Smart Office Market Size, Application, End-Use Estimates, Region and Product Analysis and Forecast till 2030
Research Reports
May 25, 2022
Market Overview
According to a latest study, the global smart office market is anticipated to register USD 57.05 billion by 2025, growing at a CAGR of 13.2 percent during the forecast period. Organizations are continually evolving as a result of changing workforce demographics and modern employees’ and employers’ technological expectations. As a result, many organizations around the world are expected to transition to smart offices. Rising power consumption concerns are also expected to boost the market.
The increasing application of the Internet of Things (IoT) is expected to fuel market growth because IoT enables the inter-networking of physical devices via actuators, sensors, network access, and software. With improved connectivity, employers can lead to higher productivity while increasing the flexibility of the workplace environment. However, concerns about privacy and malware programs are threatening to stifle market growth.
Energy management systems (EMS) provide benefits such as improving energy efficiency, analyzing energy data for better decision-making, and optimizing energy consumption. By providing a platform for sharing and collaborating ideas from remote locations, audio-video conferencing processes help reduce travel time and costs. Surging demand for such hardware systems is expected to boost the overall market.
The rising availability of good commercial infrastructure to encourage employees to work is the main factor driving the global smart office industry’s expansion in the coming years. Another factor driving the growth of the smart office market is an increased willingness to implement energy-saving solutions in offices. Additionally, rising internet penetration around the world is influencing the installation of more advanced infrastructure, which provides more luxury in commercial spaces, which is helping to scale the growth of the global smart office market.
The growing demand for smart lighting in the commercial sector to save money on energy is expected to drive the growth of the Smart Office Market during the forecast period. The increasing popularity of Smart Office technology is a motivating factor for manufacturers interested in participating in research and development (R&D) activities to develop reliable, cost-effective, and improved products. The growing acceptance of the Internet of Things (IoT) is said to be fueling market growth because IoT allows physical devices to communicate with one another.
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Market Segmentation
By Offering
- Hardware
- Software
- Service
By Product Type
- Smart Lighting
o Smart Bulbs
o Fixtures
o Lighting Controls
? Led Drivers & Ballasts
? Sensors
? Switches
? Others
- Intelligent Security Systems
- Energy Management Systems
- Network Management Systems
- Audio-Video Conferencing Systems
- Others
By Connectivity Technology
- Wireless Technologies
o Wi-Fi
o ZigBee
o Bluetooth/BLE
o Others
- Wired Technologies
o Digital Addressable Lighting Interface (DALI)
o Power Line Communication (PLC)
o Others
By End User
- Commercial
- Residential
- Industrial
By Region
- North America
o U.S.
o Canada
o Mexico
- Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa
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Regional Classification
Europe monopolized the smart office market in 2020 and is expected to grow at a rapid pace during the forecast years, owing to the expansion of the retail and hospitality sectors. However, Asia-Pacific is anticipated to grow at a faster rate than Europe by the end of the forecast period.
Industry News
Signify declared the finalisation of its USD 1.5 billion acquiring of Cooper Lighting Solutions from Eaton. With this acquiring, the company intended to focus on connected lighting and structures innovation. This is expected to boost the company’s revenue in the North American market, with a revenue increase of 42 percent to 53 percent.
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