Digital Workplace Market Worth $54.2 Billion By 2027

The global digital workplace market size is expected to reach USD 54.2 billion by 2027, expanding at a CAGR of 11.3% from 2020 to 2027, according to a new report by Grand View Research, Inc. The availability of new software and tools, demand for remote working, and focus on improved employee experience are driving the adoption of the digital workplace. Advancements in workplace technologies and Software as a Service (SaaS) have led to the implementation of cloud systems, thus, driving the overall market. The shift in the generational workforce has led to the adoption of digitalization in the workplace. The utilization of various gadgets such as smartphones, laptops, and tablets has provided ease to the mid-aged generation.

Digital workplace aligns the employees, technologies, and businesses in such a way that they improve operational efficiency and meets various goals set by organizations across verticals such as IT and telecommunication, consumer goods, retail, manufacturing, and pharmaceuticals. The smooth integration of digital workplace tools within the workspace is often easily achieved at organizations having higher digital literacy. With the growing importance of customer satisfaction and their experience at priority, companies also need to focus on employee experience as they act as the key driver in exhibiting the organizational capabilities. Furthermore, the adoption of digital workplace solutions and services enables not only retaining employees but also contributes in attracting a talented workforce. Moreover, on-going technological advancement, such as the use of AI and machine learning to optimize the business performance, and its collaboration with the workforce, would drive the market over the forecast period.

Companies such as DXC Technology Company, IBM, HCL Technologies Limited, Atos SE, NTT Data Corporation, Citrix Systems, Inc.; Tata Consultancy Services Limited, Wipro Limited, among others, are the key players operating in the market. DXC Technology Company is one of the prominent providers that has robust capabilities and a wide global presence to deliver workplace solutions. Atos’ acquisition of Syntel represents a significant boost in its abilities to deliver digital workplace transformation services in all the regions. Atos can leverage Syntel’s suite of proprietary solutions that use cloud, social media, analytics, mobile, and IoT to deliver digital transformation.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/digital-workplace-market

Further key findings from the report suggest:

The small and medium enterprises segment is expected to grow at the highest rate of 11.8% over the forecast period. Increasing BYOD trends, remote working culture in small, medium, and large enterprises in emerging economies are expected to drive the market over the forecast period
IT and Telecommunication segment held the largest share of more than 34.0% of the overall market in 2019
North America held the largest market size valued at USD 7.3 billion in 2019, whereas the Asia Pacific region is poised to witness the highest CAGR of 12.5% over the forecast period
Key players including DXC Technology Company; IBM; HCL Technologies Limited; Atos SE; NTT Data Corporation; Citrix Systems, Inc.; Tata Consultancy Services Limited; Wipro Limited accounted for a majority share of the overall market in 2019.

Marketing Automation Market Size Worth $8.42 Billion By 2027

The global marketing automation market size is expected to reach USD 8.42 billion by 2027, expanding at a CAGR of 9.8% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Owing to the rising significance of automation solutions in marketing and sales to increase revenue and average deal size, target customers across multiple channels, and retain customers, the market will witness healthy growth. Moreover, the marketing automation solutions help automate repetitive, monotonous tasks such as emails, social media, and other website functions. Technological advancements, such as Artificial Intelligence (AI) and data science, the use of analytics in marketing and sales is also likely to boost the growth prospects of the market over the forecast period.

A recent survey suggests that there were around 3.9 billion email users and about 3.5 billion social media users in 2019. Email marketing is still one of the primary channels of marketing, wherein the scope of automation in the segment will remain highly effective. Generally, email marketing involves sending newsletters, solicit sales, request donations, advertisements, and request businesses via emails. Automation technology in email marketing has proved beneficial and helpful in generating quality leads, and successful implementation of marketing campaigns. The rise of social media and the rapid penetration of mobile and smart devices will foster the marketing solutions and its automation over the forecast period.

