Smart Offices Market, by Component (Software, Hardware, and Service), by Product type (Smart lights, Security System, Energy Management System, and Audio-Video Conferencing System), by Office Type (Retrofit Office and New Construction Office ), and by Region (North America, Europe, Asia Pacific, and LAMEA) - Size, Share and Growth Analysis 2018-26
- Report code : CMI252481 |
- Industry :
Smart Technologies
- Published On : Feb 2019 |
- Pages : 161 Pages |
- Format :
Global Smart Office Market - Insights
A smart office is an advanced workplace where technology aids employees to work faster, better, and smarter. Smart offices are enabled with modern technological equipment’s such as beacons, sensors, and mobile apps, which help employees to perform the tasks in efficient and faster manner. This allows employees to dedicate their time for strategizing and business planning. Smart office majorly focuses on understanding and gaining insights of the problems and challenges faced by employees and designing a solution, which will aid in providing better environment at workplace. Rapid adoption of Internet of Things (IoT) with implementation of IoT sensors and IoT devices, along with cloud computing services and analytics is the major factor boosting growth of the market. According to Coherent Market Insights’ analysis, Asia Pacific is expected to be the fastest growing region in the global smart office market during the forecast period, owing to promotion of clean environment in the buildings and power management and conservation.
Global smart office market is expected to witness significant growth during the forecast period (2018–2026). The market growth is majorly attributed to increasing adoption of smart offices for different applications in energy management and saving. For instance IoT enabled lights reduce energy usage by switching off the lights when not in use. Furthermore, as per Coherent Market Insights analysis, growth of the smart offices market is propelled by the major advancement in IoT technology. For instance, according to CMI analysis, the number of IoT connected devices was 25 billion in 2017and is expected to witness high growth during the forecast period.
Figure 1. Global Smart Office Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2017-18
North America is expected to be the largest and fastest growing region in the smart office market during the forecast period, owing to increasing sales of smart devices such as smart lightings, IoT (Internet of Things) solutions, smart communication devices, and smart software in the region. As per Coherent Market Insights, the global sales of smart lighting was around US$ 49 Billion in 2016, which increased to US$ 57 Billion in 2017, which in turn is expected to aid in growth of the market.
Moreover, rapidly growing construction industry is expected to boost the number of building infrastructure in an innovative and cost effective way, in turn creating opportunities for the smart office solution providers. According to analysis by Coherent Market Insights, Asia Pacific commercial construction market was around US$ 1,341 billion in 2017, and is expected to reach US$ 2,489 billion by 2021. This is expected to create a lucrative market opportunity for smart office in India in the near future. However, there are still some restraints in smart office construction that limits growth of the market. Security is a major threat to smart offices, employee training in IT security is necessary in order to reduce the chance of attacks, which intend to gain access to the systems.
According to Cisco Canada, the Toronto office of Cisco enables modern work styles by connecting employees, processes, data, and things on a single data network, which have earned the title of 'smartest office building in the world.'
Figure 2. Global Smart Office Market Share (%), By Component (2017 & 2026)
Source: Coherent Market Insights, 2017-18
Increasing need to upgrade office infrastructure of existing office buildings is boosting growth of the smart office market. The enterprises are undergoing this change, owing to massive increase in consumption of energy resources that has direct impact on the operational cost of the enterprise. Hence, smart office solutions are implemented to minimize concerns related to consumption of energy resources. According to Coherent Market Insights analysis, major energy consumption that is around 17% of total energy in North America is consumed by commercial buildings, wherein office buildings contribute to more consumption of energy resources.
For instance, among total energy consumption in office buildings HVAC system (cooling, heating, and ventilation) contribute to around 51% of total energy usage and lighting represents around 25% of total usage, as these two parameters contributes three quarters of an office building energy use.
Some of the key players operating in the global smart office market include ABB Ltd., Cisco Systems, Inc., Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls International PLC, Lutron Electronics Co. Inc., Philips Lighting Holding B.V., Miracle Group Inc., Siemens AG, Schneider Electric SA, Sensorsuite Inc., United Technologies Corporation, and others.
Smart offices are expected to witness significant adoption of smart lights & security systems during the forecast period, owing to increasing concerns regarding retrofit and automation of corporate buildings and smart city initiatives taken by the government of different regions. However, lack of skilled labor and high security risk are some major factors, which are expected to restrain growth of the market during the forecast period. Requirements of proper knowledge and high expertise for implementation and maintenance of smart office devices are also hampering growth of the smart office market.
Market Dynamics
The global smart office market growth is attributed to rise in demand for construction industry, which is expected to increase number of building infrastructure in an innovative and cost effective way, in turn creating opportunities for the smart office solution providers. According to CMI analysis Asia Pacific commercial construction market was valued at US$ 1,341 billion in 2017, and is expected to reach US$ 2,489 billion by 2021. Moreover, various smart structure initiatives by government are expected to create lucrative opportunities for vendor in the global market. For instance, Malaysian government implemented a Green Project, which is expected to propel demand for smart infrastructure, in turn driving growth of the smart office market. The project will focuses on the enabling policy environment by providing better support to maximum adoption and implementation of the National Sustainable Consumption and Production Blueprint. It also focusses on assisting Malaysia in achieving its 11th Malaysia Plan target of 20% of selected groups of Product and services in government procurement to be green procurement by the 2020. Therefore, growing advancements in infrastructure projects and implementation of projects by government such as Smart Cities, Smart Nation, and Green Project for energy efficiency are expected to offer lucrative opportunities to the market players.
