Smart Workplace Market Size To Expand at a Notable CAGR Of 13% During 2017 - 2023

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Smart Workplace Market

Overview:

The global smart workplace market is expected to rise to a valuation of USD 47 billion by 2023 at a CAGR of 13% between 2017 and 2023, according to a new release from Market Research Future (MRFR). The report analyzes the smart workplace market’s global growth prospects on the basis of its historical trajectory and the key factors driving and restraining the market’s growth at present. The economic background of the smart workplace and the microeconomic and macroeconomic factors affecting the smart workplace market are assessed in detail in the report to provide readers with a comprehensive view of the global smart workplace market. The leading segments and key players in the global smart workplace market are also assessed in the report in order to give readers a clear idea of the inner workings of the market.

The smart workplace market refers to a wide range of technological and ergonomic solutions designed to make modern workplaces more strongly connected within their constituents as well as with their external environment. This refers to everything from solutions that make employees more comfortable with ergonomic enhancements to technological solutions that allow companies to connect with clients more smoothly or keep a detailed databank about employees, allowing easier decision making in terms of vertical movement within the organization. While the advent of computers revolutionized workplaces by making them digital, today, being digital is nothing but the starting point for a host of advancements aimed at making the connections within and without an office stronger and more manageable. The need to upgrade legacy systems being used in a majority of office spaces around the world is likely to be a key driver for the global smart workplace market over the forecast period.

Apart from the need to increase connectivity, increasing the safety of office buildings as well as their occupants is a key factor in the growing demand from the smart workplace market. Safety innovations are likely to be among the key products in the global smart workplace market over the forecast period. The need to make offices comply with environmental guidelines and energy saving regulations is also likely to be a major factor in shaping the growth trajectory of the global smart workplace market over the forecast period.

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Segmentation:

The global smart workplace market is segmented on the basis of product, office type, component, and communication technology.

By product, the global smart workplace market is segmented into smart lighting, security systems, energy management systems, HVAC control systems, and audio-video conferencing systems. Energy management solutions are likely to be the major contributor to the global smart workplace market over the forecast period, as energy management is emerging as a key point for regulators all over the world.

By office type, the global smart workplace market is segmented into retrofit and new construction.

By component, the global smart workplace market is segmented into software and services, with the latter being further sub-segmented into managed services, installation and support services, and consulting services.

By communication technology, the smart workplace market is segmented into wired and wireless.

Regional Analysis

North America is likely to dominate the global smart workplace market over the forecast period due to the growing adoption of Internet of Things technology, which has allowed easy adoption of smart solutions. The increasing adoption of Bring Your Own Device (BYOD) schemes in the corporate sector in North America is also likely to drive the smart workplace market in the region, as remote working devices need more security and connectivity solutions to enable smooth incorporation into the workflow.

Asia Pacific is likely to emerge as the fastest growing regional segment of the global smart workplace market over the forecast period due to the growing efforts to modernize the corporate sector in the region and growing government efforts to make corporate employees safer.

Competitive Analysis:

Leading players in the global smart workplace market include Siemens AG, Johnson Controls International PLC, ABB Ltd., United Technologies Corporation, Crestron Electronics Inc., Philips Lighting Holding BV, Lutron Electronics Co. Inc., Cisco Systems Inc., Honeywell International Inc., and Schneider Electric SA.

Industry Updates:

Loctec, an ergonomic workspace solution provider, exhibited at the CES 2019 in Las Vegas in January 2019.

In January 2019, Microsoft announced plans to replace 13 buildings on its Redmon, Washington campus with 18 new ones having smart energy saving and monitoring capabilities.