Publication date: 08 Oct 2023
Future of Work Technologies to Reach US$196.2 Billion by 2026
SINGAPORE, 9 October 2023 – Despite economic challenges, the Future of Work (FoW) technologies market is set to soar to US$196.2 billion by 2026, driven by organizations’ investments in augmentation technologies and holistic workplace transformation. Major FoW technologies such as intelligent digital workplaces, generative AI (GenAI), and enhanced employee experiences remain pivotal for sustained growth. In this competitive landscape, tech vendors must differentiate their offerings, align with emerging trends, and consistently innovate to secure a lasting presence.
IDC data suggests that a third of Asia/Pacific* companies are heavily investing in GenAI in 2023, with nearly half exploring potential use cases within Future of Work. Even with economic headwinds, core tech initiatives and GenAI adoption remain strong. Workplace intelligence is gaining traction as employees return, focusing on enhancing employee experiences and ensuring technology parity. Automation and advanced collaboration tools have gained prominence. The Asia/Pacific region leads in generative AI exploration, with investments in human capital management (HCM) platforms increasing due to a heightened focus on company culture and employee experiences.
In the competitive generative AI landscape, price competition fosters innovation as vendors strive for cost-effectiveness. Amid economic challenges, the adaptability and efficiency of generative AI have become vital. To excel, vendors must emphasize unique value propositions, customization, and differentiation. The emergence of models like ChatGPT intensifies competition, demanding expertise, customization, and trust. Vendor credibility relies on successful implementations and exceptional customer support. Amid concerns about inflation and recession, vendors are demonstrating AI’s efficiency and innovation, showcasing clear use cases and differentiators.
“In the dynamic realm of GenAI and Future of Work technologies, it is vital for companies to enhance employee experiences and nurture digital skills development. This strategic emphasis not only attracts and retains top talent but fuels heightened productivity and streamlined business operations. Automation stands out as a pivotal solution, enabling efficient task execution with limited resources. Investing in automation technology is akin to a long-term commitment that promises substantial value addition to businesses,” states Dr. Lily Phan, Research Director, Future of Work at IDC.
This report, IDC Playbook Tech Sales Leaders – Future of Work Technologies, Investment Outlook, and Market Opportunities in Asia/Pacific (Excluding Japan) 2023 (Doc #AP50338623), details comprehensive market insights, customer insights, technology investments and strategic recommendations for vendors in the future of work technology market. The report highlights the capabilities that buyers prioritize when sourcing for external partner such as strong industry capabilities, consulting and design expertise, and the ability to deliver tangible business outcomes. This document also gives immediate and long-term advice on how vendors can differentiate by showcasing industry-specific use cases, tailored solutions, and a robust partner ecosystem, positioning themselves as reliable partners capable of delivering precise, value-driven outcomes.
For more information on this report, please contact Dr. Lily Phan at email@example.com. For media queries, please contact Miguel Carreon at firstname.lastname@example.org and Michael de la Cruz at email@example.com.
*Asia/Pacific (excluding Japan)
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world’s leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDCAP and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
Copy the following code into your site