Smart Office Market Expected to Grow at a CAGR of 10.9% by 2030 | Top Companies are ABB Ltd., Cisco Systems Inc, Harvatek Corporation, Honeywell International Inc.
Research Reports
Feb 14, 2023
According to market research future insights analysis, the global smart office market is expected to register a CAGR of ~ 10.9% from 2022 to 2030 and hold a value of over ~USD 72.7 billion by 2030.
The technological developments by manufacturers in the Smart Office Market, increasing demand for better commercial infrastructure and rising adoption of energy-saving solutions is the key driver for smart office growth. For instance, Siemens launched an IoT-enabled suite of hardware and software technologies to make smarter, more flexible, and human-centric working spaces within the Middle East. Moreover, favorable government policies and regulations in various countries and increasing internet penetration contribute to market growth. However, difficulty in the upgradation of existing systems acts as a restraining factor to the global smart office market.
Smart Office Market Key Players
Some of the key market players are
- ABB Ltd.
- Cisco Systems Inc.
- Harvatek Corporation
- Honeywell International Inc.
- Johnson Controls International Plc
- Legrand SA
- Lutron Electronics Co. Inc.
- Philips Lighting Holding B.V. (Signify Holding)
- Schneider Electric S.E
- Siemens AG.
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Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 72.7 billion |
|
Growth rate: |
CAGR of ~ 10.9% from 2022 to 2030 |
|
Forecast Period |
2022-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Smart Office Market Regional Analysis
North America dominated the smart office market in 2021. This is on account of the high adoption of modern technology infrastructures and the focus on energy-saving to reduce overall costs. Furthermore, the rising demand for security and safety system will further drive the growth of the smart office market during the forecast period.
Asia Pacific is expected to register significant growth in the market during the forecast period on account of the rapid adoption of advanced technologies in countries like India and China, the rising number of smart city projects, and the rise in demand for wireless technology in developing economies.
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Smart Office Market Segmentation
The global smart office market has been segmented into offering, product type, connectivity technology, and end user.
Based on the offering, the market has been segmented into hardware, software, and services. The hardware segment accounted for the largest share of the market in 2021 and is expected to continue dominating during the forecast period. This is on account of the increase in the usage of hardware components such as microchips, sensors and actuators, among others, to manage systems and improve the performance and reliability of assets. On the other hand, the software segment is expected to witness the fastest growth owing to the need for automation and high usage of innovative technologies such as artificial intelligence in building automation software.
Based on product type, the market has been segmented into smart lighting, smart bulbs, fixtures, lighting controls, intelligent security systems, energy management systems, network management systems, audio-video conferencing systems, and others. The smart lighting segment accounted for the largest share of the market in 2021 on account of the advent of smart city projects, the rising adoption of LED devices, and the integration of lighting solutions with smart devices. Besides, the energy management systems are witnessing significant growth during the forecast period owing to high adoption on account of various advantages such as controlling energy losses, convenience, and tracking energy usage.
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Based on connectivity technology, the market has been segmented into wireless technologies and wired technologies. Wireless technologies are further sub-segmented into Wi-Fi, zigbee, bluetooth/Ble, and others. Wired technologies are further sub-segmented into digital addressable lighting interface (DALI), power line communication (PLC), and others. Wireless technologies are expected to dominate the market in 2021 on account of rapid advancements and rising deployment of various wireless technologies such as Wi-Fi, zigbee, among others, in office automation.
Based on end user, the market has been segmented into commercial, residential, and industrial. The commercial segment held the highest revenue share in 2021 and is expected to maintain a leading position in the market for smart offices. This is attributed to the high adoption of smart technologies, such as energy management systems and smart lighting by new commercial buildings, to conserve energy.
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