The need to build and create a workplace that is modern, efficient, and technology-based to smoothen the work and improve the culture of the organizations is fueling the growth of the European digital workplace market. The market is expected to grow at a rapid CAGR of 16.2% during the forecast period (2023-2030). A workplace where employees are given tools, technologies, and platforms to perform their tasks effortlessly, seamlessly, and in an efficient way with access to relevant information is known as a digital workplace. The market growth is fueling and the factors contributing to that are deployment in various industries, rise in remote and flexible work arrangements, employee-friendly workspace, and expansions and innovations by major market players, among others.
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5 Innovative Trends and Technology Driving the European Digital Workplace Market Growth
- The European government is committed to bringing digital evolution in the industry and corporate by initiating multiannual financial frameworks increasing adoption of digital technologies and supporting the market growth. For instance, three key EU budget programs to support this aim are the Digital Europe Program, Horizon Europe, and the Recovery and Resilience Facility. Horizon Europe is a seven-year funding initiative for research and innovation, Horizon Europe allocates a substantial portion approximately 35.0% towards digital transformation initiatives. To motivate critical research in areas such as healthcare, resilience, and green and digital transformations, the EU allotted a budget of €95.5 billion ($102.8 billion).
- European brands are providing digital and innovative technological solutions to various industries for digital workplace transformation. For instance, in February 2024, HCLTech expanded its partnership with ANZ Banking Group with a new deal where HCLTech will provide ANZ with digital workplace services and experience management across end-user devices and applications.
- Global brands are collaborating to provide creative solutions to support the digital transformation of the market propelling the European digital workplace market growth. For instance, in August 2023, IBM and Salesforce announced a collaboration to help businesses worldwide across industries accelerate their adoption of AI for CRM. Together, the two companies support clients to revolutionize customer, partner, and employee experiences, while helping safeguard their data.
- EU startups are raising funds and investments to innovate and expand their digital workplace technology and products is also driving market growth. For instance, In January 2023, German startup Awork secured €5.0 million ($5.3 million) in a series A funding round led by Swiss Post Ventures and Hi Inov-Dentressangle. The company provides a collaboration platform targeting the intersection of hybrid working and the creative industries. With 17,000 user accounts and 2,200 corporate customers, Awork aims to enhance project management and workflows for creative projects.
- The European market has become a hub for digital transformation and due to that global brands are expanding their existence in the European digital workplace market. For instance, in April 2023, Fujitsu announced the expansion and acceleration of its digital transformation (DX) consultancy capabilities with the opening of its first two Near Response Centers (NRCs) for the European market located in Spain and Estonia. Fujitsu’s new NRCs will complement its existing outsourcing capabilities with rapid access to highly skilled consultants focused on delivering solutions to customers’ business challenges and supporting digital transformation.
The key market players in the European digital workplace market are IBM, Siemens, Microsoft, SAP, Capgemini, Deutsche Telekom, Tata Consultancy Service Ltd., Telefónica, Accenture, TE Connectivity Ltd., NXP Semiconductors N.V., Telefonaktiebolaget LM Ericsson, Disperse.io LTD., Happeo, and Pigment, among others. The market is also witnessing significant advancements and innovations to cater to the diverse needs of organizations across sectors as key players are offering comprehensive digital workplace solutions encompassing communication tools, document management systems, collaboration platforms, and employee engagement solutions. For instance, in June 2023, The cloud computing and IT managed services company Iomart agreed to acquire Extrinsica, one of the first 25 Microsoft Azure cloud solution providers in the world.
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