Key features of the study:
- This report provides in-depth analysis of smart office market size (US$ Million), and Compound Annual Growth Rate (CAGR %) for the forecast period (2018– 2026), considering 2017, as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new Product launches or approval, regional outlook, and competitive strategy adopted by leading players
- It profiles leading players in the global smart office market based on the following parameters – company overview, financial performance, Product portfolio, geographical presence, Smart Office market capital, key developments, strategies, and future plans
- Companies covered as part of this study include ABB Ltd., Cisco Systems, Inc., Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls International PLC, Lutron Electronics Co. Inc., Philips Lighting Holding B.V., Miracle Group Inc., Siemens AG, Schneider Electric SA, Sensorsuite Inc., and United Technologies Corporation.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future Product launches, Product upgrades, market expansion, and marketing tactics
- The global smart office market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart office market.
Detailed Segmentation:
- Global Smart Office Market, By Component:
- Software
- Hardware
- Services
- Global Smart Office Market, By Product Type:
- Smart Light
- Security Systems
- Energy Management Systems
- Audio-Video Conferencing Systems
- Global Smart Office Market, By Office Type:
- Retrofit Office
- New Construction Office
- Global Smart Office Market, By Geography:
- North America
- By Component:
- Software
- Hardware
- Services
- By Product Type:
- Smart Light
- Security Systems
- Energy Management Systems
- Audio-Video Conferencing Systems
- By Office Type:
- Retrofit Office
- New Construction Office
- By Country:
- U.S.
- Canada
- Europe
- By Component:
- Software
- Hardware
- Services
- By Product Type:
- Smart Light
- Security Systems
- Energy Management Systems
- Audio-Video Conferencing Systems
- By Office Type:
- Retrofit Office
- New Construction Office
- By Country:
- UK
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- By Component:
- Software
- Hardware
- Services
- By Product Type:
- Smart Light
- Security Systems
- Energy Management Systems
- Audio-Video Conferencing Systems
- By Office Type:
- Retrofit Office
- New Construction Office
- By Country:
- China
- Singapore
- Japan
- Rest of Asia Pacific
- LAMEA
- By Component:
- Software
- Hardware
- Services
- By Product Type:
- Smart Light
- Security Systems
- Energy Management Systems
- Audio-Video Conferencing Systems
- By Office Type:
- Retrofit Office
- New Construction Office
- By Sub-region:
- Latin America
- Middle East
- Africa
- Company Profiles
- ABB Ltd*
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/ Updates
- Cisco Systems, Inc.
- Crestron Electronics, Inc.
- Honeywell International Inc.
- Johnson Controls International PLC
- Lutron Electronics Co. Inc.
- Philips Lighting Holding B.V.
- Miracle Group Inc.
- Siemens AG
- Schneider Electric SA
- Sensorsuite Inc.
- United Technologies Corporation
- Others
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Component
- Market Snippet, By Product Type
- Market Snippet, By Office Type
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Key Trend
- Merger and Acquisitions
- New system Launch/Approvals
- Value Chain Analysis
- Porter’s Analysis
- PEST Analysis
- Market Dynamics
- Global Smart Office, By Component, 2017-2026 (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2026 (%)
- Segment Trends
- Software
- Market Share Analysis, 2017 and 2026 (%)
- Segment Trends
- Hardware
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Services
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Introduction
- Global Smart Office, By Product Type, 2017-2026 (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2026 (%)
- Segment Trends
- Smart lights
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Security Systems
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Energy Management Systems
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Audio-Video Conferencing Systems
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Introduction
- Global Smart Office, By Office Type, 2017-2026 (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2026 (%)
- Segment Trends
- Retrofit Office
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- New Construction Office
- Introduction
- Market Size and Forecast, 2017–2026, (US$ Million)
- Introduction
- Global Smart Office, By Regions, 2017-2026 (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2017 and 2026 (%)
- North America
- Regional Trends
- Market Size and Forecast, By Component, 2017–2026 (US$ Million)
- Market Size and Forecast, By Product, 2017–2026 (US$ Million)
- Market Size and Forecast, By Office Type, 2017–2026 (US$ Million)
- Market Share Analysis, By Country, 2017–2026 (%)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Size and Forecast, By Component, 2017–2026 (US$ Million)
- Market Size and Forecast, By Product, 2017–2026 (US$ Million)
- Market Size and Forecast, By Office Type, 2017–2026 (US$ Million)
- Market Share Analysis, By Country, 2017–2026 (%)
- UK
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- Regional Trends
- Market Size and Forecast, By Component, 2017–2026 (US$ Million)
- Market Size and Forecast, By Product, 2017–2026 (US$ Million)
- Market Size and Forecast, By Office Type, 2017–2026 (US$ Million)
- Market Share Analysis, By Country, 2017–2026 (%)
- China
- Singapore
- Japan
- Rest of Asia Pacific
- LAMEA
- Regional Trends
- Market Size and Forecast, By Component, 2017–2026 (US$ Million)
- Market Size and Forecast, By Product, 2017–2026 (US$ Million)
- Market Size and Forecast, By Office Type, 2017–2026 (US$ Million)
- Market Share Analysis, By Country, 2017–2026 (%)
- Latin America
- Middle East
- Africa
- Introduction
- Competitive Landscape
- Company Profiles
- ABB Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Cisco Systems, Inc
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Crestron Electronics, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Honeywell International inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Johnson Controls International PLC.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Lutron Electronics Co. Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Philips Lighting Holding B.V.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Miracle Group Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Siemens AG
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Schneider Electric SA
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Sensorsuite Inc
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- United Technologies Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- ABB Ltd.
- Analyst Views
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
*Browse 60 market data tables and 40 figures on "Smart Office Market- Global forecast to 2026".
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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