Global Smart Office Market to Reach US$ 122.6 Billion by 2032, Impelled by Increasing Demand for Security Systems at Workplaces

September 20, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Smart Office Market Report by Component (Hardware, Software, Service), Office Type (Retrofit, New Construction), Technology (Wireless Technology, Wired Technology), and Region 2024-2032," the global smart office market reached a value of US$ 44.9 Billion in 2023. 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.

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$ 122.6 Billion by 2032, exhibiting a CAGR of 11.5% during 2024-2032.

Market Summary:

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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Office Type, Technology, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Smart Office Market to Reach US$ 122.6 Billion by 2032, Impelled by Increasing Demand for Security Systems at Workplaces

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