July 13, 2024
Workplace Transformation Market

Growing Need For Enhanced Digital Capabilities And Employee Experience Is Anticipated To Open Up The New Avenue For Workplace Transformation Market

The Workplace Transformation Market is estimated to be valued at US$ 632.3 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The workplace transformation market refers to transformation and integration of digital technologies in the workplace to enhance productivity, employee experience and business outcomes. It involves adoption of technologies like cloud computing, mobility, collaboration tools, workflow automation, analytics etc. to modernize legacy systems and empower a digital, mobile and analytics-driven workforce. This allows organizations to offer flexible, agile and collaborative working environment to employees.

Market Dynamics:

One of the key drivers for the workplace transformation market is the growing need among organizations to improve employee experience and engagement. Migration to digital workplace offers enhanced productivity and accessibility to knowledge resources through anytime-anywhere workplace model. This positively impacts employee satisfaction, retention and collaboration. Furthermore, digital transformation of workplace allows organizations to gain operational efficiencies through automation of business processes, workflows and integration of various applications. This reduces redundancy and manual errors, freeing up resources for more strategic tasks. Automation and analytics capabilities also provide real-time actionable insights to improve decision making.

Segment Analysis:

The workplace transformation market can be segmented based on type which includes enterprise mobility management, unified communication and collaboration, business intelligence, optimization of business operations, cloud services, workforce management and workplace upgrade/migration. The enterprise mobility management sub segment holds the dominant market share currently owing to increasing BYOD trend and focus on employee experience management.

PEST Analysis:

Political: Data privacy policies are becoming stringer which compels organizations to focus on cyber security and address privacy concerns.

Economic: Growing economy is increasing IT spending on digital workplace transformation by organizations to improve operational efficiency and workforce productivity.

Social: Younger workforce prefers flexible and digital work environment which is propelling adoption of virtual collaboration tools and enterprise mobility solutions.

Technological: Advancements in cloud, mobility, analytics, AI and collaboration solutions are enabling organizations to transform their workplace environment and processes.

Key Takeaways:

The Global Workplace Transformation Market Demand is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing digitalization trends across industry verticals. The market size for global workplace transformation market was valued at US$ 632.3 Bn in 2023.

The North America region dominated the market with largest share in 2023 owing to presence of major tech companies in the region and focus on workforce productivity and experience. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing investment in digital transformation projects across industries in developing countries such as India and China.

Key players operating in the workplace transformation market include Accenture PLC, Cisco Systems Inc., Cognizant Technology Solutions Corporation, Capgemini, Computer Sciences Corporation (CSC), HCL Technologies Ltd., IBM Corporation, Infosys Ltd., Intel Corporation, Jabil Circuits, Micron Technology, NTT Data Corporation, Tata Consultancy Services, Tech Mahindra Ltd., and Wipro Ltd. These players are focusing on enhancing their workplace solutions and services portfolio through inorganic strategies to gain competitive advantage.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it