The global smart offices market was valued at US$ 30,565.7 Mn in 2017, and is projected to reach US$ 85,393.3 Mn by 2026, exhibiting a CAGR of 12.2% over the forecast period, according to Global Smart Offices Market Report, 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).
Smart Offices are designed to provide better productivity compared to conventional offices. A smart office has multiple options for processing, monitoring, and managing data within the premises. This acquired information can be used to come up with patterns and strategic plans that can be implemented for better interactions and connectivity in the office. Smart Offices can be used to gain insightful usage analytics, which helps the enterprise to keep tabs on space, building usage, and booking. Government’s initiatives such as green buildings for clean and smart infrastructure is one of the key factors driving growth of the smart office market. For instance, Singapore government’s Smart Nation Initiatives to enhance business productivity is expected to support the smart office market growth. Smart Nation Initiative is project run by Singaporean businesses and Government to transform Singapore with technology, it supports smart living by technology, by using smart apps, IoT-based devices and systems.
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Key Trends and Analysis of the Global Smart Offices Market:
- Among component type, hardware segment is expected to exhibit the highest growth rate during the forecast period, owing to the large number of hardware component used in smart office. For instance, the smart office hardware include products such as router, smart switches, smart wireless devices, servers, teleconference systems, next generation firewalls, smart entrance guards, smart lightings, automatic gate machines, kiosk, smart monitor equipment, smart TVs, and infrared detectors
- Among product, smart lighting is expected to be the fastest growing segment 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. Furthermore, increasing adoption of IoT-based connected lighting provides multiple options for comfort of the user. For instance, the China Academy of Building Research (CABR), a nearly zero carbon building, is the first building in China to be transformed into a smart office with IoT-based connected lighting enabled by interact office.
Key Takeaways of the Market:
- According to ’ analysis, North America is the leading region in the global smart offices market and is expected to witness high growth over the forecast period. Increasing sales of smart devices such as smart lightings, IoT (Internet of Things) solutions, smart communication devices, and smart software in the region are expected to drive growth of the market. Based on ’ estimations, in 2017, North America smart office market generated revenue of US$ 12,930.0 Mn and is expected to reach US$ 3, 1352.5 Mn by 2026, witnessing a CAGR of 10.4 % over the forecast period. The U.S. and Canada are major growth engines in the smart office market in this region.
- According to ’ research, Asia Pacific is the fastest growing region in terms of market share in the global smart offices market. The region is expected to grow at the highest CAGR during the forecast period, owing to increasing smart building construction in China and Smart Cities projects in India such as Smart City Gurgaon. For instance, in India, the government announced to initiate 98 smart cities projects in August 2015 and released a budget of US$ 6.68 Bn for smart cities.
- Some of the major players operating in the global smart offices 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., and United Technologies Corporation.