Global workplace transformation market was worth $7,890 million in 2016
As per the research, the global workplace transformation market is likely to grow from $7,890 million in 2016 to $24,099.2 million by 2023. The human resources and IT department of various business organizations are working together to create a workspace environment, which ensures smooth and flexible functioning in their organization. The business organizations that have adopted transformation in their workplace find greater employee satisfaction and more productivity. Workplace transformation helps in efficiently managing spaces in the organizations, which is unused when employees are unavailable in the office. This enables the firms to reduce business costs and increase their competitive advantage. This transformation occurs when the human behavior, technology and real-estate are used together to create flexible, fun and cooperative working environments that encourage innovation.
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The increasing need for mobility among the business organizations is the key trend observed in the global workplace transformation market. Employees require mobile technology for resolving customers’ problem and developing an understanding of organization’s objectives and mission. To support their workforce, the organizations provide mobile devices, cloud-enabled services, applications and software to make mobility a crucial component of workplace strategy. The implementation of mobility in the workplace is helping business organizations in reducing overhead costs. It is also increasing the overall productivity, while improving communication between employees and the customers.
Insights on market segments
Based on research findings, banking, financial services and insurance (BFSI) has been the largest industry using workplace transformation, globally. The enterprise mobility and telecom services has been the largest revenue generating segment, based on services, in the global workplace transformation market. And based on organization size, large enterprises have been contributing higher revenue to the global workplace transformation market.
North America stands as the largest workplace transformation market
Geographically, North America has been the largest contributor to the global workplace transformation market. According to the research, the business organizations in this region are increasingly using digital transformation technologies to effectively manage themselves. The increasing adoption of unified communications and collaboration services by various business organizations in North America is driving the growth of workplace transformation market.
Small and medium enterprises in the region have started using unified communications and digital technologies within their workplace to enhance efficiency of their employees. These new digital technologies are capturing the workspace and helping organizations to attain greater productivity, provide enhanced user experience to the customers and reduce operational costs. The enterprises in the region are focusing on workplace upgradation and migration services, workplace automation services and asset management services, which helps them to embrace new methods of working that support innovation and openness.
Increasing adoption of BYOD and enterprise mobility by business organizations escalates the market growth
The enterprise mobility has helped business organizations in developing strategies for customers to enhance customer loyalty and retention, increasing efficiency of employees and creating new revenue models. According to a recent survey, the demand for bring your own device (BYOD) technology and enterprise mobility is growing at a fast pace in the organizations. The increased demand for these technologies is driving the market for workplace transformation, globally. BYOD enables the employees to carry their own devices, such as laptops, smartphones and tablets, and use these devices with enterprise mobility applications to have an easy accessibility of corporate data. This ensures that the employees maintain timely and effective communication with the customers and the co-workers.
Intensity of rivalry is low
The overall intensity of competition is low in the global workplace transformation market. The market witnessed a CAGR of 15.6% during 2013 – 2016. Owing to the average growth rate, the intensity of rivalry in the market is low. There are few players in the global workplace transformation market, which keeps the intensity of rivalry in the market low.
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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