The ‘Global Smart Space Market Trends, Share, Trends, Analysis, Key Players, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart space market, assessing the market on the basis of its segments like components, space types, applications, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Smart Space Market Size, Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 22.9 Billion
• Forecast CAGR (2023-2028): 13.20%
• Forecast Market Size (2028): Approximately USD 48.19 Billion
Enterprises have been attempting to optimally utilise space, power, and human resources, among others, to maximise their productivity. To achieve these, they have now started to invest in smart spaces. Smart spaces have proved to be ideal for better management of workspace and they provide a healthier and more comfortable environment for employees, thus boosting employee productivity.
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The smart space market is being aided by the surging usage of such technologies in government organisations and other sensitive workplaces like laboratories. Smart spaces provide enhanced surveillance as it comes with infrared technologies that can detect even minute moments. The applications of this technology in disaster management are growing as it can help detect any change or irregularity while anticipating any possible danger.
Moreover, growing environmental concerns are pushing real estate developers to move towards smart home projects as they require less energy during construction. They are also more sustainable and enhance overall building performance. Hence, the increasing concerns regarding high energy requirements and greenhouse gas emissions are expected to boost the development of smart buildings and drive the smart space market growth in the coming years.
Smart Space Industry Definition and Major Segments
A smart space is any physical location that is equipped with network sensors that can collect data and provide it to managers, owners or occupants It provides information regarding the conditions of locations where it is installed and monitors and maximises the proficiency of such locations.
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By component, the market is segmented into:
• Hardware
• Software
• Services
On the basis of space type, the market is divided into:
• Smart Indoor Space
• Smart Outdoor Space
By application, the market is divided into:
• Energy Management and Optimisation
• Layout and Space Management
• Emergency and Disaster Management
• Security Management
• Others
On the basis of end use, the market is segmented into:
• Residential
• Commercial
The major regional markets of smart space includes:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Smart Space Market Trends
Governments are heavily spending on the development of smart public infrastructure integrated with new technologies. Along with this, they are also promoting the shift towards greenfield projects and integrating smart technologies in new buildings, malls, airports, and factories, among others, to make their management and functionality easier, hence boosting the market development.
The emerging 5G technology is expected to further fuel the global smart space market as more reliable internet bandwidth can provide better connectivity among devices. With extremely low latency, the technology can revolutionise the real-time control of smart remote devices. Rapid urbanisation, rising disposable incomes, and the growing preference for smart and comfortable houses are further driving the smart space market demand.
Key Market Players
The major players in the global smart space market report are Cisco Systems, Inc., Siemens AG, Adappt Intelligence Inc., ABB Ltd., Eutech Engineering Pte. Ltd., Microsoft Corporation, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation., and Schneider Electric SE, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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