Smart Office Market 2018 Global Industry Size, Analysis, Emerging Opportunities, Company Profile and Industry Segments


Posted December 13, 2019 by Ehtesham

Smart Office Market Research Report by Component (Hardware, Software, and Service), Office Type (Retrofit and New Construction), Region (North America, Europe, Asia-Pacific, and Rest of the World)-Global Forecast till 2023

 
Market Highlights

According to MRFR analysis, by 2019, artificial intelligence would drive voice-enabled virtual assistant in enterprises, thereby automating everyday task and speeding up work processes. The need for integrated security and safety systems in enterprises is contributing to the growth of smart office market. Also, owing to government initiatives towards green buildings and stringent policies for environment protection, the enterprises have deployed smart offices to monitor and control overall energy consumption.

Smart office ensures effective and optimal utilization of IT resources and physical infrastructure. It uses cutting-edge, Internet-enabled technology to collect data and bring its operating systems and services under central control. Thus, smart offices create a better employee-centric workplace and also enhances the user experience, thereby increasing productivity and promoting the corporate brand value.

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Major Key Players

Koninklijke Philips NV.,
Honeywell International Inc.,
ABB Ltd.,
Schneider,
Electric SE.,
Siemens AG.,
United Technologies Corporation,
Johnson Controls International PLC.,
Cisco Systems Inc.,
Crestron Electronics Inc.,
Lutron Electronics Co. Inc.,
Philips Lighting Holding B.V.
According to MRFR, The global Smart Offices Market is expected to grow from USD 23.60 billion in 2017 to USD 46.99 billion by 2023, at a compound annual growth rate (CAGR) of 12.16% during the forecast period.

Segmentation:

The global smart office market has been segmented on the basis of component and office type. Based on component, the global smart office market has been segmented into hardware, software, and service. The hardware segment has been sub-segmented into smart lighting, energy management system, security systems, smart HVAC system, and audio-video conferencing systems. The smart lighting sub-segment includes smart bulbs, fixtures, and lighting controls. The lighting controls segment has been further sub-segmented into led drivers and ballasts, relay units, switches, and gateways.

The security systems segment has been further sub-segmented into surveillance cameras/video surveillance, access controls, and fire & safety controls. The access control segment has been further segmented into card-based systems/card-based readers, biometric systems/biometric readers, and electronic locks. The energy management systems segment has been sub-segmented into in-house displays, load control switches, smart thermostats, and smart plugs. The smart HVAC control system segment has been further sub-segmented into sensors, control valves, heating & cooling coils, pumps & fans, dampers, actuators, smart vents VAV & FCU controllers.

Regional Analysis:

The global market for smart office is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart office market is done for North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific is expected to be the fastest growing region owing to growing industrialization and urbanization in countries such as India, Japan, and China. Furthermore, improved standard of living in countries like India is encouraging offices to renovate and modernize the traditional infrastructure. Moreover, most of the organizations in this region are focusing on implementing IoT in their workplaces. North America is dominating the market as most of the companies in countries like the US have invested heavily in establishing a connected work environment, to maintain seamless flow of operations. Additionally, increasing penetration of the Internet and wireless networks is fueling the growth of this market.

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Last Updated December 13, 2019