Smart Office Market 2023 Size, Industry Analysis, Opportunity Assessments, Industry Revenue, Advancement Strategy, Technological Advancements and Future Growth 2023

Market Research Future published a research report on “Smart Office Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

According to Market Research Future (MRFR), The global smart office market is expected to expand from USD 23.60 billion in 2017 to USD 46.99 billion by 2023, at a CAGR of 12.16% from 2018 to 2023 (forecast period). The report offers a systematic and thorough analysis of the effect of the COVID-19 pandemic on the global smart office market.

The smart office ensures the efficient and effective use of IT resources and physical infrastructure. It uses state-of-the-art, Internet-enabled technology to collect data and centrally manage its operating systems and services. Smart offices thus create a better employee-centric workplace and enhance the user experience, thereby increasing efficiency and improving the value of corporate brands. Manufacturers are investing in R&D activities to produce cost-effective and reliable products due to the growing popularity of smart office technology. For example, companies like Amazon and Blackberry are expected to introduce a company-grade Alexa device for commercial applications.

Market Dynamics

The need for integrated security and safety systems in enterprises leads to the smart office industry’s growth. In addition, as a result of government initiatives on green buildings and strict environmental conservation policies, companies have deployed smart offices to track and regulate total energy use. This factor encourages offices to deploy smart energy management systems, automated lighting systems, and smart HVAC systems to reduce overall energy usage. However, the difficulty of replacing and updating existing systems is likely to impede the growth of the smart office industry. Increased adoption of IoT and cloud-based platforms is expected to generate potential growth opportunities for this market during the forecast period. Companies including Siemens AG, Schneider Electric SA, Johnson Controls International PLC, Honeywell International Inc., ABB Ltd., Cisco Systems, Inc. B.V. Philips Lighting Holding, among others, continue to concentrate on expanding their product ranges and pursue inorganic strategies, like mergers and acquisitions, to extend their global reach and widen their customer base.

Market Segmentation

The global market for Smart Office Market has been segmented based on component and office type.

By the component, the smart office market has been segmented into hardware, software, and service. The hardware segment is further divided into smart lighting, security systems, energy management system, smart HVAC system, and audio-video conferencing systems. The smart lighting segment is further divided into smart bulbs, fixtures, and lighting controls. The lighting controls segment is further divided into led drivers and ballasts, switches, relay units, and gateways. The security systems segment is further segregated into access controls, surveillance cameras/video surveillance, and fire & safety controls. The access control segment is further divided into biometric systems/biometric readers, card-based systems/card-based readers, and electronic locks. The energy management systems segment includes in-house displays, smart thermostats, load control switches, and smart plugs. The smart HVAC control system is further divided into sensors, control valves, heating & cooling coils, dampers, pumps & fans, smart vents, actuators, VAV & FCU controllers. The sensors segment is further divided into temperature sensors, humidity sensors, occupancy sensors, pressure sensors, flow sensors, and others. Audio-video conferencing systems segment is divided into audio, volume, multi-media room controls, video conferencing systems, and touch screens & keypads. The services segment is further segregated into advisory & consulting services, installation & support services, and managed services.

Based on office type, the smart office market is bifurcated into retrofit offices and new construction offices

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Regional Analysis

By region, the smart office market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America dominates the smart office market due to growing security issues among organizations and the availability of better technological infrastructure in the region. The Asia Pacific is projected to be the fastest-growing region due to the rapid implementation of new technologies to improve energy consumption.

Key Players

Notable players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Honeywell International Inc. (US), Johnson Controls International PLC (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), Crestron Electronics, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Philips Lighting Holding B.V (Netherlands) among others. 

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