
- In June 2022, to update TK Elevator's Information Technology (IT) infrastructures in Europe and Africa, Infosys and TK Elevator entered a seven-year global strategic partnership. As part of the agreement, Infosys would combine the global service desk and office operations.
- In September 2022, By implementing the top solutions of Finastra, Wipro Limited joined forces with Finastra to assist major banks in India in accelerating their digital transformation.
Workplace Transformation Key Market Trends
- Remote Work and Hybrid Workforce: The COVID-19 pandemic has accelerated the adoption of remote work and hybrid workforce models. Organizations are implementing workplace transformation strategies to support flexible work arrangements and provide employees with the necessary tools and technologies to work remotely.
- Digital Transformation: Organizations are undergoing digital transformation initiatives to modernize their workplaces and improve productivity. This includes the adoption of cloud-based collaboration tools, digital workflows, and automation to streamline processes and enhance employee experience.
- Employee Experience and Engagement: There is a growing focus on creating a positive employee experience and improving employee engagement through workplace transformation. This includes providing a seamless and personalized digital workplace environment, promoting collaboration and communication, and offering employee-centric services and amenities.
- Agile Workspaces: Traditional office spaces are evolving to accommodate agile work environments. This involves the implementation of flexible workspaces, activity-based workstations, and collaborative areas that promote creativity, collaboration, and innovation.
Workplace Transformation Market SkyQuest Analysis
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 global workplace transformation market analysis, the development of mobile technologies, shifting workforce demographics, and the trend towards linked workplaces are the key growth drivers. To meet their business demands and efficiently complete the task, a number of future workspaces are gradually implementing cloud services including Infrastructures as a Service (IaaS), Backend as a Services (BaaS), Platforms as a Service (PaaS), and Software as a Service (SaaS). 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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 22.25 Billion |
| Market size value in 2031 | USD 81.95 billion |
| Growth Rate | al Workplace Transformation Market size was valued at USD 22.25 Billion in 2023 and is poised to grow from USD 26.18 Billion in 2024 to USD 81.95 billion by 2031, at a CAGR 17.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Workplace Transformation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Workplace Transformation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Workplace Transformation 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 Workplace Transformation 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Workplace Transformation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Workplace Transformation 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.
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