Digital Workplace Market Trends, Growth And Regional Outlook and Forecast 2020-2030
Digital Workplace Market Overview
Digital Workplace Market valued at USD 21.3 billion in 2020 and expected to surpass USD 76.6 billion by 2027 with 21.8% CAGR.
A digital workplace refers to a cloud or on-premises-based work platform which enables organizations to move work to the virtual space. A digital workplace platform consists of all the collaboration features, data, applications, and tools employees need to perform work within a dependable online interface that they can handle anywhere, at any time, and on any device.
Digital Workplace Market Drivers
The global digital workplace market has recorded a major rise in the growth rate in the last few years. The market's growth is mainly attributed to the demand for greater flexibility. Furthermore, factors such as increased team member experience, rapid adoption of the digital workplace by business leaders across the globe, and a growing focus on improved customer experience are also likely to catalyse the market's growth over the assessment timeframe. Moreover, the digital workplace platforms consolidate all team member data in one particular location, makeup it easy to work, and stay connected from anywhere, at any time. In addition, the improved productivity, growing demand for cost optimization, increasing adoption of the digital workplace from the developing economies, and rising adoption of cloud and enterprise mobility services among organizations are also some of the major parameters likely to boost the growth of the digital workplace market over the assessment timeframe.
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The global COVID-19 pandemic has had a major impact on the majority of the market sectors across the globe. Several companies functioned effectively before the COVID-19 pandemic; the epidemic caused even more organizations to quickly speed up digital adoption and employ best practices that until now were "nice to have." The COVID-19 pandemic stopped the digital deferment period, catering to the softer ignition for the digital revolution.
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Digital Workplace Market Segment Analysis
Among all the components, the services segment is anticipated to secure the top position across the global digital workplace market over the forecasted era. Furthermore, the segment is split into managed services and professional services.
Out of all the deployment methods, the cloud segment is projected to record the highest CAGR over the assessment timeframe.
Considering the organization size, the SME segment is anticipated to register the highest growth rate over the forecasted timeframe.
Among all the verticals, the telecommunication and ITes, manufacturing, and BFSI sector are likely to contribute the maximum share across the global digital workplace market over the assessment timeframe.
Digital Workplace Market Regional Analysis
The global digital workplace market is studied across five major regions: Middle East & Africa, South America, Asia-Pacific, Europe, and North America.
The MRFR analysis suggests that the North American region will secure the top position across the global digital workplace market over the assessment timeframe. The region is further split into Mexico, Canada, and the US. The regional market's growth is mainly attributed to the early implementation of innovative technologies across enterprises. Canada and the US are the leading revenue pockets across the region. Furthermore, the rapid adoption of advanced technologies such as Robotic Process Automation (RPA), Augmented Reality (AR), and Artificial Intelligence (AI) is boosting the growth of the regional market over the assessment timeframe. Social media collaboration outside the enterprise has significantly driven the market growth across the region, particularly the US region. In addition, the presence of prominent digital workplace vendors across the region is another crucial parameter supporting the regional market's growth over the coming years.
The digital workplace market for the European region is likely to register substantial growth over the assessment timeframe. The region is further split into France, Germany, the UK, and the Rest of Europe.
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