Trends in Global Smart Office Market is Growing Rapidly to Reach USD 49.7 Billion By 2024
According to the report, the global smart office market was valued at around USD 21.2 billion in 2017 and is expected to reach approximately USD 49.7 billion by 2024, at a CAGR of slightly above 12.98% between 2018 and 2024.
Smart offices are designed by integrating various advanced technologies, with the intention to simplify an organization’s operational processes. These offices are developed by integrating technically enhanced smart devices and network-based devices. Smart offices are globally trending due to the numerous benefits offered by them, such as low energy consumption and minimal networking complexity.
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The rising integration of Internet of Things (IoT) in smart office is anticipated to drive the smart office market in the forecast time period. IoT has simplified the internetworking of smart devices, thereby enhancing overall employee productivity. Integration of IoT with smart offices is highly preferred in small- and medium-sized enterprises to increase work flexibility and improved connectivity. Huge dependency on cloud computing technology has propelled the demand for IoT solutions. The growing adoption rate of IoT enabled offices is likely to escalate the smart office market in the future. According to Gartner, more than 8.4 billion devices IoT devices were used by 2017 and the count is anticipated to reach 20.4 billion by 2020. However, high capital investments required to design and develop smart offices might hinder the smart office market expansion in the future. Moreover, strict government regulations with respect to employee’s workplace safety, such as ANSI and OSHA, have escalated the demand for security devices, such as camera and electronic locks.
The smart office market is segmented on the basis of product, building, component, and end-user. The product segment includes energy management system, smart HVAC control system, smart lighting, security, and access control system, audio-video conferencing system, fire, and safety control system, actuators, dampers, smart vents, pumps and fans, and VAV and FCU controllers. The component segment includes hardware, software, and service. Audio video conferencing systems are anticipated to grow rapidly in the future, due to the emergence of telepresence. The building segment includes retrofit and new building. The component segment includes hardware, software, and service. IT and telecom, BFSI, healthcare, education, and others comprise the end-user segment of this market. The emergence of IT infrastructure globally is likely to fuel the IT and telecom segment in the upcoming years.
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By geography, the smart office market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The Asia Pacific is projected to hold a substantial market share globally, owing to rapid industrialization and urbanization. North America is likely to hold a prominent market share globally in the future, owing to growing security concerns among the major enterprises.
Some key players operating in the smart office market include Honeywell International, Inc., ABB Ltd., Cisco Systems, Johnson Controls International PLC, Crestron Electronics, Inc., Siemens AG, Lutron Electronics Co., Inc., and United Technologies Corporation.