Market Trends of Workspace Transformation Industry
This section covers the major market trends shaping the Workspace Transformation Market according to our research experts:
New Technological Advancements in the IT Industry are Driving Market Growth
- The digital workplace allows employees to increase transparency, efficiency, and cooperation while helping streamline enterprise operations. With the help of advanced technological developments and the advantages of the digital workplace becoming more evident, enterprises are increasingly allocating higher IT budgets to support digital workplace strategies, which will further create new opportunities for the workspace transformation market.
- Automation, machine learning, artificial intelligence, and virtual reality (VR) are all becoming increasingly common parts of the HR toolkit. Technical infrastructure has also changed in response to virtual, mobile, and hybrid environments.
- According to Infosys, improved productivity is the top reason organizations adopt workplace transformation solutions. A hybrid workforce is driving the growth of the workspace transformation market. A hybrid work model has helped organizations to establish a balance between effective work with reduced stress and less commuting.
- While many organizations require their staff to return to the office, Infosys has implemented a flexible 3- phase work model for its employees. For example, Infosys' new work model allows workers to work in three ways. Employees can come to the workplace twice a week during the first phase at their convenience. They can transfer or migrate to a branch office in the following one. In contrast, the corporation will consider the feedback from both stages to develop its hybrid-work strategy in the final phase.
- Key players in the workspace transformation market are investing in digital tools and technologies and fostering collaborative workplaces that boost productivity. For Instance, Infosys has a long-term strategic partnership with GE Appliance to streamline IT operations effectively. This partnership would help to accelerate their digital and workplace transformation through automation-driven managed IT services support across global command centers, service desks, end-user computing, IT infrastructure, and applications. Such deals, collaborations, and partnerships are expected to drive the market's growth further.
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North America Holds a Prominent Share in the Workspace Transformation Market
- North America is expected to hold a significant share of the workspace transformation market. Important factors contributing to the growth of the workplace transformation market include a shift in worker demographics and increased acceptance of business mobility services, which assist in improving staff productivity and minimizing operational expenditures.
- The use of advanced technologies, such as cloud computing, AI, big data and analytics, mobility/social media, cybersecurity, and IoT, led to innovation and transformation, thereby stimulating growth in the business ecosystem of North America. Digital technologies have transformed the legacy approach to business into a modern system.
- For Instance, Cisco launched Webex Suite, which includes several solutions for all collaboration needs like calls, meetings, messaging, polling, and event capabilities. The app features AI that automates tasks and creates more explicit focus with background noise, voice removal, and speech enhancement. IT can manage these devices remotely for asset management, which will drive new growth opportunities for the workspace transformation market.
- The rising digital transformation in this region is leading to increased adoption of workspace transformation. For instance, Accenture announced the acquisition of Workforce Insight, a business management consultancy, to enhance its workforce management capabilities and supports its ability to deliver Human Resources (HR) transformation to its clients. Accenture will expand its planning capabilities and advisory with this acquisition and provide its client's complementary data and analytics technology solutions.
- L&T Technology Services Ltd has expanded its collaboration with Microsoft Corporation and launched its enhanced version of the i-BEMS solution on Microsoft Azure, focusing on creating digital experiences and intelligent space management. Such collaborations and partnerships from the key players in the market are expected to drive the market's growth further.
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