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.
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