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Digital Workplace Market Overview
Digital Workplace Market Size was valued at USD 27.4 Billion in 2022. The Digital Workplace market is projected to grow from USD 33.7 Billion in 2023 to USD 90.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.16% during the forecast period (2024- 2030).The availability of new tools and technologies on the market, as well as employee desire for more flexibility in terms of work-life balance, are key factors that are anticipated to propel market growth.
Figure 1: Digital Workplace Market Size, 2023 - 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Workplace Market Trends
Employee desire for more flexibility in terms of work-life balance propels market growth of Digital Workplace
Employee desire for more flexibility in terms of work-life balance can increase the demand for digital workplaces. Digital workplaces allow employees to work from any location and at any time, using technology such as cloud computing, video conferencing, and collaboration software. This flexibility can enable employees to achieve a better work-life balance by allowing them to work from home or other locations outside of the office, reducing commute times and improving their overall quality of life.
However, implementing a digital workplace requires careful planning and consideration, as it involves significant changes to the way that organizations operate. To successfully implement a digital workplace, organizations must invest in the right technology and infrastructure, provide the necessary training, and support to employees, and establish clear policies and guidelines for remote work.
By adopting a digital workplace, organizations can enable their employees to work from any location, improve their work-life balance, and benefit from increased productivity and collaboration.
Figure 2: Application downloads per year
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for digital workplaces has increased significantly due to the COVID-19 pandemic, which has forced many organizations to adopt remote work as a way of maintaining business continuity. This has led to a greater appreciation for the benefits of digital workplaces, such as improved flexibility, increased productivity, and reduced costs associated with office space and commuting.
In addition to improving work-life balance, digital workplaces can also benefit organizations by improving employee engagement, collaboration, and knowledge sharing. By enabling employees to work from any location, organizations can tap into a wider pool of talent and provide greater opportunities for collaboration.
Digital Workplace Market Segment Insight
Digital Workplace by Component Type Insights
Based on component type, the Digital Workplace market segmentation includes solutions and services. The solution segment accounted for the largest share of this market and is also anticipated to grow at a CAGR of 15.37% during the forecast period. The use of workplace solutions by end users to improve resource utilization and productivity, such as social and collaborative tools, cloud storage tools, and content management systems, can be credited with segment growth. For instance, Trianz PULSE, a next-generation Digital Workplace solution, is made to make it easier to manage remote workforces and enable collaboration and communication between clients, providers, and partners in a single centralized environment.
Additionally, simple-to-use Digital Workplace solutions will boost employee productivity and satisfaction while also increasing the effectiveness of business operations, both inside and outside the boundaries of the office. Yet, the issues that limit market expansion are a lack of understanding of new technologies and costly training costs.
Figure 3: Digital Workplace Market, by Component Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The services segment is also projected to accelerate market growth at a CAGR of 14.65% during the forecast period. It consists of integration and implementation services, support and maintenance for training, and consulting services. These services assist businesses in successfully and efficiently aligning their digital workspaces. Furthermore, they avoid downtime brought on by integrating Digital Workplace solutions and provide efficient technical assistance.
February 2023: The only Distributed SaaS Management Platform in the world, developed by Torii, has made advancements that make managing cloud applications and cutting costs in the Digital Workplace simpler than ever. IT professionals can now simply assign and oversee important duties, empower employees across the organization to own and manage apps, and foster the speed, collaboration, and transparency required in today's dynamic business environment. With its most recent features, Torii has elevated SaaS management to the level of a team activity.
February 2023: Leading technology firm Zoho Corporation unveiled its Trident unified communications platform along with improved collaboration technologies to give businesses simpler ways to communicate across channels, lessen tool ambiguity, and increase an organization's overall adoption of digital technology.
Digital Workplace by Enterprise Insights
Based on enterprise type, the Digital Workplace market segmentation includes small, medium, and large enterprises. The large enterprise segment dominates this market with significant growth and is also expected to grow at a CAGR of 14.2% over the forecast period. Numerous sizable businesses are adopting cloud computing and cutting-edge technologies that are simple to use and supported by AI and other automation tools and software. For instance, Tata Consultancy Services Limited's Cognix is a Digital Workplace solution that was created, set up, and built to satisfy the needs of huge businesses and bring about total automation.
On the other side, small and medium enterprises are also estimated to boost market growth at a CAGR of xxxx% over the forecast period. Moreover, SMEs are rapidly implementing Digital Workplace services despite having a weak organizational infrastructure. Small and medium-sized businesses can benefit from its increased employee productivity and business efficiency, mobilized desk-based operations, faster time to market, lower costs, and improved customer experiences, to name a few benefits.
Moreover, organizations may retain more seasoned and knowledgeable staff while attracting new ones with the aid of the Digital Workplace. By offering a complete and thorough picture of network traffic, which aids in recognizing both internal and external threats, the service also enhances security.
Digital Workplace End-Use Insights
Based on solution type, the Digital Workplace market segmentation includes BFSI, IT & Telecommunication, Retail & Consumer Goods, Healthcare, Manufacturing, Government, and Others. The IT and telecom segment accounted for the largest share of this market and is also projected to grow at a CAGR of 17.3% through the forecast period. The acceptance of Digital Workplace solutions in the IT and telecom industries has increased as a result of developing trends such as remote working, rising Software as a Service (SaaS) adoption, and Bring Your Own Device (BYOD) in nations including the U.S., Canada, India, China, and Australia. Furthermore, the IT and telecom division is expected to dominate the market in terms of revenue endowment throughout the projection period due to the growing acceptance of IoT, AI, SaaS, Work from Home, and BYOD mania in the IT and telecom sector, which occurred in the sector's booming use of digital workstations.
