The global workplace experience apps market within commercial office space is expected to reach $988 million by 2025, up from an estimated $406 million in 2020, according to Swedish smart building research firm Memoori.
The report expects this market will grow at a compound annual growth rate (CAGR) of 19% during the period, Memoori said.
Workplace experience apps are rapidly becoming a key software tool in future-proof commercial real estate, according to Memoori. ?In the Post-COVID era, with many occupiers exploring options for downsizing or moving to hybrid working, a growing number of landlords are eager to tap into the opportunity for a more digitized workplace experience,? the Swedish firm said.
?Investment in workplace experience apps has moved beyond pilot projects, as firms implement technology to support the return to the office and future working. In the last three years, we have identified 76 office building deployments which have been augmented with a workplace experience app,? the research firm said.
?The three main drivers for growth in workplace experience apps are the recent focus on hybrid working models and flexible working trends; the overall employee experience (EX) market and its link with performance, productivity, talent retention and reputation; and the renewed emphasis on healthy buildings, which are perceived by many occupants as a necessity to ensure their health and safety,? Memoori added.
The report also reviews M&A and funding rounds over the last six years until the end of May 2021. Memoori?s research identified 37 mergers and acquisitions in the workplace experience app space between Jan 2016 and May 2021.
According to Memoori?s new report, Europe is leading the market for workplace experience apps in the digital office sector. ?Combined with the higher number of deployments in the region, European software startups have so far taken the lead in developing apps totally focused on human centric occupant experiences.?