Market Synopsis of Smart Workplace Market:
Major giants like Siemens AG, Honeywell International and Cisco Systems are investing into the smart workplace market due to increasing demand smart workplace solutions and emergence of smart cities. Increasing adoption of energy efficient solutions and growing need for safety and security solutions at workplace are other major factor fueling the growth of smart workplace market. Smart workplaces are gaining importance owing to the increasing adoption
North America region holds the largest market share of global smart workplace market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for cloud computing applications and in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies. Increasing adoption of internet of things and growing popularity of bring your own device is one major factor responsible for driving the growth of smart workplace market.
Smart workplace market has been segmented on the basis of component, product, office type and communication technology. The product segment is further bifurcated into smart lighting, security systems, energy management systems, heating, ventilation & air conditioning control systems (HVAC) and audio-video conferencing systems. Out of which, energy management systems sub segment is expected to hold the largest market share of the smart workplace market. Energy management systems provide a framework in order to manage on-going energy and also provide energy efficient solutions for the same. It helps in reducing costs and also does not require capital investment.
The global smart workplace market is expected to grow at approx. USD 47 Billion by 2023, at 13% of CAGR between 2017 and 2023.
Smart Workplace Market
The prominent players in smart workplace market are – Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (Ireland), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), United Technologies Corporation (U.S.), Lutron Electronics Co. Inc. (U.S.), Crestron Electronics, Inc. (U.S.), Philips Lighting Holding B.V. (Netherlands) among others.
Smart workplace market can be segmented on the basis of following:
By Office Type
By Communication Technology
The regional analysis of smart workplace market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in smart workplace market in North America is attributed to technical advancements and increasing demand for smart workplaces across various industry verticals in that region.
Frequently Asked Questions (FAQ) :
The global smart workplace market valuation can touch USD 47 billion by 2023.
The global smart workplace market can exhibit a CAGR of 13% from 2017 to 2023.
Emergence of smart cities, coworking spaces, and hubs dedicated for enterprises are major growth enablers of the global smart workplace market.
North America is expected to be lucrative for the global smart workplace market.
Energy management systems can fetch huge revenues for the global smart workplace market by 2023.
Lutron Electronics Co. Inc., ABB Ltd., Philips Lighting Holding B.V., Crestron Electronics, Inc., United Technologies Corporation, Johnson Controls International PLC, Honeywell International Inc., Cisco Systems, Inc., Siemens AG, and Schneider Electric SA are prominent players of the global smart workplace market.