The smart office market closed the market operations during the historic forecast period of 2017 at a market valuation worth USD 23.60 billion. During the current forecast period of 2018-2023, the market is expected to rise at a 12.16% CAGR and help the market reach the final market valuation worth USD 46.99 billion by the end of the forecast period in 2023. The target audience is demanding the market solutions and sensor networks for energy efficiency backed with technological advancements on a large scale and thus, provide promising returns to the smart office market operations.
Source: MRFR Analysis
COVID 19 Analysis
The arrival of the pandemic has initiated different trends and alternate approaches for the smart office market alongside the target audience that is spread in various regions located across the globe. From opting for alternate and healthier lifestyle options to staying inside the home, people have been prioritizing their health and taking alternate means to adopt the easier, comfortable, and convenient means to live a soothing lifestyle. Technological advancements have had a huge role in helping people cope up with the loss of time due to workload and deadlines by the pandemic. The global coronavirus pandemic has introduced various healthcare concerns and hence, people are taking steps to enhance the quality of life that is led by them. Automation systems have played an important role in helping people invest in the right products and features that will enhance their homes and living standard. The government had imposed both temporary and permanent lockdown to reduce the positive cases and hence, reduce the degree of fatality that has been attached to the spread of the disease on a global market scale.
The key smart office market players are investing in excellent opportunities that will help in the development of the smart office system that will increase the production and manufacturing capability of the business units. Also, the government is rolling various regulations that will positively impact the goal of massive demand generation for the market services and let the vendors operate at an established scale to cater to the news, thus promising profitable results.
Smart Office Market Dynamics
The smart office market is witnessing an increase in the degree to which the IoT and cloud-based platforms are being adopted by the target audience spread in various global locations during the forecast period. This is generating excellent growth opportunities for global growth. Also, technological advancements for the market have an important role to help the companies in pursuing organic and innovative strategies to render benefits to the target audience and thus, expand the services and operations to emerge as a dominant smart office market player in the competition.
However, the smart office market analysis predicts that the market is exposed to some risks that are presenting as restraints to the objectives of the global growth of the market during the forecast period that ends in 2023. Once these management and smart systems are installed, there is an increase in the difficulty degree related to the up-gradation and automation of these systems. The replacement process is lengthy and can also, hamper the budget for the market, if required frequently. Hence, the smart office market players need to dissolve these issues and take steps towards growing as per the predictions laid down during the ongoing forecast period of 2018-2023.
There is a widespread need for the development and availability of integrated security and safety systems amongst various businesses and enterprises that are expected to lead the market operations and growth during the forecast period that ends in 2023. The government is recognizing its role and hence, is rolling various schemes and initiatives that are related to the concept of green building and strict policies. However, to resolves, these issues, the global players of the market have already deployed and are on the way to adding features to the devices as a prominent part of the smart offices. The investment in these features and devices is growing because these features have been designed to track, as well as, regulate the total quantum of energy that is being deployed and put to use. These technological advancements and contributions have pushed the target audience for deploying an array of management systems inclusive of the services rendered by the smart office market and emerge as global leaders during the forecast period that ends in 2023.
Smart Office Market Segment Overview
To help the potential market investors make better and profitable investment decisions, the report helps in studying and analyzing the revenue potential held by the market segments that are functional in various global regions. The market has been segmented based on the following:
Based on component
The component segment of the market includes service, hardware, and software. The hardware segment of the market has been sub-segmented into parts like security systems, energy management systems, smart lighting, audio, and video conferencing systems, alongside the availability of smart HVAC systems. The smart lighting market segment includes a series of products like lighting controls, fixtures, and small bulbs, amongst others.
Based on office type
The office type segment of the global market has been divided into retrofit offices, alongside the availability of new construction offices for the vibrant audience needs, demands, and preferences that is likely to enhance during the ongoing forecast period that ends in 2023.
Smart Office Market Regional Analysis
Based on the findings of the smart office market report, the Asian Pacific region (APAC) is likely to emerge as the fastest-growing region for the global forecast period that ends in 2023. The trends are likely to be followed amongst the rest of the world (RoW) and hence, it will emerge as the second region to grow at a fast pace. The APAC region is home to mushrooming economies like India and China that are witnessing a rapid development of the concept of the internet of things (IoT). This is pushing for high technological advancements in the market that promise good growth during the forecast period that ends in 2023.
Smart Office Market Competitive Landscape
The smart office market report helps in drawing a competitive graph amongst the market players and the recent developments undertaken by them during the forecast period of 2018-2023. The prominent players of the market that will help the market operations expand and help the market grow as per the predictions for the forecast period of 2018-2023 are as follows:
The global report helps in predicting the growth rate and expected market valuation for the market services and operations during the forecast period that will be ending in 2023. The report helps in identifying the sources of revenue for both the company, the competitors, and the market segments that help in depicting whether the market will grow or decline its operations during the period.
|Market Size||USD 46.99 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Office Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands)|
|Key Market Opportunities||Increasing adoption of IoT and cloud-based platforms.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global smart office market is projected to grow at approximately 12.16% CAGR during the assessment period (2018 -2023).
The valuation of the global smart office market is estimated to increase to USD 46.99 BN by the end of 2023.
The need for integrated security and safety systems in enterprises and government initiatives towards green buildings and stringent policies for environment protection encouraging offices to deploy automated lighting systems and smart HVAC systems are tailwinds pushing the growth of the global smart office market.
Schneider Electric SA (France), Siemens AG (Germany), Johnson Controls International PLC (US), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Cisco Systems, Inc. (US), Lutron Electronics Co. Inc. (US), United Technologies Corporation (US), Crestron Electronics, Inc. (US), and Philips Lighting Holding B.V (Netherlands), are some of the top players operating in the global smart office market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global smart office market adopt to gain a larger competitive advantage.