Smart Office Market Size, Industry Trends, Revenue, Growth Drivers and Analysis
Posted by Ehtesham on August 18th, 2019
Smart Office 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.
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.
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Major Key players
The Smart Office Market is segmented on the basis of component, office type, and region.
Based on the component, the market is segmented into hardware, software, and service. The hardware segment is further segmented into smart lighting, security systems, energy management system, smart HVAC system and audio–video conferencing systems. The smart lighting segment is further segmented into smart bulbs, fixtures, and lighting controls. Lighting controls segment is further segmented into led drivers and ballasts, switches, relay units, and gateways. Security systems segment is further segmented into access controls, surveillance cameras/video surveillance and fire & safety controls. Access control segment is further segmented into biometric systems/biometric readers, card-based systems/card-based readers and electronic locks. Energy management systems segment includes in-house displays, smart thermostats, load control switches, and smart plugs.
Smart HVAC control system is further segmented into sensors, control valves, heating & cooling coils, dampers, actuators, pumps & fans, smart vents VAV & FCU controllers. Sensors segment is further segmented into temperature sensors, humidity sensors, occupancy sensors, pressure sensors, flow sensors and others. Audio–video conferencing systems segment is segmented into audio, volume, & multi-media room controls, video conferencing systems, and touch screens & keypads. The services segment is further segmented into advisory & consulting services, installation & support services and managed services.
On the basis of office type, the market is bifurcated into retrofit offices and new construction offices.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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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