AI in Workspace Market Competition, Growth Prediction, Industry Trends
Posted by Sakshi Mishra on March 19th, 2021
The global artificial intelligence in workspace is growing by leaps and bounds. The market growth attributes to the rising adoption of automation and digitization of workplaces. Besides, increasing demand for AI solutions in various industries such as BFSI, automotive, retail, telecommunication & IT, and healthcare & pharmaceuticals substantiate market growth. Moreover, the growing need for digital transformations of businesses and the generation of a large amount of Big Data escalate the market growth.
According to Market Research Future (MRFR), the global artificial intelligence in workspace market is poised to grow at a massive CAGR of 41% throughout the forecast period (2017 to 2023). Notable technology providers offering AI technology for telecommunication and IT verticals are major factors influencing the growth of the market. The rapid adoption of cloud-based services and advanced algorithms deployment BFSI and retail & manufacturing sectors drive the AI in workspace industry.
Additionally, the growing need for high computation power and productivity, alongside the vast volumes of data generated each day, foster the growth of the market. Besides, the increasing usages of machine learning, deep learning, and natural language processing accelerate market growth. AI uses adaptive learning and computer vision techniques to analyze the enterprise data and offer detailed insights about the market, making informed decisions for better management of the enterprise.
On the other hand, technology providers face huge underlying intellectual challenges in developing AI technology. Hence, complex algorithms and data privacy concerns are the major factors projected to impede the growth of the market. Nevertheless, increasing AI implementation at workspaces would support market growth throughout the assessment period. The growing competition across the industries and growing emphasis on business intelligence would propel market growth.
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Artificial Intelligence (AI) in Workspace Market – Segments
The report is segmented into four dynamics:
By Components : Hardware, Software [(AI Platforms and AI Solutions (Premise and On Cloud)], and Services.
By Vertical : Automotive & Transportation, Manufacturing, Healthcare & Pharmaceutical, IT & Telecommunication, BFSI, Retail, and Others.
By Technology : Natural Language Processing (NLP), Machine Learning, Image Recognition, Speech Recognition, and Context Aware Computing.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global AI in Workspace Market – Regional Analysis
North America accounts for a key share in the global artificial intelligence in workspace market. The largest market share attributes to the increasing investment in research and development of AI technologies and digital transformation of business. Besides, the increase in demand for intelligent virtual assistants drives the growth of the regional market.
Moreover, the presence of major technology providers equipped with advanced technologies in the region substantiates the market growth. Also, the increasing implementation of cutting-edge technology in the advertisement sector boost growth in the regional market. The North American AI in workspace market is projected to retain its dominance throughout the forecast period.
Europe stands second in the global artificial intelligence in workspace market. The market growth attributes to the presence of various notable players and large deployments of these platforms in workspaces. Additionally, the rising numbers of medium and large enterprises act as a major tailwind for the growth of AI technologies in workspace market. High adoption of automation solutions used in workplaces pushes the development of the regional market. The European artificial intelligence (AI) in workspace market is predicted to create a substantial revenue pocket during the assessment period.
Asia Pacific artificial intelligence in the workspace market is growing rapidly. Factors such as the proliferation of digitization in businesses drive the growth of the regional market. The rising adoption of AI technology and cloud deployment by large and SMEs to enhance employee satisfaction and operational performance boost the growth of the regional market.
Augmenting demand from growing numbers of automation tools from retailers and businesses is a key driving force. Substantial investments transpired by key players in the development of AI technology platforms positively impact the growth of the regional market. India and China are major markets for AI technologies in the region. The APAC artificial intelligence in workspace market is expected to grow at a significant rate during the forecast period.
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About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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