How is Rising Integration of Artificial Intelligence (AI) Driving Growth of Global Workplace Transformation Market?
Since the last few years, there has been a huge decline in the average age of the workforce, in numerous industries across the world. Moreover, it is predicted that the workplaces will start getting dominated by generation Y, also known as millennials (people born between 1977 and 1995), and generation Z or centennials (people born in 1996 or later), in the coming years. These factors would significantly boost the transformation of workplaces, via the increasing adoption of advanced technologies, such as artificial intelligence (AI), in workplaces over the next few years.
The rising adoption of the bring-your-own-device (BYOD) culture is another important factor expected to push the transformation in workplaces in the coming years. The integration of smartphones and tables has increased massively in workplaces over the last few years, and this has resulted in the rise of the BYOD culture. Moreover, numerous companies are shifting their focus toward higher workplace mobility, in order to improve the efficiency and productivity in workplaces, and this is leading to the increasing adoption of personal laptops and tablets for official work in the corporate sector.
Due to the above-mentioned factors, the valuation of the global workplace transformation market is predicted to increase from $9.2 billion in 2017 to $24.1 billion by 2023, demonstrating a CAGR of 17.5% during the forecast period (2018–2023). Workplace transformation is being observed in a plethora of industries, such as banking, financial services, and insurance (BFSI), retail, manufacturing and automotive, telecom and information technology (IT), healthcare and life sciences, media and entertainment, government, and transportation and logistics. Amongst these, the BFSI industry recorded the highest rate of workplace transformation in the past, owing to rapid digitization.
The biggest rage currently being observed in the workplace transformation market is the increasing requirement for connected workplaces across the world. Collaboration services and technologies are rapidly becoming the face of connected and automated futuristic workplaces. These technologies offer numerous advantages to the end users, such as the ability to access the workplace and communicate with other employees remotely, that is, from any device, anywhere. As a result, these technologies provide conducive platforms for brainstorming, crowdsourcing, idea generation, and gamification, thereby increasing the productivity.
Across the world, the Asia-Pacific (APAC) region is expected to register the fastest growth in workplace transformation during the forecast period. This is primarily attributed to the increasing realization to make the workplace more accessible and productive in various countries, such as India, China, and Japan. In addition to this, there has been a massive surge in the number of millennials and centennials joining the workplaces in many countries, especially those having higher population of younger people such as India, which has considerably propelled the rate of workplace transformation in the region.
Hence, it is clear that owing to the rising demand for advanced workplace technologies, in order to increase the productivity and efficiency of employees, and soaring number of employed millennials and centennials, the idea of workplace transformation will get larger wings throughout the world, in the coming years.