The smart workplace market is expected to grow by USD 98.37 billion during 2020-2024, according to the latest market research report by Technavio.
“The expansion of business operations by MNCs and SMEs across geographies has created the need to establish a secure connected network to ensure uninterrupted workflow,” says the company in a press release about their research.
“In addition, the decline in hardware costs, installation costs, and tariff rates of network operators have increased the adoption of M2M security systems. This facilitates efficient data collection related to employee activities and provides a better working environment.
“Organizations are adopting the concept of the smart workplace to establish seamless connectivity and facilitate integration between multiple locations. Therefore, the rising demand for seamless connectivity is expected to have a positive impact on the adoption of the smart workplace concept during the forecast period.”
Technavio says the emergence of smart cities will have a positive impact on the smart workplace market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Emergence of Smart Cities
The report further analyzes advancements made in smart cities, such as the Government of Saudi Arabia which is currently investing in the development of King Abdullah Economic City.
Governments across countries such as Saudi Arabia, India, and Qatar are making significant investments in the development of smart cities. For instance, the Government of Saudi Arabia is actively investing in the development of King Abdullah Economic City. The total project cost of the Saudi City is expected to reach USD 90 billion.
“The emergence of smart cities coupled with advances in technology and the growing need for IT modernization in various industrial verticals is expected to fsuel the adoption of the smart workplace during the forecast period,” the company says in its release.