Growing demand for marketing automation solutions is likely to drive huge investments in the industry. Large technology companies are aggressively acquiring smaller tech startups and companies to gain an advantage and establish market dominance. Moreover, an industrial survey of usage of marketing automation solutions suggests that on average, 50% of companies are currently using marketing automation. More than half of B2B companies are planning to implement the automation technology for its marketing and sales purposes in the coming years. Thus, the rising demand for marketing automation among B2B companies, increasing internet penetration and subsequent digitalization of industries is likely to boost the market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/marketing-automation-software-market

Further key findings from the report suggest:

The reporting and analytics segment is likely to dominate the marketing automation market in the coming years. Increasing use of artificial intelligence and machine learning to engage with customers through various channels such as messaging, voice, and IoT devices are some of the key driving factors
Cloud deployment was the most preferred way of deploying the software in 2019, and the segment is predicted to maintain its dominance over the next eight years. Growth in cloud computing technology and its services such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) will foster the growth
The small and medium enterprises segment is anticipated to be the fastest growing segment over the forecast period. Innovation in marketing strategies, increase in productivity, and customer retention are some of the factors that are propelling SMEs to adopt marketing automation solutions
Discrete manufacturing is anticipated to emerge as the fastest growing segment by 2027. Integration of CRM with marketing service solutions to eliminate redundant tasks and to retain customers is likely to promote the applications of marketing automation among manufacturers
Asia Pacific is expected to experience the highest growth over the forecast period, attributed to the presence of emerging economies such as India and China, who possess large customer base. Moreover, increasing awareness about the marketing tools and services, growing penetration of internet, rise in number of social media platforms, and usage of smart devices is likely to promote the growth
Market comprises of some prominent players such as Adobe Inc.; Cognizant; Act-On Software, Inc.; HubSpot, Inc.; Oracle Corporation; Salesforce.com, Inc.; IBM Corporation; Keap; Marketo, Inc.; and Teradata Corporation; among others. Moreover, large vendors are observed acquiring other players to consolidate their market share and expand their existing portfolio

Customer Relationship Management Market Worth $114.4 Billion By 2027

The global customer relationship management market is estimated to reach USD 114.4 billion by 2027, registering a CAGR of 14.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for novel ways to analyze information, capabilities to aggregate data, and transforming it into better consumer experience is driving the need of customer relationship management (CRM) solutions across industries. Moreover, the merging of CRM, big data, and AI-powered analytics are likely to bridge the gap between customer expectations and company strategies for a better consumer experience.

Customer relationship management solutions have managed to exhibit an impressive adoption and growth rate in the last of couple of years despite over 20 years of market presence. This growth trend is attributed to numerous benefits of CRM suites, including operational efficiency, reduced cost of marketing, and the ability to complete sales cycle ‘on the go.’ Companies are now demanding access to customer data in real-time owing to the rapid proliferation of cloud and mobile solutions. Moreover, owing to increasing penetration of internet and smart mobile devices across the world, service providers are offering Bring Your Own Device (BYOD) solutions, which are expected to boost the customer relationship management solutions in the sales and marketing domain.

Digital optimization to maximize current processes with the help of data and predictive/prescriptive-enabled technologies to develop next best action recommendations using machine learning are becoming two primary drivers of investment and innovation in CRM solutions. For instance, in 2016, Salesforce launched myEinstein services to enable developers and system administrators develop custom AI application. Moreover, the rise in social CRM and mobility has also been driving the growth of a new genre of customer services and relationship management. Many service providers today are offering integrated solutions with various social media platforms such as Facebook, Twitter, and LinkedIn.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/customer-relationship-management-crm-market

Further key findings from the report suggest:

Considering the COVID19 pandemic crisis across the globe, the value of leveraging technology such as CRM is likely to grow and thrive in the years to come
The CRM analytics segment is anticipated to register the highest CAGR in the coming years owing to the application of artificial intelligence and machine learning along with growing integration of business intelligence and analytics in CRM software
Cloud was the most preferred way of deployment of the technology in 2019 and is predicted to maintain its dominance over the next eight years. Connected devices will play a vital role in the changing industry as the demand for mobile applications is increasing
The Small & Medium Enterprise (SME) segment is expected to be the fastest growing segment in coming years owing to increasing number of SMEs worldwide and their need to identify, prioritize, and minimize their business challenges
Discrete manufacturing is expected to be the fastest growing segment with the highest CAGR from 2020 to 2027 owing to better sales projection, efficient supply chain, and improved customer services
The Asia Pacific regional customer relationship management (CRM) market is expected to experience the highest growth over the forecast period, which can be attributed to the presence of emerging economies such as India and China, who possess large customer base across industry verticals
Customer relationship management market comprises of some prominent players such as Salesforce.com; Microsoft; Adobe; SAP; Oracle; SugarCRM; Zoho; Netsuite Inc.; Insightly Inc.; and Creatio. Large vendors are observed acquiring other players to consolidate their market share, and expand their existing portfolio.