The workplace services market was valued at US$ 88.0 billion in 2020 and it is projected to reach US$ 193.4 billion by 2028; it is expected to grow at a CAGR of 10.6% from 2021 to 2028.
Workplace services allow an organization’s workforce to work from anywhere and anytime in a protected environment. With robust workplace services, a business can enhance the potential of its workplace by optimizing employee experiences and business performance. The services comprise end-user outsourcing and tech support services in order to offer automated service, integrated support, and cloud support services to end users. Workplace service is likely to gain huge traction and visibility in the coming years since businesses and workers are recognizing several advantages of supporting people who need to have corporate resources available to them irrespective of their device, geographic area, or what assets they want to access. The swift change in technology, the influx of cloud and mobility in businesses, and the skilled workforce have produced the requirement for a single point of connection, which has the ability to manage IT-related concerns. This requirement is likely to surge the demand for workplace services during the forecast period. Increase in adoption of technological changes in cloud and mobility by organizations and growth in transformation of the workplace by small & medium enterprises are also likely to boost the market growth in the coming years.
The workplace services market is segmented on the basis of service type, organization size, and vertical. Based on service type, the end-user outsourcing services segment is expected to hold the largest market share during the forecast period. Based on organization size, the large enterprises segment accounted for a significant share in the market. In terms of vertical, the Telecom – IT and ITES segment dominated the workplace services market in 2020.
North America is one of the most important regions for the adoption and growth of new technologies due to favourable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries, such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the region’s economic growth negatively. The US is one of the prominent markets for workplace services. The factory and business shutdowns across the US, Canada, and Mexico negatively impacted various industries in 2020. However, workplace services vendors continued their operations remotely to offer the best services to their end users. Even in the pandemic, several market players continued to be well-positioned to support their end users through the crisis. The COVID-19 pandemic has propelled businesses to boost their digital transformations, which results in the eradication of traditional barriers to progress. Companies continue to help their end users by engaging virtually, modernizing and migrating applications to the cloud, allowing a remote workforce, and focusing on cybersecurity and IT resiliency.
The overall workplace services market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the workplace services market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the workplace services market.
Major players operating in the global workplace services market include DXC Technology, Wipro, IBM Corporation, HCL Technologies, TCS, NTT Data, CompuCom, ATOS, UNISYS, Fujitsu, Cognizant, and Accenture PLC.