Global Smart Spaces Market to Reach US$ 19.1 Billion by 2027, Impelled by Rapid Automation and Digitization

December 19, 2022

According to the latest report by IMARC Group, titled "Smart Spaces Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global smart spaces market reached a value of US$ 10.5 Billion in 2021. Smart spaces, or connected places, are equipped with networked sensors to provide owners, occupants, and managers with better information about the conditions of those places and how they're used. These physical environments can be monitored remotely with constant reports of their location, performance, and maintenance needs being shared with a space with networked temperature and motion sensors. It offers multiple benefits to businesses, such as reducing energy costs and carbon footprints, mitigating risks, and enhancing the experience for occupants by providing a safer place to live and work. The insights of the smart spaces can be captured in real-time, while the historical data can be used in enhancing safety, operations, or the experiences of the individuals using the space.

Global Smart Spaces Market Trends:

The global market is majorly driven by the rapid integration of artificial intelligence (AI) and the Internet of Things (IoT) in smart space solutions. In line with this, the increasing construction of green buildings due to the escalating environmental concerns and an enhanced focus on reducing carbon footprints is creating a positive outlook for the market. Furthermore, the emergence of new advanced materials and solutions is significantly contributing to the market growth. Apart from this, the heavy investments by the governments of various countries in the development of innovative and smart technologies are positively influencing the market. Moreover, the ongoing trend of smart offices, homes and government-driven infrastructural projects is catalyzing the market. Besides, the growing requirement for efficient resource management and utilization is propelling the market. Additionally, rapid urbanization and the introduction of advanced technologies, such as 5G, are expected to boost the growth of the smart spaces market. Some of the other factors driving the market include the increasing deployment of smart technologies in public spaces and the emerging trends of automation and digitization. On account of the factors above, the market is anticipated to reach a value of US$ 19.1 Billion by 2027, exhibiting a CAGR of 10.4% during 2022-2027. 

Market Summary:

  • On the basis of the component, the market has been categorized into hardware, software, and services.
  • Based on the space type, the market has been classified into smart indoor space and smart outdoor space.
  • Based on the application, the market has been segmented into energy management and optimization, layout and space management, emergency and disaster management, security management, and others.
  • Based on the end user, the market has been categorized into residential and commercial (utility, transportation and logistics, healthcare, education, retail, manufacturing, government, and others).
  • 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 detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd, Cisco Systems Inc., Coor Service Management AB, Eutech Cybernetic Pte. Ltd, Hitachi Vantara LLC (Hitachi Ltd.), International Business Machines Corporation, Microsoft Corporation, Schneider Electric, Siemens AG, SmartSpace Software PLC and Ubisense Limited.
     

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Global Smart Spaces Market to Reach US$ 19.1 Billion by 2027, Impelled by Rapid Automation and Digitization
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