As per the report published by Fior Markets, the global Digital Workplace market is expected to grow from USD 22.70 billion in 2020 and reach USD 104.31 billion by 2028, growing at a CAGR of 21% forecast period 2021-2028.
Employees use a set of digital tools to fulfill their responsibilities in a digital workplace. Instant messaging, video conferencing, social networking platforms for the business, and even automated workflows are examples. According to the notion of the digital workplace, firms should employ digital transformation to integrate technology, humans, and business processes to improve operational efficiency and fulfill organizational goals. Cloud services, mobile, and artificial intelligence are critical components of the digital workplace because they may remove geographical barriers to cooperation and operations while also ensuring that company data is accessible from everywhere. In a digital workplace, employees have access to all digital tools they need to execute their tasks, including collaboration, project management, and process management. Most digital workplaces keep track of activities, which may be feed into data visualization and analytics models to help measure the success of operations. As a result, digital workplace initiatives can help with business intelligence.
Employees are more involved with their work by using modern digital technology in the digital workplace, which has become one of the most important developments in corporate companies. Digital workspaces have become increasingly popular in recent years. The rise of three fundamental factors, including the need for space, information overload, and worker demographics, has expedited transformation. Workplaces are changing as a result of disruptive digitalization and new technology. While maintaining a compliant and safe environment, digitalization has transformed the workplace from a business-centric to an employee-centric setting.
Growing demand for better flexibility, enhanced employee experience, remote access facility, easy-to-use, increased digitalization intending to revolutionize technology, people, and business, and no geographic constraints are the drivers driving the market. Market expansion is being stifled by several causes lack of training, required education among the workforce, risk of data theft, a lack of thought leadership within the business, and challenges relating to the transformation and integration processes. Increased cloud usage, business mobility services acceptance, and workplace transformation services adoption among SMEs, as well as technological innovation, are likely to drive market expansion.
Key players operating in the global Digital Workplace market include Atos, HCL Technology, Cognizant, IBM, Zensar, Cognizant, Wipro, Infosys, Tata Consultancy Services, Accenture, Fujitsu, DXC Technology, NTT Data, Unisys, HPE, and Capgemini. To gain a significant market share in the global Digital Workplace market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The services segment dominated the market and held the largest market share of 40.9% in the year 2019
Based on components, the global Digital Workplace market is segmented into Solutions and Services. The services segment dominated the market and held the largest market share of 55% in 2020. This growth is attributed to the stable operating environments, reduced governance & compliance risks, cost-effective support for technical queries, adoption of cloud technology, and other innovative technologies.
The telecommunication and IT-Enabled segment dominated the market and held the largest market share of 25.15% in the year 2020
Based on End User, the global Digital Workplace market is segmented into BFSI, Telecommunication and IT-Enabled Services, Media and Entertainment, Manufacturing, Healthcare & Pharmaceuticals, and Others. The telecommunication and IT-Enabled segment dominated the market and held the largest market share of 25.15% in 2020. This growth is attributed to the increasing trends of remote working, rapid adoption of SaaS service, effective communication, and growing trend of bringing your device (BYOD).