Digital Workplace Market to Grow by USD 76.22 Billion (2024-2028), Driven by Lower Enterprise Hardware Costs, AI-Powered Report Highlights Market Transformation - Technavio

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global digital workplace market size is estimated to grow by USD 76.22 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 23.6% during the forecast period. Reduced hardware cost for enterprises is driving market growth, with a trend towards rising adoption of BYOD in SMES. However, data privacy and security concerns using digital workplace solution poses a challenge. Key market players include Accenture Plc, Atos SE, Capgemini Service SAS, Cognizant Technology Solutions Corp., DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., Kissflow Inc., Kyndryl Inc., Microsoft Corp., Mphasis Ltd., Nippon Telegraph and Telephone Corp., Tata Consultancy Services Ltd., Tech Mahindra Ltd., Trianz, Unisys Corp., Wipro Ltd., and Zensar Technologies Inc..

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Market Driver

In today's business world, the Digital Workplace is a trending topic. Companies are focusing on providing a balanced work-life for employees, enhancing the employee experience, and offering flexible work styles. New hires require effective training programs to gain a competitive advantage. Leadership and organizational structure are essential for successful digital transformation. Professional and consulting services are key to implementing cloud deployment, lowering costs, and ensuring flexibility and scalability. The Fourth Industrial Revolution brings automated systems, robotics, and data-enabled, data-driven methods. Geographic regions, Desktop-as-a-service, AI, VR, and enterprise mobility are shaping the future of work. Industries like BFSI, healthcare and pharmaceuticals, IT and telecom, media and entertainment are embracing digital workplaces for productivity, cost savings, and employee engagement. Work-from-home and data security are crucial considerations in this transition. Cloud services are essential for business processes, while data-driven methods and AI are revolutionizing decision-making. The digital workplace is transforming workstyles, enabling remote work, and adapting to the needs of the modern workforce. It's an exciting time for businesses to leverage the power of technology and create a competitive edge. 

Digital workplace mobility solutions are essential for Small and Medium Enterprises (SMEs) to expand their business and maintain customer connections. SMEs serve various customer segments, necessitating frequent updates on services and continuous innovation. Digital workplace solutions enable SMEs to boost revenues, enhance customer service, and cut down on customer acquisition costs. In contrast, large organizations focus more on managing the inflow and outflow of mobile devices due to their sensitive data. SMEs can leverage digital workplace tools to streamline operations, collaborate effectively, and stay competitive in the market. 

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 Market Challenges

• In today's business landscape, the Digital Workplace Market presents numerous opportunities for organizations to enhance work-life balance, employee experience, and productivity. Challenges such as onboarding new employees, providing training programs, and maintaining work-style flexibility are addressed through digital solutions. A competitive advantage is gained by embracing cloud deployment, lower costs, and adaptability. Flexible and scalable services like Desktop-as-a-Service and Enterprise Mobility cater to the needs of diverse geographic regions. The Fourth Industrial Revolution brings automated systems, robotics, and data-driven methods to streamline business processes. AI and VR are transforming industries like BFSI, Healthcare and Pharmaceuticals, IT and Telecom, and Media and Entertainment. Professional and consulting services ensure seamless cloud service integration, while leadership and organizational structure adapt to the changing work environment. Employee engagement remains a priority with data security measures in place. Digital workplace solutions enable work-from-home, ensuring business continuity and cost savings. Manpower requirements are met with flexibility, and productivity is optimized through data-enabled methods. In summary, the Digital Workplace Market offers innovative solutions to address work-life balance, employee experience, and productivity challenges, while providing cost savings, flexibility, and a competitive edge in the ever-evolving business landscape.
• Cloud-based digital workplace solutions have become increasingly popular among businesses due to their cost-effectiveness and ease of accessibility. These solutions offer simplified software management with automatic upgrades and maintenance, reducing the need for large upfront costs. Government agencies, including federal, state, and local, have also adopted cloud solutions for sensitive data storage, enabling improved information management and increased productivity through centralized data access and high-speed networks. The benefits extend to enhanced data sharing and collaboration, effective security, high reliability, and the ability to integrate functional gaps in existing systems and processes. Overall, cloud-based solutions offer an efficient and cost-effective digital workplace solution for organizations with limited budgets and resources.

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Segment Overview

This digital workplace market report extensively covers market segmentation by

1. Component 
• 1.1 Solution
• 1.2 Service
2. Application 
• 2.1 Large enterprises
• 2.2 Small and medium enterprises
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Solution- The solutions segment dominates the global digital workplace market, with unified communication and collaboration, enterprise mobility and management, and unified endpoint management as its primary sub-segments. Unified communication and collaboration combines multiple communication services into a single interface, enabling seamless real-time communication and collaboration among diverse teams. Enterprise mobility management ensures control over mobile devices and networks, enhancing productivity, data security, and customer satisfaction. Unified endpoint management offers centralized access and control over various endpoints, improving device management and application coordination. These sub-segments are experiencing significant growth due to the increasing adoption of digital workplace solutions, the proliferation of mobile devices, and the need for secure and efficient IT operations. Technavio anticipates the market to expand rapidly during the forecast period due to the benefits these solutions provide, including cost savings, increased productivity, and enhanced security.

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Research Analysis

The Digital Workplace market is revolutionizing the way businesses operate by offering innovative solutions that prioritize work-life balance and enhance employee experience. With the increasing trend of remote work and geographic diversity, work styles are evolving, making it essential for new employees to adapt to data-enabled, data-driven methods. Desktop-as-a-service and cloud services enable seamless access to business processes from anywhere in the world. Artificial Intelligence (AI) and Virtual Reality (VR) are transforming the Digital Workplace, streamlining tasks and improving productivity. The BFSI and Healthcare sectors are embracing these technologies to provide better services and improve patient care. Training programs are being reimagined with digital tools to ensure continuous learning and development for employees. Work-from-home is becoming the new norm, and data security is a top priority, with companies investing in advanced security measures to protect sensitive information. The Digital Workplace is also transforming industries like IT and telecom, enabling them to offer more efficient and effective services to their clients. Overall, the Digital Workplace is enabling businesses to adapt to the changing work landscape and empowering employees to work smarter and more productively.

Market Research Overview

The Digital Workplace Market is transforming the way businesses operate by prioritizing work-life balance, employee experience, and adaptability. New employees are integrated through comprehensive training programs, enhancing productivity and ensuring a competitive advantage. Flexibility and scalability are key, with cloud deployment and lower costs enabling organizations to adapt to the demands of the Fourth Industrial Revolution. Automated systems, robotics, and data-driven methods are revolutionizing business processes, particularly in industries such as healthcare and pharmaceuticals, BFSI, IT and telecom, media and entertainment, and professional services. Consulting services and desktop-as-a-service further support this transition. Virtual Reality (VR) and Artificial Intelligence (AI) are shaping the future of enterprise mobility, while flexibility, adaptability, and employee engagement remain at the forefront. Data security is paramount in this digital age, with cloud services offering solutions. Embracing these trends allows businesses to thrive in an ever-evolving market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Solution
• Service
• Application
• Large Enterprises
• Small And Medium Enterprises
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio