Smart Space Market

Global Smart Space Market Size & Growth Analysis (2023 – 2028)

The global smart space market is foreseen to develop from $ 8.5 billion in 2022 to $ 20 billion by 2028, at an annual growth rate (CAGR) of about 19% during the calculated period of 2023 to 2028.

A smart space is considered as an environment that integrates audio-visual detection systems, which can identify and react without the use of any special equipment. This improves personal and professional productivity, simplifies complex processes and increases the efficient use of energy.

Smart homes are one of the most important examples of smart space that improves safety, comfort, entertainment, and productivity. Community offices and workspaces, apartment communities, hotels, shopping malls, supermarkets and shopping centers, hospitals and healthcare providers, public places like libraries and schools, and transportation portals, such as airports and train stations, could be designed as various types of smart spaces.

Growing demand for IoT and rising environmental concerns are some of the factors contributing to the growth of the global smart space market during the forecast period. For example, in September 2018, Microsoft published the launch of its Azure Digital Twins, which will enable users to generate digital replicas of spaces and infrastructure with the aid of cloud, AI, and IoT.

With benefits such as flexibility and scalability at the core of vendors' smart space solution, it is supposed to drive growth of the smart space market during the outlook period. The rapid increase in urbanization, associated with the advent of new technologies such as 5G, should accelerate the growth of the global smart space market during the envisioned period.

Recent developments:

• May 2019: Spacewell introduced a new service app, namely Work Assistant for Cleaning, which is a mobile touch point for its Cobundu smart build platform. Work Assistant helps service providers deliver activity-based services based on live IoT data. Work orders can be developed with the assistance of sensor triggers, feedback, support tickets, and service planning.
• April 2019: DVI Communications has shook hands with Spacewell to deliver advanced intelligent construction services to the US market. This long-term partnership will allow DVI to bring Spacewell's smart building solutions to a growing number of American companies.
• In April 2019, ABB reinforced its collaboration by signing a new memorandum of understanding with Ericsson. The memorandum states their agreement to support their strong research collaboration, improve manufacturing and automation processes, and explore new business opportunities for the company.

Growth and market trends:

The commercial segment includes offices, hotels, hospitals, shopping centers, shopping complexes and restaurants, among others. The enterprises implementing smart space solutions can track overall costs and revenues, generate business plans, and restructure the existing financial goals. For instance, an Indian smart space solutions company, Adappt implemented a service that can redefine the organizations way of adapting assets with the help of integrated systems approach. The Adappt Cognitive Premise solution provides analytics, control, applications and optimization to tailor each organization's workplace based on its unique personality. Companies are eager to expand their commercial presence in different geographic regions, which is likely to contribute to the expansion of the global smart space market during the conjecture period.

Market Drivers and Restraints:

Growing demand for connecting remote and rural communities to the national grid and the increased need to overcome power outages should stimulate growth in the global smart space market. The smart indoor space segment generated the highest revenue for global smart space, which will increase the tendency to make homes, smarter buildings and interior spaces driving market growth in this segment. The increasing security concerns are also acting as prominent aspects that promote the call for security cameras, which is supporting the development of more hardware in smart spaces. On the other hand, the high initial setup costs can act as a limitation for the extension of the worldwide smart space market.

SMART SPACE MARKET REPORT COVERAGE:

Smart Space Market segmentation:

The global smart space market is mainly categorized on the verge of component, space type, application, end user, vertical sector and region.

Smart Space Market By Component:

Depending on the component, the global smart space market is divided into solutions and services.

Smart Space Market By Space:

Based on the type of space, the worldwide market is bifurcated into smart indoor spaces and smart outdoor spaces. The smart indoor space segment accounted for the substantial revenue portion in the global market in 2018 and is determined to continue its dominion throughout the envisioned period.

Smart Space Market By Application:

Based on the application, the global market is separated as energy management and optimization, space design and management, emergency and disaster management, security management, etc.

Smart Space Market End User:

Depending on the end-user, the market is divided into residential and commercial. The commercial segment is estimated to have the largest share in the coming years.

Smart Space Market By Vertical:

The industry is further developed in verticals like energy and utilities, transportation and logistics, healthcare, education, retail, manufacturing, government, etc.

Regional Analysis:

Depending on the region, the smart space market is analyzed in North America, Europe, Asia-Pacific and LAMEA.

Europe should retain significant market share in the foreseen years. The North West Europe region faces a major challenge, due to a transition to a low carbon footprint economy. Municipalities play a fundamental role, as they represent 70% of the NWE's energy consumption and CO2 emissions. Above all, standard public lighting represents around 30% of the total electricity consumption of municipalities.

The intelligent space solution aims to promote the use of intelligent lighting in small and medium-sized municipalities, as well as sensors connected to light poles. With this arrangement, energy efficiency can be improved, CO2 emissions can be reduced and public lighting can be adjusted as needed. This could increase the growth of the smart space market in the region.

Key market players:

The global smart space market includes the main solution providers such as IBM (United States), ABB (Switzerland), Cisco (United States), Siemens (Germany), Huawei (China), Schneider Electric (France) , Smart Space Software PLC (UK), Hitachi Vantara (USA), Iconics (USA), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore) and Adappt (States -United).