The global workplace transformation market size is expected to reach USD 41.5 billion by 2027, registering a CAGR of 17.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. The workplace transformation provides agility and flexibility to workers, improving their overall performance and productivity. Several organizations across the globe are acknowledging the need for transforming their workplace, which in turn is expected to boost the market. Further, the adoption of supporting technologies such as endpoint security and remote accessibility is allowing employees to cooperate more effectively, regardless of their location, is a major factor enabling market growth.
Workplace transformation is the mixture of real estate, human behavior, and latest technology resulting in overall cost optimization with the flexibility of cooperative environment facilitating innovation and efficiency. In the contemporary competitive and modern-day workstation, the workplace transformation ensures that applications are transferred from a centralized location to an isolated environment on the targeted device. By enabling a connected enterprise, the organizations ensure free environment, in which, shared data and knowledge is always accessible. This, in turn, is helping to increase business velocity and agility and is further propelling market growth.
The advancement in mobile technologies and changing workforce demographics is driving the market. Workforce satisfaction is increasingly becoming the focus area of organizational strategies. Companies across industries are adopting comprehensive workplace transformation services that enable virtualization, collaboration, mobility, employee productivity, and employee satisfaction. With these services, organizations are providing immediate access to business-critical data and enterprise applications on various devices, such as tablets, smartphones, and laptops, while preserving security constraints. Thus, with the growing technological advancements, the workplace transformation market is expected to experience significant growth.
In early 2020, due to the widespread outbreak of Coronavirus disease (COVID-19), governments across the globe initiated steps such as ‘self-quarantine’ and ‘social distancing’, due to which, organizations accentuated their focus on framing and adopting work from home policies to combat the spread of the pandemic. This necessitated organizations to provide secure and stable access to enterprise architecture and collaboration tools, subsequently driving market growth. Even beyond a pandemic, it is imperative that businesses should be supported by the latest technologies to streamline the processes and mitigate such risks proactively. Hence, enabling workplace transformation services becomes essential for ensuring business continuity.
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Key Takeaways from the report:
- The solution segment is expected to continue its dominance over the forecast period as wide usage of the component in businesses for managing liquidity, mitigating risks, and ensuring payment security
- The cash flow forecasting segment is expected to register the highest CAGR over the forecast period. This type of operations automate the collection of money flow data from all sources and provides real-time visibility and forecasts through a suite of dashboards, reports, and analytical tools
- Cloud is expected to witness significant growth over the forecast period. This deployment type offers various benefits, such as a virtually infallible computer support network and independent data-mining, and reporting capability
- The large enterprises segment is expected to continue its dominance over the forecast period. These enterprises are widely adopting cash management systems to improve their liquidity management
- As cash volume continues to grow across the globe, cash management systems are expected to gain significant traction in the banking sector
- Increased spending on the establishment of SMEs in Asia Pacific is expected to fuel the cash management system market growth over the forecast period
- Key market players include Intacct Corporation, NTT Data Corporation, Sopra Banking Software SA, Giesecke & Devrient GmbH, and Oracle Corporation
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Grand View Research has segmented the global workplace transformation market based on service, enterprise size, end use, and region:
Workplace Transformation Service Outlook (Revenue, USD Million, 2016 – 2027)
- Application Management
- Asset Management
- Desktop Virtualization
- Enterprise Mobility & Telecom
- Field Services
- Service Desk
- Unified Communication & Collaboration
- Workplace Automation
- Workplace Upgradation & Migration
Workplace Transformation Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
- Large Enterprise
- Small & Medium Enterprise
Workplace Transformation End-use Outlook (Revenue, USD Million, 2016 – 2027)
- IT & Telecom
- Media & Entertainment
Workplace Transformation Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players in Workplace Transformation Market
- Accenture PLC
- NTT Data Corporation
- Cisco Systems, Inc.
- Hewlett Packard Enterprise Development LP (HPE)
- Citrix Systems
- IBM Corporation
- Intel Corporation
- Unisys Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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