by The global Workplace Transformation Market is estimated to be valued at US$ 632.3 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The workplace transformation market comprises of products and services that help organizations to optimize their business performance by enhancing collaboration and productivity of employees. Key products in this market include networked workstations, networked desktop computers, networked thin clients, and laptops. These products allow flexible working from anywhere and help maximize employee engagement. Workplace transformation solutions also include network equipment, servers, storage, telepresence systems, and unified communication platforms. Adoption of these advanced technologies enables superior connectivity between employees, customers and partners located worldwide. This improves teamwork and helps businesses to innovate faster.
Market key trends:
One of the major trends in the workplace transformation market is the rise of artificial intelligence (AI). AI technologies like machine learning, deep learning and natural language processing are becoming integral parts of enterprise collaboration tools. They automate repetitive tasks and enhance productivity by providing smart recommendations. Another trend is the focus on connectivity and mobility. There is rising demand for hardware and platforms that facilitate remote working and virtual meetings. Technologies like cloud computing, 5G networks, Wi-Fi 6 and edge computing are empowering an agile workforce. Further, emphasis on employee experience is prominent as businesses aim to attract and retain top talents. Advanced workplace solutions are playing a vital role here by offering seamless digital experiences.
Porter’s Analysis:
Threat of new entrants: The workplace transformation market requires high initial investments in solutions and consulting which poses moderate threat of new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power due to availability of various solution providers and options for digital workplace solutions.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to availability of substitute solutions and flexibility of buyers to change suppliers.
Threat of new substitutes: Threat of substitutes is moderate as new emerging technologies can be used to create novel workplace solutions.
Competitive rivalry: High due to presence of numerous established and emerging players.
Key Takeaways:
The Global Workplace Transformation Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for digitization and automation of business processes.
Regional analysis:
North America is expected to dominate the global workplace transformation market during the forecast period. This is attributed to presence of major players and early adoption of digital workplace solutions in the region. Asia Pacific is expected to exhibit the highest growth rate owing to growing digital transformation initiatives and rapid industrialization in countries such as China and India.
Key players:
Key players operating in the workplace transformation market are Accenture PLC,Cisco Systems Inc.,Cognizant Technology Solutions Corporation,Capgemini,Computer Sciences Corporation (CSC),HCL Technologies Ltd.,IBM Corporation,Infosys Ltd.,Intel Corporation,Jabil Circuits,Micron Technology,NTT Data Corporation,Tata Consultancy Services,Tech Mahindra Ltd.,Wipro Ltd. Accenture and IBM hold the prominent market share in the global workplace transformation space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
