Westford, USA, Oct. 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Digital Workplace Market will reach a value of USD 188.1 Billion by 2031, with a CAGR of 21.2% during the forecast period (2024-2031). Digital workplace market is progressing at a considerable rate fueled by the growth of remote work, growing digital transformation initiatives, and collaboration tools. The growing inclination towards remote work and hybrid work models has increased the demand for digital workplace solutions. Also, platforms like Slack, Microsoft Teams, and Zoom are becoming vital for better team collaboration. The market growth is also fueled by the mounting use of AI and automation by businesses to simplify processes.
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Browse in-depth TOC on the "Digital Workplace Market"
- Pages – 197
- Tables – 99
- Figures – 82
Digital Workplace Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 40.4 Billion |
| Estimated Value by 2031 | USD 188.1 Billion |
| Growth Rate | Poised to grow at a CAGR of 21.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment, Organization Size, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Rising Adoption of Workplace Transformation Services by the SMEs |
| Key Market Drivers | Heavy Demand for Flexibility and Enhanced Employee Experience |
Exhaustive Functionality and Improved Collaboration is Fueling Solutions Segment
By component, the solutions segment registered for a major market share in 2023 owing to its comprehensive functionality and improved collaboration. Solutions like project management software, collaboration tools, and virtual communication platforms effectively manage multiple workplaces demands in one suite. Also, these tools streamline collaboration and communication that are important for hybrid and remote work culture. These factors are projected to drive the segment’s growth.
On the other hand, the services segment is expected to grow as the fastest-growing segment owing to implementation and customization, and ongoing maintenance and support. Services offer customized solutions and help businesses to effectively adopt digital workplace technologies that comply with particular business needs. Businesses also need constant support to adapt to the growing workplace dynamics and changing technologies. This drives the need for managed services, thus impacting segmental growth.
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Easy Resource Availability and Scalability to Drive Large Enterprises Segment
By organization size, the large enterprises segment is expected to gain remarkable growth due to the resource availability and complex needs. Large businesses usually have huge technological and financial burden to invest in exhaustive digital workplace solutions. They mostly need developed services and tools to manage wide and different teams in various locations. This, along with scalability benefits, is fueling the demand for more improved solutions by large enterprises.
Conversely, the SMEs segment is expected to grow steadily owing to the cost-effectiveness and flexibility and agility. Small and medium enterprises often adopt affordable solutions that improve productivity with no major investment, thus propelling the need for cost-effective and scalable tools. These organizations can swiftly change to novel technologies and adapt digital workplace tactics, thus increasing their responsiveness to industry changes.
Increasing Technological Developments and Innovations to Fuel Market in North America
Region-wise, North America led the market in 2023 in terms of revenue and is projected to dominate in the coming years owing to growing advancements and adoption of technologies and leading innovation center. North America holds strong infrastructure for technology adoption with easy and widespread access to the superior technologies and digital tools and speedy internet connectivity. Moreover, the region is home to several startups and prominent technology companies that fuel modernizations in digital workplace solutions.
Asia-Pacific is projected to gain the highest growth over the forecast period backed by speedy digital transformation and swelling workforce. Most nations in Asia-Pacific are witnessing major digital transformation, impacted by the supportive government initiatives and funding in technology. Also, escalating mobile workforce in nations like China and India are fueling the demand for collaborative and flexible digital workplace solutions.
Digital Workplace Market Insight
Drivers:
- Growing Hybrid and Remote Work Models
- Growing Technological Advancements in AI, Automation, and Cloud Computing
- Focus on Improved Employee Experience
Restraints:
- Growing Concerns for Data Security
- Significant Initial Cost for Deployment of Solutions
- Lack of Digital Literacy and Skills
Prominent Players in Digital Workplace Market
The following are the Top Digital Workplace Companies
- Atos
- Cognizant
- IBM
- Zensar
- Wipro
- Infosys
- DXC Technology
- Accenture
- Fujitsu
- HCL Technology
Key Questions Answered in Global Digital Workplace Market Report
- What is the estimated size of the digital workplace market, as per SkyQuest Technology?
- What are the challenges faced by the players in the digital workplace market?
- What are the leading driving factors of the digital workplace market?
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This report provides the following insights:
Analysis of key drivers (growing scalability and flexibility, rising need for collaboration tools, better compliance and data security), restraints (technology overload, infrastructural limitations, complex regulatory needs), opportunities (heavy investment in AI and automation, integration of solutions for simplification of workflows, emphasis on employee well-being), and challenges (cybersecurity threats, cost constraints, integration complexities) influencing the growth of digital workplace market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the digital workplace market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the digital workplace market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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