Organizations will spend nearly $1 billion on the Future of Work (FoW) in 2023, an increase of 18.8 percent over 2022, according to IDC.
“Organizations must make ongoing investments in digital technology to attract and retain talent, increase operational efficiency, and remain competitive,” said Holly Muscolino, group vice president, Content Strategies and the Future of Work.
Space will be accounting for nearly 60 percent of all FoW spending in 2023. The FoW work environment must be intelligent and dynamic, connected and secure, and independent of a physical place or specific time of day.
Augmentation will be more than one third of FoW spending this year. More than half of this spending will go toward the hardware and software that workers need to be more productive. This includes technologies such as artificial intelligence (AI), robotics, process automation, and augmented and virtual reality (AR/VR).
Culture, which is focused on engaged and empowered workers aligned to new digital skills, will account for the remaining 5 percent of FoW spending in 2023. Nearly two thirds of the spending for this pillar will go toward IT services and business services.
