The digital workplace market is expected to grow from USD 13.4 billion in 2018 to USD 35.7 billion by 2023, at a CAGR of 21.7% during the forecast period. The major factors driving the digital workplace market includes availability of new technologies and tools, employees’ demand for greater flexibility in terms of work-life balance, and reduction in Operational Expenditure (OPEX).
The adoption of digital workplace solutions and services is higher in the large enterprises segment, and the trend is expected to continue during the forecast period. With digital transformation solutions being integrated with big data, social media, and mobile devices, large enterprises are increasingly opting for these solutions to improve their business process model and increase their revenue. Large enterprises are making significant investments in tactical marketing techniques to sustain their positions in highly competitive markets. The enterprises are rapidly adopting digital workplace solutions and services by leveraging other advanced technologies, such as facial recognition software, mobile platforms, and radio-frequency identification.
Major vendors offering digital workplace across the globe include IBM (US), Atos (France), Wipro (India), DXC Technology (US), NTT Data (Japan), Citrix (US), Unisys (US), Capgemini (France), Cognizant (US), Accenture (Ireland), TCS (India), CompuCom (US), HCL (India), Stefanini (US), Getronics (Netherlands) and Computacenter (UK).
North America is estimated to account for the highest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. Moreover, the North American region exhibits a wide presence of key industry players offering digital workplace, and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.
Telecommunications and ITES is the most significant vertical in the digital workplace market. Telecom companies have to manage a huge customer base, fulfill continuously changing customer demands, and offer a variety of mobile services, TV, and phone and wireless services through various devices. Handling such complex and confidential data makes it important for this vertical to adopt digital workplace practices and enhance customer satisfaction, adopt digitalization, and maintain its competitive position in the market.
