Market Size of Workspace Transformation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Workspace Transformation Market Analysis
The Workspace Transformation Market revenue is expected to grow at a CAGR of 17% over the next five years. The rapid growth in the use of smartphones, tablets, and other smart devices in organizations can be attributed to market growth.
- Workspace transformation with the implementation of a cloud-based solution, Artificial Intelligence (AI), the Internet of Things (IoT), and Virtual Reality (VR) would ease accessibility solutions. These technological advancements have provided new opportunities for market players to expand their workforce management portfolio and integrate cloud features.
- The increased need for electronic data across patient outreach and operation channels will move the sector ahead. Healthcare practitioners, for example, may utilize healthcare applications on patients' cell phones to monitor heart rates, blood pressure, and glucose levels. Furthermore, it enhances the patient experience by allowing for improved decision-making and the most effective use of resources and time. These factors will propel market growth over the next five years.
- The growing adoption of enterprise mobility management solutions and the rapid growth of digitalization can contribute to growth in the market. For instance, L&T Technology Services (LTTS) partnered with UK-based cloud, connectivity, and communications services provider, Exponential-e to jointly offer workplace transformation solutions to customers working in the post-COVID environment. These benefits will supplement the market's growth over the next five years.
- The COVID-19 pandemic situation made employees shift to remote working and overturning technologies to bring into the digital workplace to maintain business continuity. Enterprises have discovered new methods of delivering training and encouraging team bonding and collaborations with the help of digital workspaces. Furthermore, with the ease of the pandemic, several organizations have made long-term investments in workplace transformation for the hybrid work model, necessitating the deployment of cloud-based solutions to enable remote working with secure access. These factors are predicted to influence market growth over the next five years favorably.
