– The Business Research Company’s research on the workplace services market identifies the global adoption of 5G networks as the driver of the workplace services market. 5G is the 5th generation mobile network for faster and more responsive wireless networks. With increased 5G network speed, bandwidth, and lower latency, there is better connectivity in the workplace, and stakeholders have a faster and more connected experience across the workplace. For instance, according to a 2022 study conducted by a US-based telecommunications company, Verizon and a US-based consumer industry insights company, Incisiv, the overall 5G adoption stands at about 13%, which is expected to almost triple by 2024. Therefore, increasing adoption of 5G networks is expected to propel the growth of the workplace services market over coming years.

The global workplace services market is expected to grow at a compound annual growth rate (CAGR) of 10.6% from $110.14 billion in 2022 to $121.81 billion in 2023. In the short term, the Russia-Ukraine war hampered global economic recovery from the COVID-19 pandemic. The conflict between these two countries has resulted in economic sanctions against a number of countries, a rise in commodity prices, and supply chain disruptions, resulting in inflation across goods and services and affecting many markets around the world. The workplace services market is expected to grow at a CAGR of 10.5% to $181.92 billion by 2027.

Learn More In-Depth On The Workplace Services Market

New workplace service innovations are a key trend in the workplace services market. Companies in the market are focusing on developing highly efficient services that also address other workplace parameters such as emotional wellness. Such innovations enable market leaders to gain a competitive advantage. For instance, in April 2022, Talkspace Self-Guided, a suite of offerings for employers designed to help executives, managers, and teams prioritize and build emotional intelligence and mental wellness in and out of the workplace, was launched by Talkspace, a US-based virtual behavioral health services company.

The global workplace services market is segmented by service type into end-user outsourcing services and tech support services; by end-user outsourcing services into managed communication, collaboration services, managed mobility services, and managed IT asset services; by organization size into small and medium enterprises and large enterprises; by vertical into media and entertainment, BFSI, consumer goods and retail, manufacturing, healthcare and life sciences, education, telecom-IT and ITES, energy and utilities, government, and the public sector.