Smart Office Market Report Growth, Competitive Analysis, Business Opportunities, Regional and Forecast 2020-2030

Posted by Marvila Lit on January 18th, 2023

Smart Office Market Highlights

Smart office refers to high-tech offices that leverage advanced technology to make the physical work environment intelligent and automate routine tasks. By incorporating Internet of things, machine learning, interconnectivity & control systems, and other technologies, companies can reduce their energy consumption, improve employee morale, and increase the efficiency of business operations. Deployment of smart office system in the organization can also enable better connectivity among various infrastructure systems, improves employees’ productivity, and streamlines business processes. 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 growing adoption of web real-time communication (WebRTC) allows real-time conferencing and communication through the browser with high-quality video and audio streaming. This provides greater flexibility in scheduling video conferences. Certain government regulations including occupational safety and health administration (OSHA) and American National Standards Institute (ANSI) support worker safety and are encouraging organizations to adopt smart office systems, which is acting as a major driving factor for smart office market.

Smart Office Market report is expected to grow from USD 23.60 billion in 2017 to USD 46.99 billion by 2030, at a compound annual growth rate (CAGR) of 12.16% during the forecast period.

Key Players

The prominent players in the smart office market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands) among others.

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Smart Office Market Segment Overview

To help the potential market investors make better and profitable investment decisions, the report helps in studying and analyzing the revenue potential held by the market segments that are functional in various global regions. The market has been segmented based on the following:

Based on component

The component segment of the Smart Office Market includes service, hardware, and software. The hardware segment of the market has been sub-segmented into parts like security systems, energy management systems, smart lighting, audio, and video conferencing systems, alongside the availability of smart HVAC systems. The smart lighting market segment includes a series of products like lighting controls, fixtures, and small bulbs, amongst others.

Based on office type

The office type segment of the global market has been divided into retrofit offices, alongside the availability of new construction offices for the vibrant audience needs, demands, and preferences that is likely to enhance during the ongoing forecast period that ends in 2023.

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.