PUBLISHER: The Business Research Company | PRODUCT CODE: 1425404
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425404
Digital Workplace Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital workplace market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital workplace? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital workplace market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A digital workplace refers to the digital ecosystem within a workplace that enables organizations to collaborate and communicate with employees working remotely, in a hybrid model, or in the office. This is achieved by aligning technologies and business processes to facilitate efficient and productive business operations.
The main components of a digital workplace include solutions and services. Digital workplace solutions encompass unified communication and collaboration, endpoint management, enterprise mobility, and other tools designed to optimize the collaboration experience for employees in the workplace. Deployment types for digital workplace solutions include on-premise and cloud, catering to organizations of various sizes, including large enterprises and SMEs. The user verticals for digital workplace applications span across industries such as BFSI, consumer goods and retail, telecommunications and IT services, manufacturing, healthcare and pharmaceuticals, government and public sector, media and entertainment, and other sectors.
The digital workplace market research report is one of a series of new reports from The Business Research Company that provides digital workplace market statistics, including digital workplace industry global market size, regional shares, competitors with a data-centric security market share, detailed digital workplace market segments, market trends and opportunities, and any further data you may need to thrive in the digital workplace industry. This digital workplace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The digital workplace market size has grown exponentially in recent years. It will grow from $41.3 billion in 2023 to $50.19 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth observed in the historical period can be attributed to factors such as the adoption of remote work practices, increased use of collaboration tools, the implementation of Bring Your Own Device (BYOD) policies, proliferation of mobile devices, and the evolving cybersecurity threat landscape.
The digital workplace market size is expected to see exponential growth in the next few years. It will grow to $113.68 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The anticipated growth in the forecast period can be attributed to the evolution of endpoint detection and response (EDR), enhancements in identity and access management (IAM), a heightened focus on user education and awareness, and increased attention to containerization security. Major trends in the forecast period encompass the integration of collaboration platforms, a focus on employee experience and engagement, a shift towards cloud-based digital workplace solutions, the application of advanced digital workplace analytics, the use of AI and automation for workflow optimization, and the adoption of virtual collaboration tools.
The digital workplace market is poised for growth, propelled by the increasing adoption of cloud and enterprise mobility services among organizations. Cloud services, involving third-party organizations offering on-demand services via the internet, and enterprise mobility services, enabling remote working options, are integral to the digital workplace. Organizations embrace cloud services for optimizing remote business processes, enhancing data quality, reducing costs, and more. In 2021, a survey by O'Reilly Media Inc. revealed that approximately 90% of organizations utilized cloud computing, showcasing a rising trend. The shift towards cloud and enterprise mobility services is expected to be a key driver for the digital workplace market during the forecast period.
The digital workplace market is set to witness growth driven by the increased demand for remote work arrangements. Flexible work setups, allowing employees to operate from locations beyond their primary workplaces, have become prevalent. The digital workplace plays a crucial role in facilitating successful remote work by providing the necessary tools and technologies. According to the 2022 State of Remote Work Report by Buffer, 74% of employees in companies with 500 or fewer employees are engaged in remote work. The majority of these employees have been working remotely for two years or less, indicating a notable shift towards remote work arrangements. This growing demand for remote work is expected to be a significant contributor to the expansion of the digital workplace market.
Product innovation emerges as a key trend in the digital workplace market. Major companies in this sector are actively integrating technologies like artificial intelligence (AI) to drive product innovations, aiming to provide superior solutions and fortify their market positions. In April 2023, Smarten Spaces, a Singapore-based company specializing in digital workplace solutions, introduced Jumpree. This comprehensive digital workplace platform, integrated with Microsoft Teams, allows employees to manage office workdays, synchronize schedules with colleagues, and reserve spaces efficiently. Jumpree by Smarten Spaces innovatively facilitates room and amenity bookings, eliminating the need for additional app downloads and enhancing the overall digital workplace experience.
Major players in the digital workplace market are concentrating on technological advancements tailored for the New Hybrid Workplace. The focus is on intuitive technology platforms designed to understand human intents, enhancing everyday interactions. In August 2021, Smarten Spaces unveiled a new version of its flagship product, Jumpree, featuring an intuitive technology platform. This platform, integrating workplace and workforce technology, offers a single, user-friendly platform with integrated analytics and over 80 interfaces with business apps and sensors. The emphasis on intuitive technology platforms is aligned with the evolving needs of the hybrid workplace, contributing to increased employee engagement, collaboration, and productivity in the digital workplace.
In July 2023, Johnson Controls, an Irish-based multinational conglomerate management company, successfully acquired FM:Systems for $455 million. This strategic acquisition is poised to complement Johnson Controls' prominent OpenBlue digital buildings software portfolio. The addition of FM:Systems brings cloud-based software as a service (SaaS) digital workplace management features to enhance Johnson Controls' offerings in the realm of smart building technologies. FM:Systems, the acquired company, is a US-based provider specializing in workplace management and Internet of Things (IoT) solutions designed for facility and real estate professionals. The acquisition underscores Johnson Controls' commitment to expanding its capabilities in the digital building solutions space and meeting the evolving needs of facility and real estate management.
Major companies operating in the digital workplace market report are Atos Group, Cognizant, International Business Machines Corporation, Infosys Limited, Zensar Technologies Limited, Microsoft Corporation, Google LLC, Wipro Ltd., Accenture PLC, DXC Technology Company, NTT DATA Corporation, Unisys Corporation, HCL Technologies, Capgemini SE, Tata Consultancy Services Limited, Citrix Systems Inc., Hewlett Packard Enterprise LP, Fujitsu Limited, CompuCom Systems Inc., Trianz, Sonda SA, Tech Mahindra Limited, Mphasis Limited, WorkGrid Software, Axero Solutions, eXo Platform, Liferay Inc., Atlassian Corporation, Kissflow Inc., Salesforce Inc., and Adobe Inc.
North America was the largest region in the digital workplace market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital workplace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital workplace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital workplace market includes revenues earned by entities by unified communication and collaboration, unified endpoint management, enterprise mobility and management, professional services and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.