Yahoo Finance Connected Workplace Market Worth USD 56.74 Billion, with a 10.36% CAGR by 2030 - Report by Market Research Future (MRFR)
Rise in Remote and Hybrid Workforces Drives the Connected Workplace Market
New York, US, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Connected Workplace Market: By Components, By Types, By Deployment, By Applications, Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 10.36% to attain a valuation of around USD 56.74 Billion by the end of 2030.
Connected Workplace Market Overview:
The global connected workplace market is likely to witness significant growth during the current decade. The rapidly growing digitalized business ecosystem that can dramatically enhance various business processes would drive market growth. Besides, increasing implementations of data analytics-based smart processes to facilitate secure and seamless connectivity within the organization across locations boost the market size.
Leveraging the power of networked tools helps improve productivity and communication between teams distributed across locations and functions. With work-from-home (WFH) gaining mainstream acceptance and hybrid workspaces becoming a new norm, organizations are adopting connected workplace solutions to improve productivity. Embracing the power of cloud communication and digital collaboration is crucial for a truly secure, connected, and efficient workplace.
Today, communication among employees has become more fragmented, with the use of WhatsApp, message boards, emails, conference calls, and weekly meetings to stay in touch and exchange project-critical information. The rise of integrated tools like Google Workspace has changed all that by funneling data flows onto a single platform for easier data management.
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Connected workspace solutions act as a one-stop solution with a single login for multiple functions, including emails, chats, video calling, chat rooms & breakout spaces, shared documents & calendars, and more. Therefore, most companies are embracing connected workplace tools to unify communication across their organization with greater convenience and ease of use.
A few advantages connected workplaces bring include simplified identity management, improved collaboration between different functions, no-code solutions that help automate repetitive tasks, and better analytics for improved decision-making & security. Technology providers strive to offer solutions that can help their clients derive more value from workspace platforms for more seamless & efficient business processes and create more digitally-connected workflows.
Key Players:
The leading connected workplace market players are:
Koninklijke Philips N.V. (The Netherlands)
Siemens AG (Germany), ABB Ltd. (U.S.)
Schneider Electric SA (France)
Deloitte Pvt. Co. (U.S.)
Cisco Systems Inc. (U.S.)
Honeywell International Inc. (U.S.)
Crestron Electronics Inc. (U.S.)
United Technologies Corporation (U.S.)
Johnson Controls Inc. (U.S.)
Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 56.74 Billion |
CAGR during 2022-2030 | 10.36% |
Base Year | 2019 |
Forecast | 2020-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Opportunities | SMEs are sending computerized working environment benefits rapidly because of their little hierarchical foundation. |
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Industry Trends:
The growing need for collaborative workspace and innovative headways substantiate the connected workplace market shares. The growing interest in portability and improved employee productivity boost the connected workplace market size. On the other hand, IT-related difficulties and limited budgets are major factors expected to impede market growth in the coming years. Nevertheless, technological advancements in smart devices and the growing penetration of the Internet of Things (IoT) would foster market revenues.
Market Segments:
The connected workplace market is segmented into types, components, deployments, applications, end-users, and regions. The type segment is sub-segmented into telecommuting, virtual teams, hot desks, and others. The component segment is sub-segmented into security systems, smart lighting, and others. The deployment segment is sub-segmented into on-premise, on-cloud, and hybrid.
The application segment is sub-segmented into monitoring, building automation, assembly development, and others. The end-user segment is sub-segmented into IT & telecommunication, manufacturing, retail & e-commerce, healthcare, BFSI, energy & utility, oil & gas, mining, and others. Further, the region segment is sub-segmented into Europe, the Americas, Asia-Pacific, and rest-of-the-world.
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Geographical Analysis:
North America dominates the global connected workplace market with large technological advancements. Besides, rising R&D investments and demand for connected infrastructures drive market growth. The growing automation and digitization across industries requiring greater flexibility and functionality boost the connected workplace market size. Also, the growing need to improve consumer experiences escalates the connected workplace market value.
Europe is another promising market for connected workplace platforms. The vast availability and growing use of connected workplace solutions accelerate the region's market shares. The increasing adoption of connected workplace tools by small and medium-scale businesses pushes market revenues. The European connected workplace market is poised to create a substantial revenue pocket during the current decade.
The Asia Pacific region is gradually becoming a lucrative market for connected workplaces. Increasing adoption of remote and hybrid working in various businesses across industry verticals is a key driving force behind the market growth. India, China, and Japan account for sizable shares in the regional market due to the rapid expansion of industries. The APAC connected workplace market is poised to witness notable growth by the end of the forecasted period.
Competitive Analysis:
The highly competitive connected workplace market appears fragmented, with many leading players forming a competitive landscape. Making more intelligent connected spaces a reality requires a high level of hardware and software innovation and adoption. Therefore, market players compete fiercely to gain a substantial market share with their international and regional presence.
They strive to offer digital workplace solutions, including connected enterprise, IT product lifecycle management, education, and value-added reselling solutions. They also incorporate acquisition, partnership, collaboration, expansion, and product & technology launch to gain competitive benefits and stay ahead in the market competition.
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For instance, on Jan.23, 2023, Suncorp Group announced that it has signed a three-year agreement with Microsoft to accelerate cloud migration and workplace collaboration. The Microsoft agreement will accelerate Suncorp Group's ability to build and deploy digital solutions for customers and foster collaborative hybrid working. The company plans to grow its Azure cloud footprint and deploy over 13,600 Surface devices across Australia and New Zealand.
Suncorp aims to simplify its technology infrastructure, reduce costs, boost security & risk management capabilities, and quickly develop & deploy digital solutions to deliver exceptional customer experiences. The new deal will enable Suncorp to increase its cloud footprint in Microsoft Azure by winding down on-premise data centers.
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