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Workplace Transformation Market Global Snapshot Analysis and Increasing Growth Demand by Forecast To 2031
The global workplace transformation market was evaluated at US$ 8.02 million in the base year of the study i.e. 2016. The latest studies indicate that the global workplace transformation market will grow at a substantial growth rate of 17.6 % over the forecast period of 2016 to 2021. The studies also project that the global workplace transformation market will reach the final evaluation of US$ 18.06 million by the end of the year 2021. The solutions in the global workplace transformation market prove useful for the workforce to finish their work and related tasks from their individual workspaces.
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The solutions in the global workplace transformation market consist of various workplace services and solutions, such as core enterprise application, collaborations, virtualizations, workplace automation tools, enterprise mobility, and instant messaging, among others.
The manufacturers and players functional within the global workplace transformation market provide various types of services, such as unified communication and collaboration services, asset management services, desktop virtualization, application management services, data centre transformation services, network management services, enterprise mobility and telecom services, workplace upgrade and migration services, service desk, workplace automation services and solutions, and field services, among others.
The products and solutions in the global workplace transformation market find applications in a number of end use industry verticals, including government, manufacturing and automotive, transportation and logistics, telecomm and IT, energy, utilities, BFSI or banking, financial services, and insurance, healthcare and life sciences, retail, media and entertainment, and education, among others.
The rising demand from the BFSI vertical is stimulating attractive growth opportunities in the global workplace transformation market. Furthermore, the increasing requirement for digitalization across various industry verticals as well as favourable economic conditions in various developed as well as developing economies are also fuelling the demand within the global workplace transformation market.
Currently, the global market for workplace transformation is reporting a significant rise. The increasing adoption of digital workplace services, which are useful to workforce and assist them in completing their work efficiently on time in their respective workplaces, is the main factor behind the growth of this market. These digital services include all the workplace services starting from core enterprise application to collaboration, instant messaging, enterprise mobility, workplace automation tools, and virtualization.
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The augmenting trend of the uptake of latest technologies, such as enterprise mobility by organizations and bring your own device (BYOD), and frequently changing nature of workplace and processes, which are supported by organizational restructuring and reorganizing, changing demographic factors, and reduction in operational expenditures are some other important factors, influencing the growth of this market.
The transformation in the workplace, particularly digital, provides flexibility and agility to workers, improving their overall performance and productivity. A number of business organizations across the world are acknowledging the need for renovating and transforming their workplace, which, in turn, is expected to boost the global market for workplace transformation in the years to come.
Global Workplace Transformation Market: Overview
Workplace transformation results when real estate, technology, and human behaviors are combined to create a flexible and collaborative environment that facilitate innovation and up efficiency while reducing costs. The need for workplace transformation has emerged from changing landscape of the modern day workplace where employees are stationed in different offices or working remotely with modern mobile devices. In addition, the competition is cutthroat, making organizations hard pressed to increase their revenues.
Workplace transformation enables companies to thrive in such a challenging backdrop by leveraging technologies to bring about speedy innovation in the products, services, and business models. It helps in the creation of an open workplace by using technology to support an anywhere, anytime work environment.
Global Workplace Transformation Market: Key Trends
A workplace transformation benefits an organization in ways more than one. It ups productivity and competitive advantage, brings down costs, and improves collaboration. Because of such unique perceived benefits the global market for workplace transformation is growing at an impressive pace. Other factors driving the market are new trends such as Bring Your Own Device (BYOD) and enterprise mobility, and changing nature of workplace. Besides, restructuring and reorganizing the organization, need to lessen operational expenditures, and demographic changes are other factors stoking growth.
Countering the growth in the global workplace transformation market are concerns over related data security and connectivity constraints.
Global Workplace Transformation Market: Market Potential
The global workplace transformation market holds out a lot of potential as it helps to increase competitive advantage and reduce costs, by using spaces more efficiently, for organizations. It fosters employee engagement, pushes up productivity, and allows hiring of people from any location. The different kinds of services it encompasses are enterprise mobility and telecom services, unified communication and collaboration services, workplace upgrade and migration services, service desk, field services, asset management services, desktop virtualization, application management services, and workplace automation services, among others.
The segments poised for maximum growth in the market are enterprise mobility and telecom service. This is primarily on account of the swift proliferation of smart devices such as smartphones, tablets, etc. Trending practices, including mobile-first approach, Bring Your Own Identity (BYOD), and Carry Your Own Identity (CYOI) are also boosting uptake of enterprise mobility services.
The small and medium enterprises (SMEs) segment is predicted to account for maximum share in the global market for workplace transformation in the upcoming years due to rising adoption of BYOD and enterprise mobility solutions and lesser overall cost of ownership in the migration and upgradation from existing traditional legacy systems to digital workplaces.
Global Workplace Transformation Market: Regional Outlook
Geographically, the key segments of the global workplace transformation market are Europe, North America, Asia Pacific, the Middle East and Africa, and the Rest of the World. Asia Pacific, among them, is predicted to dominate the market with maximum share in the near future mainly on the back of increasing demand for mobility solutions on account of robust adoption of smartphones and cloud-based solutions in the region.
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Global Workplace Transformation Market: Competitive Analysis
To assess the competition prevailing in the global workplace transformation market, the report profiles players such as NTT Data Corporation, Cisco Systems, Inc., Atos, Hewlett Packard Enterprise Development LP (HPE), Capgemini, Cognizant Technology Solutions Corporation, HCL Technologies Ltd., Citrix Systems, Computer Sciences Corporation (CSC), Wipro Ltd., IBM Corporation, Tata Consultancy Services, Infosys, and Intel Corporation.
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TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today's supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients' conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.
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