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Digital Workplace Market Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033
Digital Workplace Market
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According to The Business Research Company's, 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 in the historic period can be attributed to remote work adoption, increased use of collaboration tools, bring your own device (byod) policies, mobile device proliferation, 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 growth in the forecast period can be attributed to endpoint detection and response (edr) evolution, identity and access management (iam) enhancement, focus on user education and awareness, containerization security. Major trends in the forecast period include integrated collaboration platforms, employee experience and engagement focus, shift to cloud-based digital workplace solutions, advanced digital workplace analytics, ai and automation for workflow optimization, adoption of virtual collaboration tools.
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Market Drivers and Trends:
Increased demand for remote work arrangements is expected to propel the growth of the digital workplace market. Remote work arrangements are flexible work arrangements that enable employees to operate from a location other than their primary workplace. The digital workplace provides the tools and technologies required for successful remote work arrangements. For instance, according to 2022 State Of Remote Work Report by Buffer, a US-based software application, 74% of employees work in companies with 500 or fewer employees. The majority (57%) have been working remotely for two years or less, 27 percent for three to ten years, and 6 percent for more than ten years. Therefore, the increased demand for remote work arrangements will drive the growth of the digital workplace marke.
Product innovation is a key trend in the digital workplace market. Major companies operating in the market are focused on integrating technologies such as artificial intelligence for product innovations that could give better solutions and strengthen their position in the market. For instance, in April 2023, the Smarten Spaces , a Singapore-based company provides digital workplace solutions, launched Jumpree, a comprehensive digital workplace platform. Employees can use Jumpree by Smarten Spaces for Microsoft Teams to select the days they work from the office, synchronize schedules with colleagues, and reserve spaces that best meet their needs. Jumpree by Smarten rooms allows employees to easily book meeting and collaboration rooms, desks, and other amenities, as well as any other locations within the office, without the need for any additional app downloads.
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Major Key Players of the Market:
Atos Group, Cognizant, International Business Machines Corporation, Infosys Limited, Zensar Technologies Limited, Microsoft Corporation, Google LLC, Wipro Ltd., 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., Adobe Inc.
Digital Workplace Market 2024 Key Insights:
• 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 Impact Of Cloud And Enterprise Mobility Services On The Digital Workplace Market
• Product Innovation In The Digital Workplace Market
• North America was the largest region in the digital workplace market in 2023
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