According to the latest report by IMARC Group, titled "Smart Office Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart office market reached a value of US$ 35.0 Billion in 2021. A smart office refers to a computerized workplace with sensors and advanced technologies to help businesses run more efficiently. It deploys automated systems, sensors, and advanced communication infrastructure and networks, which provide centralized control and wireless data transfer for monitoring and analysis. Advanced lighting and novel HVAC systems are deployed in commercial spaces for efficient energy management, which is the primary reason for the rising demand for smart offices worldwide. It helps improve productivity and efficiency, attract and retain top employees, and offer actionable insights. It assists in boosting employee communication and teamwork. Smart offices are becoming more popular worldwide due to their ability to improve space and asset utilization.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Office Market Trends:
The global market is majorly driven by the increasing demand for integrated security and safety systems in enterprises. In line with this, the rising demand for improved and modernized commercial infrastructure to motivate employees to work acts as another major growth-inducing factor. Furthermore, the shifting inclination towards the adoption of energy-saving solutions at offices is creating a positive outlook for the market. Apart from this, numerous companies are constantly evolving due to changing workforce demographics and the technological expectations of modern employees and employers. Due to this, these companies situated across the globe are projected to shift toward smart offices. Moreover, the widespread adoption of the Internet of Things (IoT) is catalyzing the market as IoT enables the inter-networking of physical devices through actuators, sensors, network connectivity, and software. Additionally, the growing popularity of smart office technology is motivating manufacturers to invest in research and development (R&D) activities for creating cost-effective, reliable and improved products, thus strengthening the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 73.8 Billion by 2027, exhibiting a CAGR of 13.14% during 2022-2027.
- On the basis of the component, the market has been segmented into hardware (security system and controls, smart lighting and controls, energy management systems, HVAC control systems, and audio-video conferencing systems), software, and service.
- Based on the office type, the market has been categorized into retrofit and new construction.
- On the basis of the technology, the market has been classified into wireless technology and wired technology.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd, Cisco Systems Inc., Crestron Electronics Inc., Enlighted Inc, Honeywell International Inc., Johnson Controls International PLC, Komstadt Systems Limited, Lutron Electronics Co. Inc., Schneider Electric SE, SensorSuite Inc., Siemens AG and Signify N.V.
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