The global smart office market value was US$ 31.35 billion in 2020. The global smart office market is forecast to reach US$ 90.61 billion by 2030, with a growing compound annual growth rate (CAGR) of 11% during the forecast period from 2021-2030.
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Smart office technology makes tasks more efficient and flexible with the help of network-based devices. In order to plan and perform work efficiently, it makes use of technologies such as sensors, automated systems, and advanced communication structures. Smart offices offer numerous benefits, including cloud storage, schedule management, enhanced customer satisfaction, risk management, resource utilization, and high investment returns.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market Growth
- The global smart office market will grow because of several factors, including the rise of safety and security systems in the workplace, the advancement of IoT in smart office applications, and the surge in demand for sensor-based networks for energy efficiency.
- The growing need for energy efficiency and supportive industry standards & regulations are the main factors impacting the demand of the global smart office market.
- Data breaches and IT and network security restrictions tend to be the primary obstacle to the growth of the global smart office market.
- Government initiatives to reduce energy emissions from public and old buildings are benefitting the market. For example, The General Services Administration of the United States recently signed a contract with IBM to install smart building technology in 50 of the federal government’s most energy-efficient buildings. It is driving the smart office market globally.
Impact Analysis of COVID-19
Globally, the COVID-19 outbreak has created havoc on society and the economy. The outbreak of COVID-19 has adversely affected the global smart office market. Due to the increased number of COVID-19 cases across various countries, business and manufacturing units across these countries closed and are likely to remain closed through 2021. In addition, partial or complete supply chain disruptions have made it difficult for manufacturers to reach customers. Thus, COVID-19 has negatively affected the global smart office market.
Regional Insights
The Asian Pacific region (APAC) is expected to grow the fastest during the forecast period. The rest of the world is likely to follow the trends. China and India, two economies in the APAC region, are experiencing a rapid rise in the internet of things (IoT) concept. Technological advancements in the market are resulting in good growth of the global smart office market during the forecast period.
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Leading Competitors
The leading prominent companies in the global smart offices market are;
- ABB Ltd.
- Cisco Systems Inc.
- Harvatek Corporation
- Honeywell International Inc.
- Johnson Controls International Plc
- Legrand SA
- Lutron Electronics Co. Inc.
- Philips Lighting Holding B.V. (Signify Holding)
- Schneider Electric S.E.
- Siemens AG
- Other Prominent Players
Scope of the Report
The global smart office market segmentation focuses on Offering, Product Type, Connectivity Technology, End User, and Region.
Segmentation based on Offering
- Software
- Hardware
- Service
- Advisory and Consulting Services
- Installation and Support Services
- Managed Services
Segmentation based on Product Type
- Smart Lighting/Lighting Controls
- Smart Bulbs
- Fixtures
- Lighting Controls
- LED Drivers and Ballasts
- Sensors
- Switches & Dimmers
- Relay Units
- Gateways
- Security Systems
- Access Controls
- Biometric Systems/Biometric Readers
- Card-Based Systems/Card-Based Readers
- Electronic Locks
- Surveillance Cameras/Video Surveillance
- Fire and Safety Controls
- Access Controls
- Energy Management Systems
- In-House Displays
- Smart Thermostats
- Load Control Switches
- Smart Plugs
- HVAC Control Systems
- Sensors
- Temperature Sensors
- Humidity Sensors
- Occupancy Sensors
- Pressure Sensors
- Flow Sensors
- Other Sensors
- Control Valves
- Heating and Cooling Coils
- Dampers
- Actuators
- Pumps & Fans
- Smart Vents
- VAV and FCU Controllers
- Sensors
- Audio-Video Conferencing Systems
- Audio, Volume, and Multimedia Rooms Controls
- Video Conferencing Systems
- Touch Screens & Keypads
Segmentation based on Connectivity Technology
- Wireless Technologies
- Wi-Fi
- EnOcean
- ZigBee
- Bluetooth/BLE
- Others
- Wired Technologies
- Digital Addressable Lighting Interface (DALI)
- Power Line Communication (PLC)
- Power Over Ethernet (PoE)
- KNX
- LonWorks
- Building Automation & Control Network (BACnet)
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Segmentation based on End-User
- Commercial
- Residential
- Industrial
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
-The market report presents the estimated size of the ICT market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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