Workplace transformation involves implementing new technologies and digital tools to optimize workflow and enhance collaboration among employees. Technologies such as virtual reality, augmented reality, and artificial intelligence are being utilized to provide employees with immersive learning and training experiences. Virtual reality headsets allow employees to view 3D models and receive instructions for performing complex tasks. Augmented reality overlays digital elements on real-world environments to assist employees with remote troubleshooting. Artificial intelligence also aids in automating routine tasks to free up time for more strategic work.
The global Workplace Transformation Market is estimated to be valued at Us$ 632.3 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the workplace transformation market is the growing adoption of cloud-based platforms. Cloud technology provides flexibility, scalability, and collaboration tools that boost productivity. It allows employees to access files, applications, and software from any location. This enables the hybrid work model where employees have the flexibility to work from office or remotely. Consequently, many organizations are implementing cloud-based tools such as cloud telephony, cloud contact centers, and cloud conferencing solutions. This trend is expected to continue as digitization and remote working increase in the coming years.
Threat of new entrants: The threat of new entrants is moderate as setting up in this market requires high investment in VR and AR technologies.
Bargaining power of buyers: The bargaining power of buyers is high as there are many vendors providing various VR and AR solutions for workplace transformation.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing components and technologies for VR and AR solutions.
Threat of new substitutes: The threat of new substitutes is high as new advanced technologies can disrupt the existing VR and AR solutions for workplace transformation.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players providing similar VR and AR technologies.
The Global Workplace Transformation Market Demand is expected to witness high growth.
The market in North America is expected to dominate the global market due to presence of major players and high adoption of advanced technologies. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to growing IT infrastructure and increasing adoption of VR and AR technologies across industry verticals in the region.
Key players operating in the Workplace Transformation Market are KinectoRehab, Oculus Health, Basis VR, VirtaMed, Trice Imaging, MindMaze, and GestureTek Health. KinectoRehab offers virtual reality rehabilitation solutions for workplace injuries. Oculus Health provides VR and AR solutions for medical applications including workplace health and safety training.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it