Smart Workplace Market Overview
The global smart workplace market is growing at an exhilarating CAGR of 13% for the forecast period 2017 to 2023. With the changing scenario on probably every aspect of urban lifestyle, smart workplaces are one of the most happening things of the market right now. In the age of AI and IoT, smart workplaces are one of the advanced luxuries for modern corporates and multinational companies. The concept of a smart workplace is to give the next-generation experience to the employees for efficiency and cost-effectivity.
The smart workplace is an umbrella term that undertakes a lot of advanced solutions. The package may consist of smart and fast communication systems, energy management functioning, smart lights, security faculties, centralized advanced heating and temperature control, etc. The smart workplace market has a lot of potentials to take advantage of the latest developments in computer science, technology, and sophisticated solutions. From the developed first world countries like the USA, Canada, Germany UK, to developing China, Japan, Hong Kong, India, are setting global trends of the smart workplace.
The COVID-19 pandemic has emerged as a disaster to global citizens without any exceptions. Almost all the major and small countries have suffered the infectious pandemic. This disease not only took millions of lives but also devasted the economy of almost every nation. No wonder it has prominent impacts on the markets of smart workplace solutions as well.
With lockdowns in many countries, the majority of the office workforce got stuck in their homes. In such as system, the use of cloud technology is inevitable to maintain the office work from remote locations. Although, the broken economic conditions are highly discouraging for new investments in technological up-gradation as well.
Smart Workplace Market Dynamics
In one word, the digital workplace market is thriving for the efficiency of the solutions. The smart workplace is fast, flexible, secure, and wildly accessible. The latest office solutions provide enhanced connectivity, communication, cloud storage, etc, which are making the market grow at an aggressive rate. The systems are sophisticated and fast, so it reduces a lot of manhours, which can be utilized in creative and productive areas.
The systems are very flexible, so employees can access the necessary information, documents, products, etc whenever and wherever they want. These factors heavily contributing to the growth of the smart offices market. These systems can reduce a lot of busy and manual work from employees, which will spare them more quality time for themselves. Productive employees are a steady growth factor for the smart workplace market as well.
Since most of the world is turning towards 5G solutions, AI-based developments, and the internet of things (IoT), it is a huge appreciating period for the smart digital workplaces also. Since smart technology is very cost-effective, it is not restricted to giant corporate offices either. Many small, medium, enterprises (SMEs) are also adopting smart office technology solutions.
Cloud-based solutions, smart security systems, and better communication systems are a major attraction for many corporations. That way, the future can be more illustrious only, in the case of the smart workplace spaces. More participation from the SMEs will increase the smart workplace market volume in the developing countries as well.
One of the key restraints in the way of the global smart workplace market is the lack of technical education amongst employees. It is not a surprise that machines are learning faster and getting upgraded now and then. But the human employees of an organization cannot match the pace. That is why a large percentage of the workforce is getting deprived of the technological fruits of smart workplace technology.
The delay in the skill up-gradation and technological training amongst the employees is causing a slower growth for the market. The solutions cannot be useful unless the employees make productive use of them.
One of the main challenges with the smart workplace industry is, the technology gets outdated too fast. It is organisationally and economically challenging for offices to arrange new training programs for the employees all the time. But the fact is if the employees do not go through a continuous threshold of training and skill-up-gradation, the system fails.
So, it is a challenge for the market to come up with systematic solutions to keep the end-users in sync with the technology. For smart workplace management, it is essential to overcome this barrier.
There is a hop, skip and jump situation for the smart workplace market growth faculty of the market for smart workplaces. The global smart workplace market size is expected to reach a gigantic sum of USD 47 billion in value by the end of 2023. The smart workplace market is estimated to grow at a CAGR of 13% for the forecast period of 2017 to 2023. If there is no global disaster came along the way, the smart workplace market is likely to make revolutionary growth in the coming future.
The chain of global smart workplace market facilities is extremely valuable. Since the smart workplace is a package of innovative solutions, it includes different functionaries at the same place. From the system efficiency to security, efficiency and flexibility quotient of the solutions, are interconnected. If any of the facilities fail to deliver the needful, the market reacts adversely. So, it is safe to say that the chain of the smart office market is very much valuable.
Smart Workplace Market Segment Overview
The global smart workplace market share is classified into different segments. Multiple parameters determine these segments for a better understanding of the vast spread global market. The smart workplace market can be divided based on smart workplace software, products like lights, security, energy management, temperature management, office type, etc.
Based on software services
Based on lighting products
Based on security systems
Based on energy management
Based on temperature control
Based on office type
Based on technology
The smarter travel workplaces are found in various regional zones –
The holistic growth scenario for the smart workplace is distributed into small regional zones in various parts of the world. The Asia Pacific region is one of the leading regional adapters of the new workplace enhancement technologies. According to the current market records, North America, and precisely the US and Canada are holding the largest smart workplace market share for smart workplaces in the world right now.
Although developing countries like China, India, Japan, etc show data that suggests that the Asia Pacific region is the fastest-growing region for the forecast period. The most promising smart workplace market scope is observed in the telecommunication industry.
Smart Workplace Market Competitive Landscape
Since the North American regions top the list of champions in the market, it is anticipatory that the giant corporations from the US and Canada will occupy the major key player's list as well. The advancements in the internet of things (IoT), Artificial Intelligence (AI), Augmented Reality (AR), Robotic Process Automation (RPA) are setting global trends for the markets worldwide. Since European and North American companies are champions of most of these technologies, they have set firm feet in the ground as well.
Some major key players in the smart workplace market are:
Smart Workplace Market Recent Developments
Smart Workplace Market Report Overview
According to the latest smart workplace market analysis, various segments of this solution have tremendous possibilities to grow in the future. The organic market growth is high and will continue that face for the upcoming years as well.
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.