Workplace Services Global Market Report 2024

The global workplace services market has grown rapidly in recent years. It will grow from $122.59 billion in 2023 to $135.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed in the historical period can be attributed to several factors, including a heightened focus on enhancing employee productivity, the expansion of the mobile workforce, the integration of unified communication systems, the growth of enterprise mobility management, the implementation of digital workplace initiatives, and a strategic emphasis on cost-efficiency measures. These factors collectively contributed to the advancement and adoption of workplace services during the specified period.

The global workplace services market is expected to see rapid growth in the next few years. It will grow to $206.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The anticipated growth in the forecast period can be attributed to various factors, including the globalization of business operations, the prevalence of hybrid work models, a heightened focus on diversity, equity, and inclusion in the workplace, increased integration of project management tools, and a shift towards zero-trust security models. Major trends expected during the forecast period include the widespread adoption of cloud-based services, the integration of artificial intelligence into workplace services, the emergence of flexible IT service delivery models, the integration of IoT in smart workplaces, the utilization of data analytics for decision-making, a growing emphasis on sustainability initiatives, a focus on cross-platform compatibility, and trends such as vendor consolidation and the development of ecosystems within the workplace services landscape.

The workplace services market is poised for growth, driven by the widespread adoption of 5G networks worldwide. The advent of 5G technology, renowned for its enhanced speed, bandwidth, and reduced latency, fosters superior connectivity within workplaces, facilitating quicker interactions and a more seamlessly connected experience for stakeholders. For instance, a joint study by Verizon and Incisiv revealed a 13% overall adoption of 5G, projected to nearly triple by 2024. This surge in 5G integration is expected to significantly propel the growth trajectory of the workplace services market.

Further propelling the workplace services market is the escalating adoption of cloud technology. Cloud computing, leveraging remote servers over the internet for data storage and processing, is increasingly being embraced by organizations. Workplace services play a pivotal role in facilitating the seamless transition to cloud infrastructure, ensuring secure access to resources, fostering collaboration, and supporting remote work setups. Recent statistics from Google indicate a substantial rise in the adoption of multiple public clouds, surging from 21% in 2021 to 26% in 2022, alongside a significant increase in hybrid cloud utilization from 25% to 42.5% during the same period. This surge in cloud adoption acts as a driving force for the workplace services market.

A prominent trend within the workplace services market is the emphasis on innovative solutions catering to efficiency and holistic workplace parameters, including emotional well-being. Companies are diligently crafting services that not only boost efficiency but also prioritize mental wellness within work environments. For example, Talkspace, a US-based virtual behavioral health services company, introduced Talkspace Self-Guided in April 2022. This suite of offerings is specifically designed for employers, empowering executives, managers, and teams to prioritize and cultivate emotional intelligence and mental wellness both within and beyond the workplace, reflecting a shift towards holistic workplace services innovation.

Major corporations often forge strategic partnerships and collaborations to fortify their market positions. These business affiliations, marked by structured agreements or contracts, are aimed at mutual benefit and growth. For example, in November 2021, Meta Platforms Inc., a US-based technology company, entered into a partnership with Microsoft Corporation. The alliance's primary goal is to facilitate seamless integration between Workplace and Microsoft Teams, allowing customers to access Workplace content within the Teams app and vice versa. This collaboration between Meta Platforms and Microsoft, another prominent technology company, emphasizes their commitment to enhancing user experiences and connectivity.

In December 2021, Tech Mahindra, an India-based information technology services company, made an undisclosed acquisition of Activus Connect. This strategic acquisition underscores Tech Mahindra's efforts to bolster its proficiency in emerging workplace solutions while augmenting its comprehensive CX (customer experience) portfolio. Activus Connect, a US-based provider specializing in work-at-home customer experience management solutions, aligns with Tech Mahindra's strategic vision, allowing them to strengthen their offerings and capabilities in the evolving workplace solutions landscape.

Major companies operating in the workplace services market report are DXC Technology Company, Wipro Limited, International Business Machines Corporation, Tata Consultancy Services, Atos World Line India Pvt Ltd., NTT DATA Corporation, HCL Technologies, Fujitsu Limited, CompuCom Systems Inc., Cognizant, Unisys Corporation, Accenture PLC, Capgemini SE, T-Systems International GmbH, Zensar Technologies Limited, Infosys Limited, Tech Mahindra, Insight Enterprises Inc., Cisco Systems, Hilton Hotels & Resorts, American Express, Wegmans Food Markets, Nvidia Corporation, Atlassian Corporation, Salesforce, Comcast Corporation, Hewlett Packard Enterprise, VMware Inc., Citrix Systems Inc., Microsoft Corporation

North America was the largest region in the workplace services market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the workplace services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the workplace services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of workplace services include end-user outsourcing services and tech support services. End-user outsourcing services encompass a range of offerings such as remote and onsite support, access and software management on user devices, database management, application support, and other services aimed at effectively managing workplace environments. Specific types of end-user outsourcing services include managed communication, collaboration services, managed mobility services, and managed IT asset services. Workplace services cater to organizations of varying sizes, including small and medium enterprises (SMEs) and large enterprises. They serve diverse industry verticals, including media and entertainment, BFSI (Banking, Financial Services, and Insurance), consumer goods and retail, manufacturing, healthcare and life sciences, education, telecom-IT and ITES, energy and utilities, as well as government and public sector entities.

This report provides workplace services market statistics, including workplace services industry global market size, regional shares, competitors with a workplace services market share, detailed workplace services market segments, market trends and opportunities, and any further data you may need to thrive in the workplace services industry. This workplace services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The workplace services market includes revenues earned by entities by offering automating and simplifying services, for a smooth-running workplace. Establishments that provide employees, and some non-employees, with the right work environment (physical, technological, and organizational) at the right time and the right place for the right cost, enabling the organization to achieve its business goals are included in this market. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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