Market Research Future published a research report on “Smart Office Market Research Report - Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Analysis
The global smart office market is likely to touch USD 46.99 billion at a 12.16% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future’s (MRFR) smart office market report. Smart office, put simply, are high tech offices which leverage advanced technology to make the physical work environment intelligent and also automate routine tasks. Through the incorporation of interconnectivity and control systems, machine learning, and internet of things, and other technologies, companies can cut down their energy consumption, augment employee morale, and boost the efficiency of business operations. The deployment of these office systems in the company can also allow better connectivity among different infrastructure systems, streamline business processes, and improve the productivity of employees.
Various factors are fuelling the global Smart Office Market growth. As per the recent MRFR market estimates, such factors include the increasing need for smart office solutions and sensor networks for energy efficiency, advances of IoT in smart office offerings, burgeoning need for security and safety systems in the workplace, favorable government regulations in several countries, demand for intelligent office solutions, improving economic conditions, and heavy investments made by companies in smart technologies in their office.
On the contrary, impact of the COVID-19 pandemic, high renovation cost and complexity to upgrade and replace the existing system may limit the global smart office market growth in the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global smart office market based on office type and component.
By component, the global smart office market is segmented into service, hardware, and software. The hardware segment is bifurcated into audio-video conferencing systems, smart HVAC system, energy management system, security systems, and smart lighting. The Smart Office Market is again bifurcated into lighting controls, fixtures, and smart bulbs. The lighting controls segment is again bifurcated into gateways, relay units, switches, drivers and ballasts. The security systems segment is bifurcated into fire and safety controls, surveillance cameras/video surveillance, and access controls. Access control segment is bifurcated into electronic locks, card-based systems/card-based readers, and biometric systems/biometric readers. The energy management systems is bifurcated into smart plugs, load control switches, smart thermostats, and in-house displays. Smart HVAC control system is bifurcated into smart vents VAV and FCU controllers, pumps and fans, actuators, dampers, heating and cooling coils, control valves, and sensors. Sensors segment is again bifurcated into flow sensors, pressure sensors, occupancy sensors, humidity sensors, temperature sensors, and others. Audio-video conferencing systems are again bifurcated into touch screen and keypads, video conferencing systems, and audio, volume, and multi-media room controls. The services segment is again segmented into managed services, installation and support services, and advisory and consulting services. Of these, the energy management systems will lead the smart office market over the forecast period.
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Regional Analysis
The geographical analysis of smart office market is done for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is dominating the smart office market owing to increasing security concerns among organizations and availability of better technological infrastructure in this region. The use of hot desking applications for booking conference rooms for meetings and saving on time can drive the market demand. The surge in productivity and retention of talented employees can act as an incentive for companies to adopt the software.
APAC is expected to be the fastest growing region due to rapid adoption of modern technologies to improve energy consumption. New design ideas deemed to provide a mixture of comfort and safety as well support internet of things (IoT) can bolster the demand in the global smart office market.
Key Players
Notable players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Honeywell International Inc. (US), Johnson Controls International PLC (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), Crestron Electronics, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Philips Lighting Holding B.V (Netherlands) among others.
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