LG Electronics and Ricoh have agreed on a formal understanding in a written document.
In a significant move to revolutionize the digital workspace, LG Electronics and Ricoh have announced a strategic partnership that will bring together their respective strengths in hardware, software, and managed services. The alliance, established in September 2024, is set to deliver an elevated user experience and exceptional customer value, particularly in the modern office environment.
The partnership represents Ricoh's first global collaboration with LG, aiming to unify service delivery and solutions across different markets worldwide. The focus of this alliance is on the workplace experience segment, a scalable area intersecting with Professional Audio Visual (ProAV) and digital signage, crucial for modern offices seeking digital transformation.
The collaboration will see LG's Digital Signage Business Unit integrated with Ricoh's Workplace Experience division, creating a unified offering of digital signage, ProAV, hardware, software, and managed services on a global scale. A globally standardized service catalog is in development, facilitating streamlined deployment and management of integrated solutions.
Ricoh will leverage AI-driven platforms like ServiceNow’s GenAI to enhance service management, deliver intelligent workplace solutions, and enable seamless international collaboration with features like dynamic translations. This integration is expected to strengthen Ricoh’s position in the digital signage and managed services market, an area that requires significant financial and technical resources.
By merging LG's cutting-edge hardware capabilities with Ricoh’s extensive service infrastructure and certifications, the collaboration accelerates digital transformation efforts in modern office environments globally. The partnership aligns with growing corporate demand for interactive, technologically advanced office solutions, seen in markets like interactive whiteboards and digital signage, where both companies are recognized vendors.
This strategic partnership positions both companies as leaders in advancing office digital experience worldwide. LG Electronics, with its aim to increase its B2B sales to around 45 percent of total sales (from all business divisions) by 2030, is continuously expanding its B2B portfolio and is highly proactive in exploring new, high-potential business areas.
Takahiro Irisa, senior corporate officer and president of the Ricoh Digital Services Business Unit at Ricoh Company, stated that this global strategic partnership allows them to combine LG's advanced displays with Ricoh's communication services, delivering enhanced workplace experience solutions to customers. Paik Ki-mun, SVP of LG Business Solutions, added that the partnership will further establish LG as a trusted provider of integrated solutions in the B2B market.
The global digital workplace solutions market is projected to grow from approximately USD 33.7 billion in 2023 to USD 90.5 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 15%. This partnership between LG and Ricoh is a significant driver in this market, offering integrated and AI-enhanced digital workplace solutions.
Ricoh, headquartered in Tokyo, Japan, supports hybrid workforces globally with a range of solutions including managed workplace services, document management, and intelligence process automation. The partnership between these two global giants is expected to help LG Electronics expand its presence within the B2B sector, a key driver of business growth for the company, and strengthen its position in the global B2B market.
- The strategic partnership between LG Electronics and Ricoh aims to unify digital signage, ProAV, hardware, software, and managed services, targeting the workplace experience segment in various markets worldwide.
- Ricoh is integrating LG's Digital Signage Business Unit with its Workplace Experience division to create a global offering, with a standardized service catalog in development for streamlined deployment and management.
- AI-driven platforms like ServiceNow’s GenAI will be used by Ricoh to enhance service management, deliver intelligent workplace solutions, and enable seamless collaboration with features like dynamic translations, positioning them further in the digital signage and managed services market.
- This partnership will help LG Electronics expand its B2B sales, aligning with the company's goal to increase B2B sales to around 45 percent of total sales by 2030, as it continuously expands its B2B portfolio and explores new, high-potential business areas.
