Workplace Services Market 2024: Size, Trends, and Industry Forecast Insights

The Business Research Company recently released a comprehensive report on the Global Workplace Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The workplace services market size has grown rapidly in recent years. It will grow from $122.59 billion in 2023 to $135.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to focus on employee productivity, growth of mobile workforce, integration of unified communication, expansion of enterprise mobility management, digital workplace initiatives, focus on cost-efficiency.

The workplace services market size is expected to see rapid growth in the next few years. It will grow to $206.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to globalization of business operations, hybrid work models, focus on diversity, equity, and inclusion, greater integration of project management tools, shift towards zero trust security models. Major trends in the forecast period include adoption of cloud-based services, integration of artificial intelligence , flexible it service delivery models, iot integration in smart workplaces, data analytics for decision-making, sustainability initiatives, cross-platform compatibility, vendor consolidation and ecosystems.

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Market Drivers and Trends:

An increase in cloud adoption is expected to propel the growth of the workplace services market going forward. The cloud refers to a network of remote servers that are hosted on the internet to store, manage, and process data rather than on a local, personal computer or a local server. Workplace services play a pivotal role in the seamless adoption of cloud computing within organizations. These services ensure a smooth transition by providing employees with secure and efficient access to cloud resources, enabling collaboration, and supporting remote work. For instance, in January 2023, Google, a US-based multinational technology company published an article that said 26% of people reported using multiple public clouds in 2022, which has increased from 21% in 2021. The use of Hybrid cloud also increased from 25% to 42.5% in 2022. Therefore, an increase in cloud adoption is driving the workplace services market.

The new innovations in workplace services is a key trend in the workplace services market. Companies in the market are focusing on developing services that are highly efficient and also cater to other workplace parameters such as emotional wellness. Such innovations enable key players to gain a competitive edge in the market. For instance, in April 2022, a US-based virtual behavioral health services company, Talkspace introduced Talkspace Self-Guided, a suite of offerings for employers designed to help executives, managers, and teams prioritize and build emotional intelligence and mental wellness in and out of the workplace.

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Major Key Players of the Market:

DXC Technology Company, Wipro Limited, International Business Machines Corporation, Tata Consultancy Services, Atos World Line India Pvt Ltd., NTT DATA Corporation, HCL Technologies, Fujitsu Limited, CompuCom Systems Inc., Cognizant, Unisys Corporation, Capgemini SE, T-Systems International GmbH, Zensar Technologies Limited, Infosys Limited, Tech Mahindra, Insight Enterprises Inc., Cisco Systems, Hilton Hotels & Resorts, American Express, Wegmans Food Markets, Nvidia Corporation, Atlassian Corporation, Salesforce, Comcast Corporation, Hewlett Packard Enterprise, VMware Inc., Citrix Systems Inc., Microsoft Corporation

Workplace Services Market 2024 Key Insights:

• The workplace services market size is expected to see rapid growth in the next few years. It will grow to $206.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• The Transformative Impact Of 5G Adoption On The Workplace Services Market
• Talkspace's Pioneering Approach To Emotional Wellness In The Workplace Services Market
• North America was the largest region in the workplace services market share in 2023

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