Global Digital Workplace Market Size, Share, Growth Analysis, By Component, By Organization Size, By End User(Banking Financial Services and Insurance, Education) - Industry Forecast 2024-2031

Global Digital Workplace Market size was valued at USD 33.42 billion in 2022 and is poised to grow from USD 40.87 billion in 2023 to USD 204.57 billion by 2031, growing at a CAGR of 22.3% during the forecast period (2024-2031).

The present expansion is attributed to a number of factors, including increased employee demand for greater flexibility in terms of work-life balance, increased digitization, and an increase in desktop-as-a-service demand. The increasing digital technology of smart assets has made the digital workplace possible, providing a host of advantages that boost worker productivity without interfering with current business operations. For example, in August 2021, the IT services and consultancy company HCL Technologies and the 16,000 employees of the globally recognized insurance business Munich Re, spread over 40 countries, inked an agreement to work together on the development of a next-generation digital workplace. HCL would provide bilingual support, including in Spanish, German, and Mandarin, to Munich Re's global workforce, taking into account both local and global perspectives.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Digital Workplace Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Digital Workplace Market Segmental Analysis

The global digital workplace market is segmented based on component, organization size, end user, and region. Based on component, the market is segmented into solutions, unified communication and collaboration, unified endpoint management, enterprise mobility and management, services, professional services, managed services. In terms of organization size, the market is segmented into small and medium sized enterprises, and large enterprises. With respect to segmentation by end user, the market is segmented into Banking Financial Services and Insurance (BFSI), Education, Healthcare and Pharmaceuticals, Government and Public Sector, IT Enabled Services and Telecommunication, Media and Entertainment, Retail and Consumer Goods, Manufacturing, Others. Geographically, the global digital workplace market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Digital Workplace Market

The hiring, retaining, inspiring, and engaging of staff is made easier with the use of a digital workplace. Employees are free to utilize their own devices and a variety of work methods are permitted under the digital workplace standards. End users receive a workspace bundle that is purpose-driven and customized when persona-based models are employed in lieu of standalone services. The safe integration of employee data and content into cloud storage, drop boxes provided by the organization, and collaboration tools allows employees to work remotely or locally and access data at any time, from any device, anywhere. Having access to this data increases efficiency, organizational flexibility, and production.

Restraints in the Global Digital Workplace Market

Several difficulties are impeding the smooth growth rate of the digital workplace market. These include issues with businesses' transformation and integration procedures, a lack of workforce training and education provisions, and a lack of thought leadership in enterprises.

Market Trends of the Global Digital Workplace Market

Businesses that are gradually shifting to service desks and digital transformation may see an increase in demand for service desks across end-user industries since these solutions can facilitate realistic, sustainable, and customer- and business-centric digital transformation. Over the course of the projection period, the market is expected to grow fast due to the growing possibility for cloud and mobile services. This can be attributed to an increase in the need for worker involvement to promote safer collaboration. Small and midsize businesses (SMBs) have unique challenges such as ongoing high expenses, striking a balance between security and usability, managing many devices and operating systems, handling privacy concerns, etc. Buying and maintaining mobile devices and apps can be costly and challenging.