According to a market report, published by Sheer Analytics and Insights, The global digital workplace market was valued at $28.8 billion in 2021 and it is expected to reach $238.4 billion at a CAGR of 20.8% between 2022 and 2032. To transform technology, people, and business processes in a way that increases and improves operational efficiency and helps organizations achieve their goals, workplace transformation and increased digitalization are driving the market. The market is being driven by a shift in workplace culture and a rise in employee demand for remote working options to attain work-life balance. The workplace is changing as employees are increasingly allowed to use their devices while they are at work. Organizations are implementing digital workplace market solutions to improve employee satisfaction through a more straightforward and adaptable work environment. It aids businesses in luring new hires while keeping on more seasoned and knowledgeable employees. The workforce's lack of needed education and training, however, is anticipated to restrain market expansion.
A digital workplace will aid in hiring, retaining, motivating, and engaging staff. Employees are free to select their own devices under mature digital workplace standards, which also support a range of working methods. Instead of receiving individual services, end users get a workspace bundle that is appropriate for their needs when persona-based models are used. Employee content and data are safely integrated into collaboration software, business drop boxes, and cloud storage so that workers can access it from any device, at any time, and from any location, whether they are physically present in the office or working remotely. The availability of this data boosts productivity, encourages organizational agility, and improves efficiency. Employees are supported by digital workplace solutions to strengthen connections, cooperation, and communication among themselves. These are also expected to drive market growth during the forecast period.
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The adoption of cloud solutions as a result of improvements in workplace technology and Software as a Service (SaaS) has propelled the market as a whole. Employees gain from these technological developments because they become more agile and flexible, which enhances their overall performance and productivity. As a result, corporate agility and velocity are growing, which is accelerating market growth. Artificial intelligence (AI), the Internet of Things (IoT), and automation are advancing technologies that are assisting businesses in streamlining their operations and increasing efficiency. Cloud and AI technologies are now being added to the offerings of digital workplace solution providers as a result of AI breakthroughs. The use of such technology at work enables employees to communicate effortlessly and do their tasks quickly and effectively.
Moreover, through higher productivity, cost savings, a more mobile and agile staff, increased flexibility, and adaptation in the marketplace, SMEs who implement digital workplace solutions acquire a competitive edge in the sector. Small and medium-sized businesses (SMEs) must prioritize business operations and expansion while strengthening their position within their industry. Hence, these would create more growth opportunities for the digital workplace market in the future.
On the other hand, Organizations must train and educate their workforce to use these solutions effectively and perform to the best of their abilities as the adoption of IT infrastructure supporting workplace transformation grows. Organizations must therefore make sure that employees have access to training that enables them to take full advantage of digital workplace solutions. Employees require policy training on the kinds of information they should or should not share in the digital workplace in addition to technical training. To avoid security and compliance issues, firms must communicate their policies on how to handle personal and corporate devices and data. For instance, a team manager should be given all the instructions and training necessary to operate the solution after receiving a new resource performance tracker.
On 14th Sepmtember, 2022, a new version of Alex, HCL Technologies' digital workplace solution, is released. By automatically automating and using a self-healing technique to address system and application problems before they arise, AEX increases user productivity. By responding to routine IT and business service requests via a unified enterprise digital marketplace and an AI-powered cognitive virtual assistant, it improves the employee experience. User experience monitoring and reporting provides useful and practical information to business stakeholders.
Key players dominating the global digital workplace market are ATOS (France), Accenture (Ireland), Citrix Systems (U.S), Cognizant (U.S), Capgemini (France), DXC Technology (U.S), HCL Enterprise (India), IBM (U.S), NTT (Japan), Stefanini Group (Brazil), The ODP Corporation (U.S), TCS (India), Unisys (U.S), Wipro (India), among others.
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The Global Digital Workplace Market – by Component Types:
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