The need for rapid integration and iterative processing with the colossal amounts of data produced across the globe is one of the major factors driving the AI in workspace market. Iincreasing demand for smart devices is also contributing towards the AI in workspace market growth over the review period.
The presence of established market players is creating further momentum in the competitive dynamics of the market. Moreover, increasing demand for the digital transformation of businesses is slated to create new growth prospects for the AI in workspace market. Also, developments in technology are anticipated to increase the deployment of AI across industry verticals including the corporate sector, banking and finance, healthcare, and others is consequently driving the AI in workspace market growth.
In its latest research report, Market Research Future (MRFR), asserts the global artificial intelligence in the workspace market is projected to grow substantially over the review period, recording significant revenue generation by 2023 at a massive CAGR of 41% in the forecast period.
The global AI in workspace market is segmented on the basis of components, technology, and verticals. Based on the components, the global AI in workspace market is segmented into hardware, software, and services. The software comprises of AI platforms and AI solutions. The AI solutions segment is further bifurcated into on-premise and on-cloud.
On the basis of technology, the global AI in workspace market is segmented into natural language processing (NLP), speech recognition, machine learning, image recognition, and context-aware computing.
By vertical, the global market for AI in workspace is segmented into automotive and transportation, manufacturing, healthcare, and pharmaceutical, IT & telecommunication, BFSI, retail, and others. The telecom and IT vertical has the largest market share and is poised to retain its lead over the review period. In terms of market value, the segment is followed by BFSI, retail and manufacturing. The need for the digital transformation of businesses and the generation of a large amount of data across the globe are significant factors that are driving the growth of these segments.
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The major market players operating in the global Artificial Intelligence (AI) in Workspace Market as identified by MRFR are Nvidia (US), Intel (US), Samsung Electronics (South Korea), Microsoft (US), SAS (US), IBM (US), Cisco (US), General Electric (US), Siemens (US), Google (US), Rockwell Automation (US), Oracle (US), Verint Systems Inc. (US), Micron Technology (US), and Baidu Inc.
Apart from these, other companies in this market that are expected to contribute toward market growth are Atomwise (US), Wave Computing (US), Aibrain (US), Face++ (China), Didi Chuxing (China), Mythic (US), Applied Brain Research (Canada), Pilot AI Labs (US), Ec2ce (Spain), Precision Hawk (US), Gamaya (Switzerland), Gumgum (US) and Appier (China).
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
In terms of market share, the North American region is predicted to have a significant market share through the forecast period and is expected to sustain its lead over the market. The chief factor adding towards the expansion of AI in Workspace market is the increasing investment in research and development activities and the advancement of AI technologies. Moreover, the digital transformation of businesses, as well as the surge in demand for smart virtual assistants, are also expected to contribute towards the regional market share.
On the other hand, the emerging economies in the Asia Pacific (APAC) region have initiated the adoption of this technology on a considerable scale. Though the deployment of the technology is in the initial stages in the APAC region, it is anticipated to grow with the fastest CAGR due to the growing foreign investment in the untapped potential of the regional market.