Global Digital Workplace Market Overview
The key driver impacting the Digital workplace market is the rapidly growing adoption of cloud services by companies and the growth of your own device (BYOD) strategies. For instance, The BSA Global Cloud Computing Scorecard report estimations reveal, In 2018 globally, over half of the enterprises had adopted cloud computing. During the period 2012 and 2015, cloud computing demand had reached 70% and is likely to stand for 60% of growth during 2020. Around 96% of companies have utilized at least one cloud software in the past two years. For instance, in UK Cloud Industry Forum (CIF) 2017 report reveals that the overall cloud adoption rate reached 88 percent, with 67 percent of users estimated to increase their adoption of cloud services over the coming year. The most commonly used cloud-services are those for traditional Webhosting (65%) and office productivity tools (50 percent). Moreover, employee's demand for greater flexibility in terms of work-life balance contributes to market growth.
According to Value Market Research, the global Digital workplace market size was valued at around USD 21000 million in 2020 and is estimated to grow at a CAGR of about 11% during the forecast period 2021 to 2027.
The shifting working culture and rising demand for remote working capabilities from employees to achieve work-life balance are estimated to augment digital workplace demand in the forecast period. For instance, As per the pew research organization recent survey report, it is found that before the COVID pandemic there are 20% of Americans work remotely, which is increased to 71% now, and over 54% of Americans want to work remotely after the coronavirus outbreak ends. This trend is likely to create massive demand for digital workplace solutions in the coming years. However, transformation and integration process-related issues in organizations may hamper the market in the long run. Also, the lack of training and compulsory education among the workforce is negatively impacting the market. The current industry trends, such as the increasing adoption of workplace transformation services among SMEs, and speedy integrations of technologies across IT and telecommunication organizations, are expected to provide market players with new market opportunities.
The Digital workplace market is vast, with many local and global players. The Digital workplace market is extensive, with many local and international players. The key leaders follow different strategies to advance their market position, such as extending product portfolio, amalgamation, contracts, product upgrades, and acquisitions, to enlarge their market share across the globe. For instance, In 2017, IBM introduced a new advanced solution- IBM Cloud Application Performance Management. It consists of features such as resource inspecting of IBM API Connect atmospheres and transaction tracking. The significant players studied in the report are DXC Technology Company, HCL Technologies Limited, Citrix Systems, Inc., Wipro Limited, IBM, NTT Data Corporation, Atos SE, and Tata Consultancy Services Limited.
In this research report, the Digital workplace market is segmented by component, organization size, end-use, and region.
Analysis by Component:
By component, the report is categorized into solutions and services. Solutions dominate the component segment with over 55% share in 2020. The solution segment is further sub-segmented into unified endpoint management, unified communications and collaborations, and enterprise mobility and management. It is due high need to manage all endpoint devices within an organization from a central location leading to increased adoption of solutions such as unified endpoint management and unified endpoint management across enterprises. Moreover, the enhanced use of resources, which further leads to better-quality security and application delivery, contributes to the high demand for digital workplace solutions in the forecast period.
Analysis by Organisation size:
By organization size, the report is segmented into small and medium enterprises and large enterprises. The small and medium enterprises dominate the organization size segment with a 55% share in 2020. It is due to the growing need to enhance workplace culture, and it adds to employee productivity. Moreover, the mounting number of small and medium enterprises with high adoption of innovative digital technology across medium enterprises creates market demand from small and medium enterprises in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into IT & telecommunication, retail & consumer goods, BFSI, healthcare & pharmaceuticals, manufacturing, and others. The BFSI segment dominates the end-user segment with a 20% share in 2020. It is majorly adopted as digital workplace solutions help automate processes to reduce time and costs in BFSI vertical. Moreover, the growing implementation of emerging digital technologies in the banking sector to serve their customers better contributes to the enormous demand from the BFSI sector in the forecast period.
Analysis by Region:
In the regional outlook of the global Digital workplace market, the North America region dominates globally with a 30% market share in the forecast period. It is because of the massive adoption of the digital workplace in the organizational culture and the existence of a large number of large, medium, and small enterprises/startups enterprises. Moreover, the rising utilization of technologies such as Augmented Reality (AR), Artificial Intelligence (AI), and Robotic Process Automation (RPA) and the increase of social association outside the enterprise contribute to its growth across North America.
Market Segmentation covered in the Report:
- Small and Medium Enterprises
- Large Enterprises
- IT & Telecommunication
- Retail & Consumer Goods
- Healthcare & Pharmaceuticals
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.