The global smart office market, situated at the nexus of technology and workplace optimization, is advancing swiftly. Featuring IoT devices, automated systems, and integrated communication platforms, it aims to boost efficiency and user experience. Businesses are investing in these solutions to craft responsive workspaces aligning with contemporary work trends. As the need for adaptable and connected workplaces rises, the smart office market foresees ongoing growth, driving a more agile and digitally integrated paradigm in office management.
Data Bridge Market Research shows that the Global Smart Office Market was valued at USD 37,800 billion in 2022 and is expected to reach USD 90,410 billion by 2030, registering a CAGR of 11.73% during the forecast period from 2023 to 2030.
"Modern technologies drive the market growth"
The integration of modern technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and other smart office products is a key driver propelling the growth of the smart office market. These innovations contribute to enhanced operational efficiency and productivity, underlining the pivotal role of advanced technologies in shaping the evolution of smart office solutions.
What restraints the growth of the global smart office market?
“Workforce skill enhancement hamper the market growth"
The growing adoption of smart offices necessitates significant investments in retraining and upskilling the workforce. However, the challenges lie in potential resistance to change, employee reluctance, and the time and resources required for comprehensive training. These factors impede the market's progress as companies face hurdles in aligning their workforce with the evolving demands of smart office technologies.
Segmentation: Global Smart Office Market
The global smart office market is segmented based on technology, product, software and services, and office type.
- On the basis of technology, the global smart office market is segmented into wireless technology, and wired technology
- On the basis of product, the global smart office market is segmented into smart lighting, security system, energy management system, heating, ventilation, and air conditioning (HVAC) control system, and audio–video conferencing systems
- On the basis of software and services, the global smart office market is segmented into software and services
- On the basis of office type, the global smart office market is segmented into retrofit offices and new construction offices
Regional Insights: North America dominates the Global Smart Office Market
North America dominates the global smart office market, driven by substantial technological advancements in the IoT domain, specifically focusing on office applications. An escalating demand for security and safety systems further fuels the region's leadership. This trend is poised to contribute significantly to the continued growth of the smart office market in North America throughout the forecast period.
Asia-Pacific is expected to dominate, experiencing substantial growth from 2023 to 2030. The region's surge is attributed to the increased adoption of energy management solutions aiming to curtail costs. Additionally, integrating security and lighting management solutions within workplaces is poised to expand the smart office market further, reflecting a heightened emphasis on efficiency and innovation in the evolving workplace landscape.
Recent Developments: Global Smart Office Market
- In September 2021, Lutron Electronics Co. Inc. expanded its business by inaugurating a new commercial experience center in Manhattan, New York. This strategic move aims to bolster Lutron's presence and contribute to the growth of its smart office product offerings through an enhanced showcase and engagement platform in a key business hub
- In May 2022, Johnson Controls Inc. formed a partnership with Evoteq in the U.A.E. This collaboration aims to introduce an end-to-end integrated AI platform for smart buildings and districts, leveraging the combined expertise of both companies. The collaboration seeks to advance the capabilities of smart infrastructure through innovative and comprehensive AI-driven solutions
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The Prominent Key Players Operating in the Global Smart Office Market Include:
- Siemens AG (Germany)
- Schneider Electric SA (France)
- Johnson Controls International plc (Ireland)
- Honeywell International Inc. (U.S.)
- ABB Ltd.(Switzerland)
- Cisco Systems, Inc. (U.S.)
- United Technologies Corporation (U.S.)
- Lutron Electronics Co. Inc. (U.S.)
- Crestron Electronics Inc. (U.S.)
- Philips Lighting Holding B.V. (the Netherlands)
- Enlighted, Inc. (U.S.)
- SensorSuite Inc. (Canada)
- FogHorn Systems (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global smart office market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Smart Office Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
