Workplace Services Market is expected to reach US$ 193.4 Bn by 2028

Rise in Adoption of Workplace Services in Consumer Goods and Retail Vertical to Contribute to Workplace Services Market

According to our latest market study on “Workplace Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service Type (End-User Outsourcing Services and Tech Support Services), Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), and  Vertical ( Media and Entertainment, BFSI, Consumer Goods and Retail, Manufacturing, Healthcare and Life Sciences, Education, Telecom – IT and ITES, Energy and Utilities, Government and Public Sector, and Others),” the market was valued at US$ 88.0 billion in 2020 and 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. The report highlights key factors driving the market, and prominent players with their developments in the market.

The consumer goods & retail sector, which offers a huge platform for consumers, is increasing at an unprecedented rate across the world. The sector helps numerous businesses reach easily to customers, and hence, necessary exposure to business is achieved. The sector is one of the mature industries in the US, where consumers are highly inclined toward online shopping. As per the Census Bureau of the Department of Commerce, the US retail e-commerce sales were US$ 160.3 billion for the first quarter of 2020, an increase of 2.4% from the fourth quarter of 2019. The industry is also popular among consumers of all ages in developing APAC countries, such as India and China. Surging consumer goods & retail industry is demanding workplace services.

Retailers across the world work in challenging times under constant pressure to evolve and to keep pace with growing customer expectation. Whether it is devices, people, or applications, connectivity offers workplace transformation, which allows colleagues and in-store teams to advance within their role and offer an improved retail customer experience. The need for a connected workforce is propelling with the mounting digital workplace services, which helps teams to connect, communicate, and collaborate.

Impact of COVID-19 Pandemic on Workplace Services Market

North America is one of the most important regions for the adoption and growth of new technologies due to favorable 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. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 28,659,480 confirmed cases and 520,751 deaths as per the World Health Organization (WHO).

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.

Workplace Services Market Breakdown – by Region, 2020 (%)

The global Workplace Services market has been segmented as follows:

Workplace Services Market – by Service Type

• • End-User Outsourcing Services
  • Tech Support Services

Workplace Services Market – by Organization Size

• • SMEs
  • Large Enterprises

Workplace Services Market – by Organization Size

• • Telecom – IT and ITES
  • BFSI
  • Manufacturing
  • Consumer Goods and Retail
  • Healthcare and Life Science
  • Government and Public Sector
  • Energy and Utilities
  • Media and Entertainment
  • Education
  • Others

Workplace Services Market – by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM