psalexa
SearchBar Icon

Workplace Transformation Market to Reach $24.1 Billion by 2023

Published Date:   June 2018

The global workplace transformation market is expected to reach $24.1 billion by 2023, progressing at a CAGR of 17.5% during 2018–2023. The increasing adoption of enterprise mobility services and transition in workforce demographics are the major factors contributing to the growth of the market across the globe.

Insights on Market Segments

Based on organization size, the small and medium enterprises (SME) category is expected to witness faster growth during the forecast period. Factors including the surge in the demand for flexibility at the workplace and the need for improvement in the overall productivity of employees will drive the growth of the workplace transformation market in the SME category.

Based on end user, the healthcare and life sciences category is expected to witness the fastest growth during the forecast period. This can be attributed to the rising need for maintaining electronic health records (EHR) and security of vital information such as diagnostic results.

Market is expected to witness the fastest growth in Asia-Pacific (APAC)

During the forecast period, APAC is expected to witness the fastest growth in the workplace transformation market. This can be attributed to a rise in the adoption of workplace transformation services, primarily in India, Japan, and China. In addition, the increase in the number of millennials joining the workforce and boom in industry 4.0 are some other factors supporting the growth of the market in the region.

Ambient analytics is trending in the market

The emergence of ambient analytics has revolutionized collaborative techniques; therefore, it is trending in the workplace transformation market. Ambient analytics systems monitor employee activities and provide information on other employees who are into similar activities, which will lead to an increase in collaboration among departments. This centralization of data also allows advanced analytics to break down complex data on a real-time basis.

Changing workforce demographics escalates the global market growth

It is evident across all industries that the average age of the workforce has come down, which indicates that the future workforce will be dominated by generation Y (born between 1977 and 1995), known as millennials, and generation Z or centennials (born in 1996 or later), which would be a key reason for the progress of the workplace transformation market. These generations are more inclined toward technology in comparison to their older counterparts, and therefore might not perform to their full potential in a rigid workplace structure. To engage these generations and encourage them to work to their optimal potential, workplace transformation is vital. Digital workplace transformation will bring in many aspects of technologies, including managed device services such as BYOD solutions, giving more freedom of work to employees. For instance, artificial intelligence at workplaces will make care of repetitive work, which requires less critical thinking (example: AI-based chatbots used to stimulate conversations with human users) and engage employees in more cognitive work.

Workplace transformation market competitiveness

The global workplace transformation market is highly competitive in nature. Major players are using mergers & acquisitions, partnerships, and service launches as a key growth strategy. For instance, in April 2018, Cognizant Corporation acquired Bolder Healthcare Solutions, a provider of revenue cycle management (RCM) solutions. This acquisition was aimed at assisting Cognizant in integrating and automating healthcare administrative and medical data to ensure the benefit eligibility of patients and accurate billing and collections. This helps in reducing the time between the delivery of the service and receipt of payment.

Browse report overview with detailed TOC on "Workplace Transformation Market by Service (Enterprise Mobility & Telecom Services, Unified Communication & Collaboration Services, Application Management Services, Workplace Automation Services, Workplace Upgradation & Migration Services, Desktop Virtualization, Asset Management Services, Field Services, Service Desk), by Organization Size (Large Enterprises, Small & Medium Enterprises) by Industry (Banking, Financial Services, & Insurance, Government, Healthcare & Life Sciences, Manufacturing & Automotive, Retail, Transportation & Logistics, Media & Entertainment, Telecom & Information Technology), by Geography (U.S., Canada, Russia, France, Germany, Japan, China, India, Brazil and Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/workplace-transformation-market

Further, in February 2018, Tata Consultancy Services Limited launched Enterprise Data Lake (EDL) for advanced analytics on the Amazon Web Services platform, which would help in lowering the cost of data management and operational infrastructure and improve agility, scalability, and in-memory computing for enhanced performance.

Some of the major players operating in the workplace transformation market are Tata Consultancy Services Limited, Accenture plc, Citrix Systems Inc., Infosys Limited, Intel Corporation, Cisco Systems Inc., IBM Corporation, HCL Technologies Limited, Cognizant Corporation, and Unisys Corporation.

Global Workplace Transformation Market Segmentation

Market Segmentation by Service

  • Enterprise Mobility and Telecom Services
  • Unified Communication and Collaboration Services
  • Application Management Services
  • Workplace Automation Services
  • Workplace Upgradation and Migration Services
  • Desktop Virtualization
  • Asset Management Services
  • Field Services
  • Service Desk
  • Others (include Data Center Transformation Services and Network Management Services)

Market Segmentation by Organization Size

  • Large Enterprises
  • Small & Medium Enterprises (SME)

Market Segmentation by End User

  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare and Life Sciences
  • Retail
  • Manufacturing and Automotive
  • Government
  • Telecom and Information Technology
  • Transportation and Logistics
  • Media and Entertainment
  • Others (include Education, Energy and Utilities)

Market Segmentation by Region

  • North America Workplace Transformation Market
    • By service
    • By organization size
    • By end user
    • By country – U.S. and Canada
  • Europe Workplace Transformation Market
    • By service
    • By organization size
    • By end user
    • By country – Russia, France, Germany and Rest of Europe
  • Asia-Pacific (APAC) Workplace Transformation Market
    • By service
    • By organization size
    • By end user
    • By country – Japan, China, India and Rest of APAC
  • Latin America Workplace Transformation Market
    • By service
    • By organization size
    • By end user
    • By country – Brazil and Rest of Latin America
  • Middle East and Africa (MEA) Workplace Transformation Market
    • By service
    • By organization size
    • By end user
    • By country – Saudi Arabia and Rest of MEA