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Published: March 2017
Report Code: IM10849
Category : Software & Services
Workplace transformation helps business organizations in transforming the physical office space and creating an engaging work environment for the employees. This transformation occurs when human behavior, technology and real-estate are used together to create flexible, fun and cooperative working environments that encourage innovation. It also helps the business organizations in increasing productivity, improving employee engagement and facilitating hiring of new people at any location. Workplace transformation helps in efficiently managing spaces in the organizations, which remains unused when employees are unavailable in the office. This enables the firms to reduce business costs and increase their competitive advantage. This is consequently driving the workplace transformation market.
The human resources and IT departments in various organizations are working together to create a workspace environment, which ensures smooth and flexible functioning of their business processes. The business organizations that have introduced digital transformation in their workplace witness greater employee satisfaction and more productivity. Workplace transformation helps them in increasing their revenue. By implementing more effective ways to interact with the customers virtually and reducing the travel and telecommunication costs, this system helps the organizations in reducing overall operational costs. It also provides applications to the employees, which help them in identifying the cross-selling and up-selling opportunities.
Digital transformation in the workplace provides agility and flexibility to employees, which enhances their overall performance and productivity. Business organizations around the globe are recognizing the need for changing their workplace and transforming it, as a result, the global workplace transformation market is increasing.
GLOBAL WORKPLACE TRANSFORMATION MARKET BY SERVICE $M (2013–2023)
The workplace transformation market is expected to witness a CAGR of 17.4% during the forecast period, to reach $24,099.2 million by 2023. With the help of workplace transformation, business organizations are able to manage their distributed workforce. They are able to appoint the right person for the right job, regardless of their location. Digital transformation is a method used by business enterprises in the workplace, which helps them in accelerating their business activities and processes. The digital transformations are influenced by customer behavior and demand, technology upgradation and external environmental factors. The digital workplace comprises features ranging from HR applications and core business applications to virtual meeting tools, enterprise social media tools, e-mail and instant messaging. Since, the workplace continues to evolve and employee expectations shift, organizations failing to implement workplace transformation tend to lag in terms of growth.
The increasing need for mobility among the business organizations is the key trend observed in the global workplace transformation market. The employees require mobile technology in resolving customers’ problems and developing an understanding of organization’s objectives and mission. To support their workforce, the organizations are providing mobile devices, cloud-enabled services, applications and software to their employees and are making mobility a crucial component of workplace strategy. Implementation of mobility in the workplace, thus, helps business organizations in reducing overhead costs. It also helps organizations in increasing the overall productivity and improving communication between employees and customers.
According to a recent study, business organizations require a unified communications system, which helps them in gaining advantage of enterprise mobility and IP communications. The increasing adoption of unified communications by various business organizations is the major trend in the global workplace transformation market. Unified communication is developed to eliminate the barriers that separate e-mail, instant messaging, voice calls and conferencing. A common IP network is designed, which manages all the communication media from a single point and uses them with common devices.
Unified communications and collaboration system helps the organizations in software integration. It enables the employees to merge their phone system with CRM software, which allows them to simplify calling and data collection process. The system also provides specific call routing option to the employees, which offers more flexibility in terms of prioritizing and managing calls.
Workplace transformation has embraced the use of digital technology in small and medium enterprises, which have started using unified communications and collaboration to enhance efficiency of their employees. New digital technologies are capturing the workspace and helping the organizations to attain greater productivity at reduced costs and provide enhanced user experience to the customers. The enterprises are focusing on services, such as workplace upgradation and migration, workplace automation and asset management, to support innovation and accountability within the company culture.
The main focus of workplace transformation is to outsource the services with the help of cloud computing. Cloud system allows the business enterprises to access large number of applications without incurring huge expenses. The implementation of workplace transformation is helping SMEs and start-ups in eliminating huge infrastructure cost, developing faster deployment, increasing business agility and increasing the ability of employees to perform business operations, effectively.
Enterprise mobility helps business organizations in developing strategies to enhance customer loyalty and retention, create new revenue models and increase efficiency of employees. According to a report, the demand for bring your own device (BYOD), technology and enterprise mobility is growing rapidly in different organizations. The increasing demand for these technologies is driving the workplace transformation market globally. BYOD enables employees to carry their own devices, such as laptops, smartphones and tablets, and use these with enterprise mobility applications to have easy accessibility of corporate data. Thus, the employees are able to maintain timely and effective communication with customers and co-workers.
Enterprise mobility also helps organizations in gathering valuable data regarding their customers, which helps them in understanding the customer behavior better. The data is further used by the organizations to provide their customers with exclusive solutions that meet their demands. For instance, in the banking industry, the enterprise mobility applications and the smart mobile applications have transformed the way the traditional banking system functions. The digital banking applications transform the devices used by the clients into financial management devices, which are accessible to them according to their convenience.
The mobility applications have led to shorter sales cycles and reduction in costs of customer acquisition strategies, which enables them to increase revenue of the organization and cost savings. These applications also enhance the overall efficiency and productivity of the organization by optimally utilizing its resources and streamlining the business processes. Moreover, enterprise mobility helps the organizations in lowering operational costs and creating a transformational impact on their business operations.
The research states that the global workplace transformation market had a concentrated structure in 2016. Some of the key players in the global market include Accenture PLC, Cisco Systems, Inc., Cognizant Technology Solutions Corporation, HCL Technologies Limited, Citrix Systems, Inc., Wipro Limited, Unisys Corporation, IBM Corporation, Tata Consultancy Services Limited, Infosys Limited and Intel Corporation.
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