Global Digital Workspace Market is projected to grow at a CAGR of 16.2% during the forecast period: MRFR

Market Research Future (MRFR) has published on the “Global Digital Workspace Market”.

Digital Workspace Market Highlights

The Digital Workspace Market is predicted to reach USD 15,261 billion by 2032, registering a 16.2% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Integration of AI into digital workplace technology and digital transformation initiatives are making firms more conversational and intelligent. Some businesses have begun incorporating AI into their workspaces to automate jobs, work "smarter," and enhance decision-making as AI and AI-powered products gain popularity. Analytics systems with AI capabilities is driving the market by assisting businesses in analyzing enormous volumes of data, spot patterns and trends, and provide insightful information for strategic planning and decision-making. in May 2022, Wipro, a provider of information technology (IT), consulting, and business services, announced a partnership with Scania, a supplier of transport solutions, to support Scania employees through Wipro's Live Workspace, increase automation, and improve the customer experience. This collaboration will assist Scania in driving towards sustainable transport solutions and a digital working experience while using the ecosystem's unique characteristics.

A rising use of Software as a Service (SaaS) and SaaS licenses are becoming more popular as businesses employ applications to continually enhance their operations. This is advantageous for businesses who are moving away from conventional software licensing. SaaS applications are rented to the customer and managed by the vendor rather than the buyer having to manually own, administer, and update software. Furthermore, Software as a Service (SaaS) is becoming an essential component of corporate operations. SaaS use has increased as a result of the COVID-19 epidemic. Currently, 71% of businesses are using SaaS apps to boost the effectiveness of IT service delivery and promote the scalability of business solutions. Employees are increasingly skipping IT departments and installing SaaS solutions straight onto personal PCs, despite the fact that IT-endorsed SaaS deployments provide demonstrable benefits like speedy and easy setup.

Segmental Analysis

The scope of the global Digital Workspace market has been segmented based on by Component, Organization Size, Deployment Model, and Vertical.

Based on Component, the global Digital Workspace market is segmented into Solution, Services. The Services category is anticipated to grow at the fastest rate over the forecast period.

Based on Organization Size, the global Digital Workspace market is segmented into SMEs and Large Enterprises. SMEs segment is anticipated to grow at significant level in upcoming period.

Based on Deployment Model, the global Digital Workspace market is segmented into Cloud, On-premise. Cloud segment held a largest revenue share and anticipated to grow in upcoming years.

Based on Vertical, the global Digital Workspace market is segmented into BFSI, IT & Telecommunications, Retail & E-Commerce, Healthcare, Manufacturing, Government & Public Sector, Others. The Healthcare category is expected to grow at a substantial rate over the forecasted period.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Digital Workspace Market Research Report

Regional Analysis

Geographically, the global Digital Workspace market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.

North America held a largest market revenue share in 2022. Several regional workplace transformation service providers are rapidly adopting cloud technology and AI into their service offerings. North America is a global hub for start-ups, medium-sized businesses, and huge corporations. For example, in May 2020, IBM introduced IBM Talent & Transformation, a business solution that employs AI to assist human resources in closing the skills gap. The solution helps company experts in a variety of fields to utilize digital technologies, including HR, legal, finance, and marketing. Furthermore, software and robotics solutions are in great demand due to the region's considerable manufacturing, retail, and automotive activity. This, in turn, drives the growth of the regional market.

and will continue to dominate at CAGR in upcoming period. The growing usage of cloud platforms among organizations, online document storage reduces paper printing costs and enhances overall corporate operational efficiency, all supporting market growth. The increasing investments by numerous organizations in artificial intelligence adoption are driving up demand for artificial intelligence technology in digital workspace. Furthermore, the increasing implementation of artificial intelligence across various industries, such as automotive, healthcare, retail, and food and beverages, supports the growth of the market in this region. For instance, in June 2023, Air India, launched Gurukul.AI, an innovative learning hub, to enhance its employees' learning experiences. Gurukul.AI is an integrated platform that assesses skills and provides hyper-personalized suggestions based on an individual's distinctive learning trajectory by employing advanced technologies such as artificial intelligence.

Key Players

The key players in the global Digital Workspace market Total IT Global, IBM Corporation, Microsoft Corporation, Alphabet Inc., VMware, Inc., LumApps SaaS, Hawlett Packard Development LP., ATOS SE, Cognizant, Infosys Limited, Asana Inc., Slack Technologies LLC, Interact, Kissflow Inc., MangoApps Inc., Powell Software, Monday.com