Recently, HP announced the acquisition of Poly, the hybrid work solutions provider for $3.3 billion, unlocking new possibilities for the hybrid work ecosystem. While hybrid work started as a contingency plan during the pandemic, research shows that 83% of the employees prefer a hybrid working environment. Invariably, this has created a new market segment in the B2B and B2C space for hardware, software and services players to make hybrid working more effectively, meaningful and seamless. According to Frost & Sullivan, 75% of office workers will invest in new hardware to improve their hybrid work setups.
Thus, HP’s acquisition of Poly is uniquely positioned to become a pioneer in this space in its nascent stage. With their combined capabilities, they can capitalize on large untapped markets that have recently adopted hybrid models of work and are looking for comprehensive solutions. According to HP CEO Enrique Lores, “The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done.” The acquisition brings a unique opportunity for the players to become global leaders in the Workforce solutions which represent a $120 billion segment opportunity that is growing 8% annually. HP’s move to acquire Poly facilitates an inflow of differentiated technology capabilities, complementary markets and strong talent, which can together help the former disrupt new markets with its already established legacy and credibility. The acquisition will help HP combine voice, headsets and video solutions with its state of the art computing devices to offer complete solutions for hybrid work
The acquisition is essentially a strategic decision in HP’s goal of becoming a hybrid work environment leader which started with its recent acquisition of Teradici, which provides remote desktop software. In effect, this latest acquisition of Poly will add another wheel for HP to establish its presence as one of the top global players in the hybrid workplace market with an enhanced portfolio.
While the business impact for both HP and Poly is unprecedented, the acquisition has unleashed a series of benefits and new opportunities for the end consumers. Coming together of the computing hardware giant and a renowned hybrid work solutions provider brings multiple avenues of taking hybrid-virtual collaboration for the workforce to the next level, with a metaverse potential.
Despite the rise of hybrid work, just 10% of an estimated 90 million meeting rooms worldwide are currently video-enabled. The acquisition has immense potential to considerably enhance this ratio, unlocking the meeting room metaverse. It can enable the workforce to do much more when connecting virtually and augment hybrid working with a complete ecosystem of devices, software, and digital services. The wide impact can be the creation of an immersive experience by enabling people to engage in a hybrid reality to transform and redefine office meeting room solutions, a segment which is expected to triple by 2024. The metaverse experience enabled by this acquisition will significantly promote organizational success.
The workforce, while connecting virtually, will be able to have immersive experiences of collaborating, networking and working together from their digital world, by leveraging the computing capabilities of HP and the meeting room features of Poly’s hardware. Invariably, this acquisition will redefine the future of meetings, workforce interactions and the way people work. It is likely to be one of the pioneer actions in reinventing hybrid working, making it more immersive and experiential. How this acquisition spurs other movements to create a much larger ecosystem is something we need to sit back and see. For now, Poly’s acquisition by HP will reinvent how the hybrid workforce works!
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