Why The Global Workplace Transformation Market Is Rapidly Growing

The Market Will Exceed $24 Billon In Five Years

Steven Lerner

Enterprises are swiftly transforming their technologies to keep up with competition, and the result is that workplaces are permanently changing. A 2018 study released by ResearchAndMarkets.com found that the global workplace transformation market will exceed $24 billion by 2023. These developments should come as no surprise to senior tech executives who are already leading digital transformations in their companies.

The global workplace transformation market has been defined by the services and products that organizations seek as they embark on a digital transformation. Enterprise mobility remains a crucial component of the transformation so that companies can ensure that workers are productive. Mobile-based applications and cloud-enabled services were two of the growing mobility solutions identified in the study.

Which Workplaces Are More Likely To Transform?

The study found that companies of all sizes could experience degrees of transformation over the next five years. However, larger enterprises are expected to undergo a more extensive transformation and make up a bigger share of this market.

Although workplaces in numerous industries will transform over the next few years, the survey identified banking, financial services, and insurance as the sectors that could see the most growth. There are several reasons behind this theory. To comply with strict compliances and regulations, financial institutions are required to store years of data and to have it be accessible to employees. Cloud-based services and mobile applications allow financial institutions to easily accomplish this goal. More technology in financial institutions has also facilitated a growing need for data scientists.

Geographically, the survey identified the Asia-Pacific region as seeing the most growth until 2023 due to many governments in Asia stressing the importance of workplace transformation. Meanwhile, a competing study predicts that the workplace transformation market in the United States will exceed $18 billion by 2022.

See Related: What Does the Workplace of the Future Look Like?

Why Is The Workplace Transformation Market Expanding?

There are many reasons why there is an uptick in enterprise mobility services. Organizations are focused on ways to stay ahead of the competition by increasing workforce productivity. At the same time, these organizations need to reduce operational costs. A digital transformation allows enterprises to accomplish both.

Enterprises are also trying to stand out by increasing workplace flexibility. Workers tends to favor organizations that offer a degree of workplace flexibility, and organizations understand this because they want to attract the best employees. Enterprise mobility is the backbone of a successful workplace flexibility program as it allows remote workers to stay connected and to share important data wherever they may be. In the future, workspaces are poised to incorporate more cloud-based and mobility solutions to increase flexibility. With new technologies such as artificial intelligence (AI), Internet of Things (IoT) and virtual reality, enterprises will have new and advanced capabilities for their workers.

The survey also identified the types of services that are pushing the workplace transformation market to new heights. Application management services, workplace automation services, and desktop virtualization are among the categories of services that enterprises have embraced in recent years.