The market is primarily being driven by factors, such as the rise in demand for intelligent office solutions, sensor networks for energy efficiency, favorable government regulations for the same, advancement of IoT in smart office offerings, and growing need for safety and security systems at the workplace.

- Solutions, such as Energy Management System, Smart HVAC System, and Security and access System, are adopted for smart offices. EMS is an integrated computerized system for monitoring and controlling energy-related infrastructure services plant and equipment, such as HVAC systems and lighting, among others.

- Green HVAC systems are developed to improve energy efficiency and reduce costs. For instance, Ice Energy, a prominent energy storage company based in Glendale, California, released an ice-powered air-conditioning unit, Ice Bear, to cool buildings and, in most cases, reduce a building's net consumption of energy.

- The concept of smart cities marked a great prospect with the Internet of Things in the energy, waste, and infrastructure sectors. Smart home, a significant part of smart city, offers several benefits. Several ongoing smart city projects and initiatives are expected to be completed by 2025. It is expected that there would be about 30 global smart cities, and 50% of these are expected to be located in North America and Europe.

- These steps are supported by global investments, which, according to the OECD, are expected to be about USD 1.8 trillion during 2010-2030 (for all infrastructure projects in urban cities). The investments in digitized infrastructure is expected to drive the demand for securing those assets.

- With the outbreak of COVID-19, the production of smart office equipments will be impacted in short-run as the construction of buildings and other office spaces are affected in major areas across the world. However, companies have not made any major changes to their production capacities. For instance, there are currently no manufacturing sites closed in Cisco’s supply chain. Also, with more companies adopting work from home culture, smart home vendors can leverage voice and other smart home implementations to improve the day-to-day routines within a home and secure and automate home deliveries.

Key Market Trends

Energy Management System Expected to Hold Largest Share

- The demand for smart office is expected to be driven by the growing adoption in the office spaces of large scale organizations. Solutions in this include automated smart plugs, load control switches, utility billing management (smart meters), personal energy management, data analysis and visualization, and auditing.

- The rising cognizance regarding a building's growing role in climate change is shifting investors’ and owners’ preferences, thus urging them to improve the performance of their buildings to stay competitive, specifically, in the commercial office segment. For instance, buildings in the United States consume nearly three-quarters of the country’s electricity, and are responsible for 39% of all greenhouse gas emissions.

- Organizations are increasingly adopting EMS for optimization of energy consumption, utilization of dynamic pricing tariffs, and demand control, thus reducing overall costs. The large-scale companies require energy in various forms to perform diverse operations, including powering telecom network, modern computer equipment, data equipment, and optical transport networks.

- The government initiative to decrease energy emission from old and public buildings is also aiding the market. For instance, the US General Services Administration has made a contract with IBM to install advanced and smart building technology in 50 of the federal government’s highest energy-consuming buildings.

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North America to Hold Significant Share

- The United States is one of the early adopters of emerging technology across the world, including the internet of things (IoT), which is incorporated in several industries, including smart offices. The technological advancement in the IoT field, particularly for offices, coupled with the rising need for security and safety system, is expected to propel the market growth in the United States.

- Additionally, businesses are integrating internet of things (IoT) in the United States to enhance the office environment by reducing workload and saving on overhead money.
Increased investment from the government in office buildings to make them employee-friendly, is likely to foster market growth in the future.

- Notably, the government regulations associated with the integration of smart technologies are in favor of the office segment, which is one of the accelerating factors for smart buildings.

- Moreover, according to the Consumer Technology Association, the penetration of smartphone IoT consumer device is increasing, which is ascending the scope for smart offices in the United States.

Competitive Landscape

The smart market is highly competitive and consists of several major players. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. Major players include Johnson Controls International PLC, Cisco Systems Inc., United Technologies Corp., among others.

- March 2020 - Signify announced the completion of the acquisition of Cooper Lighting Solutions from Eaton for USD 1.5 billion. With this acquisition, the company planned to focus on the innovation of connected lightings and systems. This is estimated to boost the revenue of the company in the North American market, with an aimed increase in revenues from 42% to 53%.

- June 2019 - Signify announced a new range of internet-transmitting Li-Fi lights, Truelifi. These lights are capable of transmitting data to devices, like laptops, at a speed of up to 150 Mbps, primarily using light waves, rather than the radio signals used by 4G or Wi-Fi.

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