ID: MRFR/ICT/5841-HCR | February 2021 | Region: Global | 100 pages
The global artificial intelligence (AI) in workspace market is growing at a CAGR of 41% for the forecast period 2020-27. Rapid development in artificial intelligence (AI) technology is creating a wide range of applications in the workspace. Fast industrialization and urban development in various parts of the world are pushing the global AI market to expand. The technology is crossing industry boundaries every day and stepping into new verticals with enhanced capabilities. There is a wide application of AI in human resource management and monitoring.
The technology of AI is system software that inputs decision-making ability, action-taking capabilities, and various other intelligence in a machine. To some extent these intelligence qualities are equivalent to human behavior, that is why it is called artificial intelligence (AI). With the emergence of this technology, machines are put under a learning curve to mimic mundane human behavior. One of the major traits of this software is to analyze the available user data and implement problem-solving accordingly. The current estimates show that the artificial intelligence (AI) in workspace market share is on a verge of massive growth in the coming future.
In late 2019, the world first heard the name COVID-19 has started to spread. In a matter of few months, and there is hardly any country left where the infectious virus has not marked its damaging presence yet. There have been multiple episodes or waves of a pandemic since then, and the whole world shook over that. Global public health disaster aside, the impacts of COVID-19 in a business scenario are devastating as well. Followed by the transmission of this disease, several countries went on to complete lockdown for months. It is not hard to anticipate the damaging impact of this shutdown on the global economy.
The failing state of the economy is a primary factor that directly affects the artificial intelligence (AI) in workspace market. Without a steady stream of investments in software and technology, the research and development (R&D) in AI stops completely. The implementation of the technology is only possible when the R&D factors are smooth in the system. Although, there is a significant aspect of COVID-19 in the case of AI technology in the workspace. In the time of social distancing, major companies are converting their business operations from completely remote locations. High-speed internet connectivity, cloud services, and AI sophistication is enabling smooth work experience from remote locations also.
The use of AI in the workspace is specifically useful because of its advanced capabilities it and the cost-effectivity of the software. AI not only reduces human effort, but it is capable of running automated functions of its own if machine learning (ML) is applied in it. These functions can essentially reduce the need for human employees in various sections. Various business enterprises can increase their profit margin with the help of AI in their operational systems. Artificial intelligence (AI) in workspace industry is dependent on the specific application-based needs of the end-user industries. The AI integration into various devices and computerized systems is increasing the productivity of such in the market. Fast adaption of the Artificial Neural Network (ANN) is pushing the market for AI also.
Different industry verticals have specific requirements from the AI system. Based on the work process, the software gains expertise on the matter with the help of Big Data and machine learning. The neural connectivity of the system is a major attraction for the end-users. The technological domains of the market are increasing the demand for the system. This trend is a direct contributor to the artificial intelligence market growth.
With the latest innovations in subsidiary technologies, artificial intelligence (AI) services will be enhanced over time. For instance, the rapid growth in the internet of things (IoT) technology is creating major demands for AI also. The workspace applications of AI are very much complementary to the help of IoT devices. This compatibility factor will expand the artificial intelligence (AI) in workspace market size in the coming future. Additionally, the expansion of the 5G network is supposed to create advanced capabilities for the market. Specifically, in the section of virtual meetings, conferences, and collaborations, AI can be prominently useful with the availability of 5G internet.
There are major opportunities in front of the artificial intelligence software in human workflow management from remote locations. The problem-solving skills of AI are specifically useful for the integrated application with other system software and devices. This connectivity feature enhances the human work procedure and increases productivity as well. The artificial intelligence (AI) in workspace market trends suggest, enhanced connectivity between mobile devices and bring your device (BYOD) practices will increase the possibilities of AI in the future.
There are restrictions available in the market that prevents the growth of AI technology in the workspace. For instance, new technology is only useful in the context of the user’s usability of such. There is a large section of the end-user market who are unaware and unskilled to operate the AI-driven technologies in the workspace. The former manual mode takes precedence in a considerable amount of the global workspace market. For example, the human security force is still dominant in the market in place of face recognition and biometric scanning.
Also, inadequate infrastructure prevails in a large section of the global market. There is a lack of sustainable high-speed internet availability in SMEs of developing countries. This factor harms the global artificial intelligence (AI) in workspace business.
Technological advancement is supposed to create opportunities for the market, but the present scenario poses some challenges in the market. The use of the latest AI-based facilities is required to upgrade the existing workspace assembly of systems and equipment, which is an expensive pursuit. Also, getting the employees trained with the new facilities is another challenge in the market. There is a noticeable lack of qualified personnel in the market for servicing and maintenance. AI technology is essentially a system software that requires high-level maintenance to function properly.
Another crucial aspect of the market is, the emergence of AI technology in the workspace will nullify a significant number of human posts from the work-field. To relocate, retrain, or firing a huge number of staff is a challenge for the end-user industries, thus it affects the artificial intelligence (AI) in workspace market players as well. Also, the high cost of installation and maintenance is another crucial aspect that the market has to go through.
Growing numbers of AI-driven workspace operations informal sector is promoting the growth of the market. Current forecasts show that the artificial intelligence (AI) in workspace market is growing at a CAGR of 41% for the forecast period 2020 to 2027. Since AI in the workspace is an accumulated term for a lot of facilities and subsidiary functions, it is hard to specifically state several market reach for AI in workspace applications. As a whole, AI technology is supposed to reach the USD 800 billion marks by the end of 2027.
The distribution of AI workspace facilities is not unlike the other system software services. Developers and vendors reach the end-users via contractual partnerships, collaborations, third-party dealing, etc. The developing companies make application-oriented products that reach the end-users via retail sales and online shopping as well. The product and services use different channels to reach the user.
Based on components, technology, industry vertical, region, etc, there are different market segments for AI in the workspace market.
Segments based on components
Segments based on technology
Segments based on vertical
Segments based on region
The North American countries are much advanced in technology and global superpowers like the US, Canada, etc has a gigantic economic resources. These factors make the North American region the global leader for artificial intelligence (AI) in workspace market share. Fast development in several APAC countries like China, Japan, India, etc is expected to boost the business for AI in the workspace in coming years.
The top artificial intelligence (AI) in workspace market players –
This artificial intelligence (AI) in workspace market research report contains insights about the growth, forecasts, segments, trends, etc.
Frequently Asked Questions (FAQ) :
The market is estimated to achieve a growth rate of 41% in the coming years.
Gamaya (Switzerland), Precision Hawk (US), Nvidia (US), Samsung Electronics (South Korea), SAS (US), Wave Computing (US), General Electric (US), Intel (US), Siemens (US), Rockwell Automation (US), Google (US), Oracle (US), IBM (US), Cisco (US), Face++ (China), Ec2ce (Spain), Micron Technology (US), Aibrain (US), Appier (China), Verint Systems Inc. (US), Mythic (US), Pilot AI Labs (US), Applied Brain Research (Canada), Atomwise (US), Didi Chuxing (China), Gumgum (US), Microsoft (US), Baidu Inc. (China), are the top companies investing significantly in the market.
The market size during the review timeframe is most likely to be lucrative, given the rising adoption of AI in every aspect of an organization.
North America is believed to be the largest market for AI in workspace.
The significant verticals covered in the report are Manufacturing, Automotive and Transportation, IT & Telecommunication, Healthcare and Pharmaceutical, Retail, BFSI, and others.