The corporate wellness industry is set to hit $130 billion by 2026 — and tech companies are figuring out how to get a slice of it.
The bad old days of workplace culture — boys club, coffee runner, intimidation, having to overwork and suck up to get ahead — are thankfully behind us, and is being replaced with a newfound fascination on employee welfare.
That’s evidenced by the fact there is now a large market for corporate wellness as companies, corporations, governments, bodies and agencies begin to sit up and take notice.
So large, in fact, that Grand View Research estimates it will hit $130 billion by 2026, rising at a compound annual growth rate of 6.8 percent.
It is a piece of that pie that intelligent workplace tech company LiveTiles (ASX:LVT) is trying to secure, and it took a big step towards that goal on Tuesday with the launch of its intelligent corporate wellness solution LiveSmiles.
LiveSmiles will incorporate key features such as an artificial intelligence-powered bot assistant, data analytics and insights, as well as real-time recommendations to managers on how to improve engagement and understanding of wellness of employees.
“LiveSmiles was born out of our company’s desire to have a positive impact with customers beyond our workplace technologies and into areas where humanity can really benefit,” said Peter Nguyen-Brown, co-founder and chief experience officer at LiveTiles.
Another small cap Australian tech company, MyFiziq (ASX:MYQ), is using its body measurement technology to drive wellness goals in the workplace.
The tech, coming at a cost of US$4.99 ($A7.17) a month, provides employees with interventions and reward-based activity in the workplace whilst increasing productivity.
This content is produced by Star Investing in commercial partnership with LiveTiles and MyFiziq. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Don’t miss a thing, subscribe now