April 21, 2024
Workplace Transformation Market

Workplace Transformation Market Is Primed For Augmented And Virtual Reality Trends

Workplace transformation is in trends by Augmented and Virtual Reality adoption. The workplace transformation market involves the integration of emerging technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), IoT and 5G into the workspace. This helps organizations reinvent workflows, improve employee experiences and increase productivity. The growing need for digitally enhanced work environments, remote working capabilities and automated processes is fueling investments into workplace transformation solutions globally.

The Global Workplace Transformation Market is estimated to be valued at US$ 728.41 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the Workplace Transformation are KinectoRehab, Oculus Health, Basis VR, VirtaMed, Trice Imaging, MindMaze, and GestureTek Health. These leading solution providers are focusing on developing advanced AR/VR based tools for various industry applications like healthcare training, manufacturing operations and education. The growing demand for digital workplace solutions across industries is driving these key players to expand their product portfolios and global footprints.

The rising need for remote work capabilities, collaboration tools and real-time analytics is fueling demand for workplace transformation solutions globally. Various industries are implementing virtual and augmented workspaces to improve productivity and business continuity. This is encouraging increased investments into emerging technologies and digital tools that enable virtual teamwork and operations.

Leading workplace transformation vendors are expanding their international operations to capitalize on growth opportunities in emerging Global Workplace Transformation Market Size. Asia Pacific and Middle Eastern countries are actively investing in smart infrastructure and digitization initiatives. This is promoting the large-scale adoption of advanced workplace technologies across regions. Partnerships with local players will further aid global vendors in gaining ground in developing economies.

Market key trends

Augmented reality is emerging as a key trend in the workplace transformation market. Various AR applications for industrial training, digital work instructions and remote assistance are revolutionizing how work gets done. AR tools provide visual guidances and real-time insights directly onto the user’s field of vision. This makes complex workflows simpler and improves quality control. As AR solutions prove their efficacy across industries, their adoption in the workplace ecosystem will continue to accelerate in the coming years.

Porter’s Analysis
Threat of new entrants: Workplace transformation market requires significant infrastructure investment which acts as a barrier for new players.

Bargaining power of buyers: Large enterprises have relatively high bargaining power compared to SMEs due to volume purchasing.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and focuses of major players to enhance customer experience.

Threat of new substitutes: Substitutes available are limited owing to customized nature of offerings and integration requirements.

Competitive rivalry: Market currently dominated by few major established players and competitive intensity is expected to increase further with emerging technologies.

North America currently holds the largest share of the workplace transformation market in terms of value, primarily due to advancements in technology and presence of major players in the US and Canada. The Asia Pacific region is expected to witness the fastest growth during the forecast period due to improving economies, increasing spending on healthcare infrastructure and growing penetration of advanced technologies especially in emerging countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it