As per the current market research conducted by the CMI Team, the global Human Centric Workplace Market size is expected to record a CAGR of 9.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 7.8 billion. By 2032, the valuation is anticipated to reach USD 21.5 billion.
Human Centric Workplace Market: Growth Factors and Dynamics
- Remote Work Transformation: The rapid and profound shift towards remote work, necessitated by the COVID-19 pandemic, has catalysed a long-term transformation in workplace dynamics. This transformation involves the widespread adoption of technologies such as video conferencing, collaboration tools, and virtual office solutions. Companies are now investing heavily in ergonomic home office setups and technology infrastructures that enable seamless remote collaboration, driving the demand for human centric workplace solutions that cater to remote work scenarios.
- Employee Well-Being: The heightened awareness of the link between employee well-being and overall productivity has fuelled a revaluation of workplace designs. Businesses are increasingly investing in creating environments that prioritize mental and physical health. This includes the incorporation of wellness rooms, flexible spaces that accommodate physical activities, and ergonomic furniture designed to enhance comfort and reduce physical strain. Furthermore, comprehensive employee assistance programs and mental health support have become integral components of workplace offerings.
- Sustainability and Green Design: The global commitment to environmental sustainability is reshaping workplace design. Companies are prioritizing eco-friendly practices and green building certifications. This entails constructing energy-efficient buildings, utilizing sustainable construction materials, and adopting circular economy principles in office furniture and equipment procurement. The integration of renewable energy sources and the reduction of carbon footprints are central themes in creating environmentally responsible workplaces.
- Technology Integration: Advanced technologies are increasingly interwoven into the fabric of workplaces. IoT sensors monitor factors like air quality, temperature, and occupancy, allowing real-time adjustments for optimal employee comfort. Smart lighting solutions adapt to individual preferences and the presence of natural light, reducing energy consumption. Artificial intelligence and machine learning algorithms analyse workplace data to inform decisions regarding space utilization and employee experiences, ensuring that technology enhances rather than hinders productivity.
- Hybrid Work Models: Hybrid work models, combining remote and in-office work, are becoming the norm. This shift necessitates adaptable workplaces designed to accommodate flexible work schedules. Companies are reconfiguring office layouts to provide versatile workspaces that support both collaborative endeavors and focused individual tasks. As such, flexibility is paramount, enabling employees to choose where and how they work most effectively.
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Human Centric Workplace Market: Partnership and Acquisitions
- In 2021, Globant has partnered with Headspace to launch a global mental health program, offering all Globant employees worldwide free access to the Headspace app. This partnership provides premium mindfulness content, including guided meditations and sleep content, to support employee well-being.
- In 2021, Workday, a leading enterprise cloud software company, is acquiring Peakon, an HR startup, for $700 million in an all-cash deal. This acquisition is aimed at capturing real-time employee sentiment data, enhancing Workday’s HR offerings.
Human Centric Workplace Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Human Centric Workplace Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Remote Work Acceleration: The pandemic necessitated a swift transition to remote work for many organizations, reducing the immediate demand for traditional office spaces. This shift prompted businesses to reevaluate their workspace needs, with an emphasis on creating human centric remote work environments.
- Well-Being Emphasis: COVID-19 underscored the importance of employee well-being. Companies intensified their focus on designing safe and healthy workplaces, incorporating features like enhanced ventilation, touchless technology, and more spacious layouts to adhere to social distancing guidelines.
- Hybrid Work Models: The recovery from the pandemic has witnessed the widespread adoption of hybrid work models. Companies are redesigning office spaces to cater to a combination of in-office and remote work, prioritizing flexibility and adaptability in their workplace designs.
- Advanced Technology Integration: Technology is central to the recovery, with an increased emphasis on IoT sensors and smart building solutions. These technologies ensure employee safety, optimize space utilization, and enhance the overall workplace experience.
- Wellness-Centric Design: Workplace well-being remains a key focus. Organizations are investing in wellness amenities like fitness centres, outdoor spaces, and mental health support to promote employee health and resilience.
- Sustainability Continues: The recovery reinforces the commitment to sustainability. Businesses are incorporating sustainable practices into their workplace designs, reducing energy consumption, and utilizing eco-friendly materials to align with environmental goals.
List of the prominent players in the Human Centric Workplace Market:
- Steelcase Inc.
- Herman Miller Inc.
- Knoll Inc.
- Haworth Inc.
- Teknion Corporation
- Vitra Group
- HNI Corporation
- Kimball International Inc.
- KI (Krueger International Inc.)
- National Office Furniture a brand of Kimball International
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