Market Insight
Market Research Future (MRFR) asserts that the Connected Workplace Industry 2020 can gain significant impetus and reach a whopping USD 31 Billion by 2027. The market is also slated to progress at a rate of 11% from 2020 to 2027 (review period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Boosters and Main Barriers
Following the COVID-19 outbreak, the prime focus of businesses around the world has been on maintaining smooth communication between their workforces. The lockdown imposed to control the spread of the pandemic has led to companies redefining the way they communicate, as they seek to facilitate the experience for those working at home. The connected workplace concept has helped people maintain social distancing and convey timely data as well as responses to workers anywhere in the world. The technology is being increasingly used to reduce the COVID-19 impact on the operations by helping the employees remain connected.
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Since the onset of SARS-CoV-2, tablets, smartphones, and various electronic devices have become the hottest commodities among people for continuous communication. Plus, the notable growth of big data analytics and Internet of things following the novel coronavirus has also boosted the demand for connected workplace. Organizations are rapidly deploying intelligent building systems to personalize the work experience for their employees and also boost the returns from them when it comes to productivity and knowledge. The fact that connected workplace helps create a consumer-style unified worker service experience in every department in an organization, has led to its accelerated demand across diverse industries.
Going forward, the firms that were already using cloud-based services have been able to quickly adapt to the remote working practice. Cloud has become even more important during the COVID-19 pandemic, with digital companies being barely affected by the disruption. Therefore, as more and more companies are striving to be digitally connected for better productivity, better growth can be observed by the Connected Workplace Industry. Besides, new product launches and ongoing innovations by some of the renowned firms can also be a key growth booster in the global market.
For instance, in July 2020, Owl Labs launched its latest Meeting Owl Pro in the UK to connect their distributed teams. Meeting Owl Pro is marketed as a smart video conferencing tool that features a 360 degree camera along with speaker and mic that have 1080p resolution, which facilitate a fully immersive and seamless team meeting experience.
Market Segmentation
• The Connected Workplace Industry outlines a few key segments, namely components, types, deployment and applications.
• Components mentioned in the market study are HVAC control, smart lighting, security systems, and more.
• The types of connected workplace can be virtual team, hot desk and telecommuting and others.
• The deployment of connected workplace can be done on-cloud, hybrid and on-premise.
• The application areas of connected workplace are building automation, monitoring, mobile device management, energy management system, and others.
Regional Outlook
The regional outlook of the Connected Workplace Industry focuses on APAC/Asia Pacific, Europe, North America, and RoW or Rest of the World.
The global market is currently headed by North America, as the region observes substantial deployment of connected workplace. The rise in the number of OEMs combined with the escalating use of smart devices such as sensor tracked devices, smartphones, wearable devices, infrastructural devices and robotics devices also contribute to the market expansion in the region.
With the potential to procure the fastest growth rate, the APAC market for connected workplace benefits from the fast rising industrialization and the advancing IT industry. Companies in the region are realizing the importance of fast adoption of the latest technologies that can help boost workforce agility as well as operational efficacies, which works in favor of the Connected Workplace Industry. Additionally, the advancements in the OTT industry, increasing spending on cyber security, surge in data traffic and the rising prevalence of BYOD devices could also foster business growth in the region.
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Prominent Industry Companies
Some of the most prominent industry companies are Schneider Electric SA (France), Deloitte Pvt. Co. (U.S.), United Technologies Corporation (U.S.), Cisco Systems, Inc. (U.S.), Johnson Controls Inc. (U.S.), Crestron Electronics, Inc. (U.S.), ABB Ltd. (U.S.), Honeywell International, Inc. (U.S.), Koninklijke Philips N.V. (The Netherlands), Siemens AG (Germany), to list a few.
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