On the other side, the BFSI category holds the second largest market share and is expected to grow at CAGR of 14.9%through the forecast period. In addition, the BFSI sector benefits from the implementation of Digital Workplace solutions and services since it lowers capital expenditure and operating expenses guarantees regulatory compliance, and improves operational efficiency.
For instance, the information technology giant Infosys, which offers business consulting and outsourcing services, launched four Digital Workplace platforms: Launchpad, InfyMe, LEX, and Meridian.
Digital Workplace Regional Insights
By region, this market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific held the largest market share of 37.8% in utilizing digital workplace in 2021 and is expected to grow at a CAGR of 17.44% through the forecast period. Factors responsible for enhancing market growth in the Asia Pacific area include rising e-retail sector propulsion and the province's IT businesses. Companies now recognize the value of employee involvement in providing a better customer experience and, consequently, greater profitability. As a result, SMEs are predicted to adopt Digital Workplace options to reduce costs. The main growth drivers of the APAC region's Digital Workplace industry are nations like China, Japan, India, South Korea, and Australia.
The North American region holds second largest market share and is expected to grow at a CAGR of 13.72% through the forecast period. The primary market growth engines are the US and Canada. Due to the early adoption of the tools and services by significant businesses, the US and Canada are mature markets in the Digital Workplace arena. Additionally, market growth is being accelerated by the quick uptake of technologies like robotic process automation, augmented reality, and artificial intelligence.
Figure 4: Digital Workplace Market, by Region Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Furthermore, due to factors like the growing acceptance of Digital Workplace solutions across multiple sectors, including healthcare, manufacturing, BFSI, and the IT sector, the European region has a significant capacity to develop. These organizations have started the process of digitalizing conventional workplaces by implementing artificial intelligence and the Internet of Things at every level of operation.
Digital Workplace Key Market Players & Competitive Insights
Major players in the digital workplace market, including Amazon Web Services, Inc., Hewlett-Packard Enterprise, IBM Corporation, Century Link, Inc., Microsoft Corporation, and others, are focusing on developing their business strategies.
To adapt to data analytics, machine learning, and artificial intelligence, big data services that support business development are essential. Also, many companies are making significant investments in both the IT industry and these developing technologies, which is anticipated to open up the attractive potential of the Digital Workplace market.
Key Companies in the Digital Workplace market includes.
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International Business Machines Corporation
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Zensar Technologies
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Wipro Limited
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Atos
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Capgemini SE
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Cognizant Technology Solutions Corporation
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NTT Data Corporation
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Infosys Limited
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DXC Technology
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Accenture plc
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Fujitsu Limited
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Unisys Corporation
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The Hewlett Packard Enterprise Company
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Tata Consultancy Services
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CompuCom Systems Inc.
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Tandem
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Unmind
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Zoho Corporation
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Torii
Digital Workplace Industry Developments
In November 2021, VergeSense, a company based in California (San Francisco), announced it had raised $60 million from Scale Venture Partners as part of its third round of funding. The CEO Dan Ryan said the money would go into research and development and expansion to increase worldwide clientele.
In April 2021, Happeo and AODocs formed an alliance for the purpose of offering rich integration between them, which provides Google Workspace as a better alternative to Microsoft SharePoint by providing staff with familiar Google Apps while at the same time allowing organizations to automate repetitive tasks and improve collaboration across departments and regions.
March 2024 - The largest IT infrastructure services provider, Kyndryl (NYSE: KD), partnering with leading Greek insurer Ethniki Asfalistiki, has digitally transformed the latter’s workplace. The program is supposed to enable Ethniki’s employees to have on-demand access to tools, data, and apps.
May 2024 - With the aim of modernizing Nokia’s employee service desk and providing real-time IT assistance to their global workforce, Indian IT services company Wipro entered into a multi-million-dollar deal with the telecoms giant. Wipro also conveyed this through stock exchanges.
Kyndryl, the world’s largest IT infrastructure services provider, and Ethniki Asfalistiki, a leading Greek insurer, have partnered together in March 2024, aimed at the digital transformation of Ethniki’s workspace. This initiative is designed to give Ethniki’s workers the accessibility they need of tools needed for their work duties at anytime and anywhere.
In March 2024, HCLTech rolled out FlexSpace5G, an advanced digital workplace experience-as-a-service intended for multinational corporations aiming at boosting efficiency & security levels.
In February 2024, Zextras introduced Carbonio Community Edition (CE), a cutting-edge, fully open-source digital workplace platform designed for organizations to self-host their collaboration environment for increased privacy and control.
Digital Workplace Market Segmentation
Digital Workplace Component Outlook
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Solution
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Services
Digital Workplace Enterprise Outlook
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Small
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Medium
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Large
Digital Workplace End-Use Outlook
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BFSI
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IT & Telecommunication
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Retail & Consumer Goods
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Healthcare
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Manufacturing
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Government
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Others
Digital Workplace Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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