Smart workplace is a workspace in which employees are able to perform their tasks or work more efficiently by using smart devices. The major benefits of smart workplace is that it helps in minimising the wastages of business resources such as paper, raw material, lighting cost, others. Adoption of various technologies such as iOffice work place software, assets management software, and cloud technology, AI among others solutions help in creating predictive maintenance models and identify trends in data, which help employees to analyse faster, in order to improve decision making in real time. Thus, these solutions are expected to increase productivity of the business and helps in automating work processes.
Increasing adoption of cloud computing, artificial intelligence (AI), IoT, and automation are helping organizations to increase their productivity and enterprises mobility, which is expected to support growth of the smart workplace market worldwide. For instance, in July 2016, the Johnson & Johnson Group announced that the company had transfer more than 500 terabytes of data to the Amazon Web Services (AWS), which proportionally helped the company in saving resources of the company such infrastructure cost and administrative cost of the organisation. Moreover, in September 2016, Amazon announced that from Amazon Echo devices, which is AI-based voice controller, it had generated sales of US$ 1.3 billion in 2016 and it is increased to US$ 2.2 billion in 2017.
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North America accounted for the largest market share in 2017 and is expected to remain the largest market throughout the forecast period. The U.S. and Canada are some of the major economies driving growth of the market in this region. The region is early adopter of advanced technologies such as cloud-based technology, IoT, and AI and this is major factor driving growth of the market in this region. For instance, according to Coherent Market Insights Analysis, by 2017, around 75% of North American retailers had invested in IoT technologies such as automated inventory verification and sensors on shelves. The benefits of integrating IoT with retailing helps in improving customer experience by keeping them updated and sending regular updated information about delivery, For instance, in 2014, Macy Inc. installed 4,000 becons in the 700 departmental store which, inadvertently helped it to gain competitive edge in the market. Moreover, it helps in securing products, improve inventory management, and deliver personalized promotions. Hence, the adoption of IoT has revolutionised the retail sector.
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Key players operating in the smart workplace market are Carrier Corporations, Daikin Industries, Ltd, Siemens AG., Johnson Controls Inc., LG Electronics, Inc., Crestron Electronics, Inc., General Electric, Inc., Honeywell International, OSRAM Licht AG, Philips Lumileds Holdings B.V., and Schneider Electric SE. Major players in the market such as Johnson Controls, Carrier Corporation, and LG Electronics are adopting mergers and acquisitions strategy, in order gain competitive edge in the market.
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