Global Smart Office Market, By Technology (Wireless Technology, Wired Technology), Product (Smart Lighting, Security System, Energy Management System, Heating, Ventilation, and Air Conditioning (HVAC) Control System and Audio–Video Conferencing Systems), Software and Services (Software and Services), Office Type (Retrofit Offices and New Construction Offices) - Industry Trends and Forecast to 2030.
Smart Office Market Analysis and Size
The rise in the demand for intelligent office solutions is escalating the growth of smart office market. Major factors that expected to boost the growth of the smart office market in the forecast period are the forecast period are the rise in the need for sensor networks for energy effectiveness and the development of IoT in smart office offerings. Furthermore, the increase in the demand for safety and security systems at workplace is further anticipated to propel the growth of the smart office market. Moreover, the suitable government regulations in various countries is further estimated to cushion the growth of the smart office market. On the other hand, the struggle to upgrade or replace the existing system is projected to impede the growth of the smart office market in the timeline period.
Global smart office market was valued at USD 37,800 billion in 2022 and is expected to reach USD 90,410 billion by 2030, registering a CAGR of 11.73% during the forecast period from 2023 to 2030. Security system accounts for the largest product segment in the respective market owing to security system technology offers significant advantages in terms of security. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Smart Office Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Technology (Wireless Technology, Wired Technology), Product (Smart Lighting, Security System, Energy Management System, Heating, Ventilation, and Air Conditioning (HVAC) Control System and Audio–Video Conferencing Systems), Software and Services (Software and Services), Office Type (Retrofit Offices and New Construction Offices)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International plc (Ireland), Honeywell International Inc. (U.S.), ABB Ltd.(Switzerland), Cisco Systems, Inc. (U.S.), United Technologies Corporation (U.S.), Lutron Electronics Co. Inc. (U.S.), Crestron Electronics Inc. (U.S.), Philips Lighting Holding B.V. (the Netherlands), Enlighted, Inc. (U.S.), SensorSuite Inc. (Canada), FogHorn Systems (U.S.)
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Market Opportunities
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Market Definition
The smart office is known to be a technology that is utilized in creating the tasks of the organization simpler and flexible with the help of network-based devices. It includes of several technologies such as automated systems, sensors and developed communication structure that are needed to offer effective support for planning and performing work.
Global Smart Office Market Dynamics
Drivers
- Use of Modern Technologies in Smart Office Products
The use of modern technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and other smart office products is one of the major factors driving the growth of smart office market. These technologies improve land fertility and profitability, maximize productivity, reduce the cost of farming and facilitate sustainable agriculture
- Increase in Demand for Smart Office Solutions and Sensor Networks for Energy Efficiency
The demand for smart offices is increasing with rising global concerns regarding energy-efficient systems to reduce the utility bills and the overhead costs. Smart office solutions play an important role in optimizing the energy usage and ultimately reducing energy cost. The lighting and HVAC systems are among the largest energy consumers in office buildings. Workspace automation can help automate the HVAC and lighting systems, saving around 5-30% of the overall energy consumption of the offices. Moreover, smart office solutions help in the early diagnosis of the operational problems associated with different equipment. This leads to the reduction in maintenance cost and helps prevent losses due to unexpected breakdowns
- Rise in the Usage of IoT Solutions
Industry 4.0 and the Industrial internet of things (IoT) have increased demand for diagnostics and mobile-based access, which will propel the industry forward. The existence of the multinational corporations funding in the research and development for industrial technologies, industrial Internet of Things (IoT) and as well as the cloud technology are the factors that will further boost the growth of the smart office market
Opportunity
- Technological Advancements and Innovation
Furthermore, use of unmanned aerial vehicles or drones in agricultural farms and popularity of land-based recirculating aquaculture systems extend profitable opportunities to the market players in the forecast period from 2023 to 2030. In addition, rise in focus on integration of smartphones with agricultural hardware and software applications will further expand the market
Restraint/Challenge
- Workforce Skill Enhancement and Retraining
The increasing adoption of Smart office requires companies to invest in retraining and upskilling their workforce to adapt to the changing work environment. Employees need to acquire new skills to collaborate effectively with robots, manage robotic systems, and perform tasks that complement and support robotic operations. Retraining programs and initiatives are crucial to ensure a smooth transition and maximize the benefits of industrial automation while safeguarding employment opportunities
This global smart office market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart office market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth
Recent Developments
- In September 2021, Lutron Electronics Co. Inc. (US) expanded it business by opening new commercial experience center in Manhattan, New York. This development help Lutron Electronics Co. Inc. to boost the growth of the smart office product
- In May 2022, Johnson Controls Inc. (US) partnered with Evoteq (U.A.E.) to introduce an end-to-end integrated Al platform for smart building and districts by combining their capabilities
Global Smart Office Market Scope
Smart office market is segmented on the basis of technology, product, software and services and office type. The growth amongst these segments will help you analyse meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications
Technology
- Wireless Technology
- Wired Technology
Product
- Smart Lighting
- Security System
- Energy Management System
- Heating
- Ventilation
- Air Conditioning (HVAC) Control System
- Audio–Video Conferencing Systems
Software and Services
- Software
- Services
Office Type
- Retrofit Offices
- New Construction Offices
Global Smart Office Market Regional Analysis/Insights
The smart office market is analysed and market size insights and trends are provided by technology, product, software and services and office type as referenced above.
The countries covered in the smart office market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)
North America dominates the smart office market due to the technological development in the IoT field, particularly for offices. Furthermore, the increase in the demand for security and safety system will further boost the growth of the smart office market in the region during the forecast period.
Asia-Pacific is projected to observe significant amount of growth in the smart office market during the forecast period of 2023 to 2030 due to the rise in the acceptance of energy management solutions to reduce the associated costs. Moreover, the several security and lightning management solutions in the workplace is further anticipated to propel the growth of the smart office market in the region in the coming years.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Smart Office Market Share Analysis
The smart office market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company’s focus related to smart office market.
Some of the major players operating in the smart office market are
- Siemens AG (Germany)
- Schneider Electric SA (France)
- Johnson Controls International plc (Ireland)
- Honeywell International Inc. (U.S.)
- ABB Ltd.(Switzerland)
- Cisco Systems, Inc. (U.S.)
- United Technologies Corporation (U.S.)
- Lutron Electronics Co. Inc. (U.S.)
- Crestron Electronics Inc. (U.S.)
- Philips Lighting Holding B.V. (the Netherlands)
- Enlighted, Inc. (U.S.)
- SensorSuite Inc. (Canada)
- FogHorn Systems (U.S.)
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