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Home Application Future Workplace

IDC outlines FoW spending in APeJ

FutureIoT Editors by FutureIoT Editors
May 25, 2023
Photo by Elevate Digital: https://www.pexels.com/photo/photo-of-a-man-and-woman-using-a-laptop-computer-1647905/

Photo by Elevate Digital: https://www.pexels.com/photo/photo-of-a-man-and-woman-using-a-laptop-computer-1647905/

IDC forecasts that Future of Work (FoW) spending in the Asia Pacific Excluding Japan (APeJ) market will reach US$196.2 billion by 2026, growing at a CAGR of 18.4% during the forecast period.

IDC expects APeJ FoW spending to grow at a year-over-year (YoY) rate of 19.9% in 2023 compared to 21.5% in 2022. Despite the slowdown of the growth rate, the total spending of the market continues to increase over the forecasted period.

IDC defines the FoW as a fundamental change to the work model to one that fosters human-machine collaboration, enables new skills and worker experiences, and supports a reimagined physical workplace and borderless digital workspace.

This IDC market forecast presents spending forecasts from 2022 to 2026 for the three pillars (space, augmentation, and culture) that make up the Asia/Pacific FoW market. The total spending in all three segments of the market is estimated to have reached US$99.8 billion in 2022.

With the widespread adoption of hybrid work, organisations are investing in devices and enterprise applications to foster a better workplace and improve productivity. Further, tech spending is expected to accelerate due to investments in workplace augmentation to achieve better customer and employee experience.

Robotics and drone technology category has the largest spending in the work augmentation market accounting for more than 50% of the augmentation spending in 2023 since organisations are investing in better communication and collaboration tools for their workforce.

Other services and materials technology category which is primarily consisted of implementing and maintaining (IoT) solutions and 3D printing materials has the largest spending in the workspace market in 2023.

Related:  Organisations in reset mode: Are they prepared for change?
Tags: future of workIoT
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The race to harness the power of Internet of Things (IoT) is here. FutureIoT is dedicated to individuals, as well as public and private organizations looking to tap the potential of IoT to transform the way we live, work and do business. FutureIoT is the dedicated media that provides the single source of truth about IoT, the technology, its application and regulation, originating from Asia. << Read more >>

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