Smart Office Market

Smart Office Market Size & Growth (2020 – 2025)

The global smart office market to increase from USD 18.8 billion in 2016 to USD 46.1 billion by 2023, expanding at a compound annual growth rate (CAGR) of around 13% during the forecast period.

Smart Office is a new age phenomenon that combines technology into a physical office space where the organization's tasks are made simpler and versatile with the utilization of network-based devices. Smart office solution gives the organization with several gains including schedule management, cloud storage, analytics, high returns on investments, cooperative communication, accurate time management, automation, higher customer satisfaction, risk management, resource utilization, identity management, and supply connected, integrated systems.

The development of the global smart office market is driven by augmenting demand for efficient commercial management solutions and sensor networks for energy efficiency, the advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favourable government regulations in various countries. The target of the report is to define, describe, and forecast the global smart office market size.

Scope of the Report

Recent Developments:

• Siemens recently launched an IoT-enabled suite of hardware and software technologies designed to make smarter, more flexible, human-centric working spaces within the Middle East. It was announced as a part of the company's activities at Gitex Technology Week in Dubai. The suite may be a complementary portfolio of Siemens technologies which enable office buildings to reply intelligently to user input and environmental data.

• The new Watson IoT headquarters in Munich, Germany is essentially the web of Things at scale. This building uses cognitive computing, meaning the building and its environment are continually learning and improving to satisfy its tenants' needs. What's more, the IoT knows who is seated where and adjusts the ambient lighting and temperature to their individual preferences.

• The intelligent room combines a variety of smart features to streamline and improve the meeting process for workers. A gathering management platform monitors the usage of shared office spaces like conference rooms, hot desks, phone booths, and huddle spaces. It speeds the booking process of those spaces by cataloging each room in a web booking system, which lets users look for, and reserve spaces supported size, occupancy, and room features.

Drivers and Restraints of Smart Office Market:

Drivers:

Increasing demand for better commercial infrastructure to motivate employees for work is the primary factor driving the expansion of the global smart office market during the forthcoming years. The increase in inclination to adopt energy-saving solution at offices is the other factor spurring the development of the smart office market. Also, increasing internet penetration across the globe is influencing the installation of higher and advanced infrastructure, that provides more luxury at commercial places is additionally contributing to scale the demand for the global smart office market.

Increase in need for smart lighting in the commercial sector to save lots of energy cost is predicted to support the growth of the Smart Office Market during the outlook period. The ever-growing popularity of Smart Office technology is a motivational hike for manufacturers looking to take a position in research and development(R&D) activities for arising with dependable, cost-effective, and improved products. The increasing acceptance of Internet of Things (IoT) is claimed to reinforce the expansion of the market as IoT enables inter-networking of physical devices.

Market Segmentation:

By Product

• Smart Office Lighting
• Security and Access Control System
• Energy Management System
• Smart HVAC Control System
• Audio-Video Conferencing System
• Fire and Safety Control System
• Other Products

Smart office lighting is one of the most prominent segments in the global smart office market that is anticipated to witness a considerable growth rate in the next few years. 

By Building Type

• Retrofit
• New Building

Most of the new commercial buildings in the developed economies like the US, Germany, UK, and others are adopting smart technologies to conserve energy, supporting the growth of the smart offices business.

By Component

• Software 
• Service 

Smart Office Market Region wise analysis:

Marked Segmentation based on the region:

1. North America
   1. U.S
   2. Canada
2. Europe
   1. Norway
   2. Germany
   3. Sweden
3. Asia Pacific
   1. China
   2. India
   3. Japan
4. Latin America
   1. Brazil
   2. Mexico
   3. Argentina
5. Middle East and Africa

a. Middle East

b. Africa

North America smart office market is dominating the global business, thanks to the supply of higher technology infrastructure, especially in the USA. The smart office market in this region is also projected to exhibit the promising rate of growth within the upcoming years. Europe smart office market is the main consumption area for this technology compared to other areas in the world. Asia-Pacific smart office market is likely to be the fastest-growing due to rapid adoption of modern technologies to improve energy consumption. China is that the most potential market since it comes with the rapid growth rate of around 24%.

Key Players of Market:

The key players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands) among others.