Smart Office Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020-2027
The growth of the Smart Office Market size is expected to increase as the demand for automation of all procedures is increasing day by day to enhance the efficiency of work and bolster productivity. Additionally, it has been observed that the demand for improved commercial infrastructure that utilizes wireless systems, sensors, and advanced technologies for communication is also increasing. The organization gets a lot of benefits from utilizing these solutions such as boosted communication, cloud storage, precise time & schedule management, high return on investment, connected integrated systems, and identity & risk management. Due to the growing demand for enhancement in the working environment in offices, it is expected the growth of the smart office market will propel.
The smart office market is expected to grow because of the growing demand for enhanced security solutions in offices. The deployment of wireless data transfers, automated systems, centralized regulation for analysis of data, and monitoring is performed through these solutions. In many countries, strict government regulations are being implemented for worker safety. With the implementation of intelligent workspaces, there will be an observance of improved worker productivity and enhanced document safety. ANSI and OSHA are examples of such stringent government regulations that support the safety of the workers, which are further projected to enhance the growth of the smart office market. As the requirement of security device incorporation increases, it provides ample opportunity for the growth of the smart office market.
The growth of the smart office market is also expected to increase because of the proliferation of the Internet of Things in industries. With the utilization of IoT, the flexibility of the work atmosphere is enhanced due to improved connectivity because of enhanced internetworking of physical devices. Cameras, VR speakers, and IoT furniture are offered by enhanced connectivity systems to improve work efficiency. In the digital office environment, the implementation of remote management of connected devices is performed.
Sensitive data relating to crucial documents and workers are handled by intelligent systems. The major factors hindering the growth of the smart office market are the risks related to malicious software attacks and cybersecurity breaches. Due to the expensive maintenance and installation charges of these systems, the growth of this industry is expected to be hampered. Lack of awareness of these technologically advanced systems in some countries, it is expected the growth of this industry will be affected.
The segment of energy management systems is anticipated to rise at a fast rate. Through intelligent solutions like energy management systems, the rate of energy usage can be determined to recover the loss of energy. As the trend of utilizing energy-saving solutions is growing, the growth of the smart office market is also improving. Environmental-friendly energy-saving solutions are high in demand to increase profit margins. For making an accurate decision, the easy analysis of energy data is enabled by intelligent systems. As concerns about environmental safety are arising, they force the government to draft energy regulations for controlling the consumption of energy. As workplaces are shifting towards intelligent energy management systems, it leads to driving the growth of the smart office market.
The market for smart offices is expected to grow at a fast rate in the given forecast period. The demand for installation services & its support and consulting & advisory services is also rising. A workplace can be transformed by the implementation of advanced technologies and services. The services segment of the industry is expected to boost through the speedy advancement of AI, hardware, IoT, and machine learning related to smart offices. Additionally, as the demand for services that decrease the expenditure on operation and optimize the performance of the network is increasing, it is anticipated to fuel the growth of this segment.
In the coming years, the growth of the market of smart offices for the new construction offices sector is anticipated to rise at a rapid rate. The implementation of new systems can be provided flexibly in a newly constructed workplace. In new construction offices, smart office systems can be built which leads to the reduction of the overall expenditure of renovating the entire traditional office system.
As the smart office market of Asia Pacific is expected to grow at a high rate, it leads to enhanced urbanization and industrialization in several countries such as Japan, India, and China. The growth of the industry will be bolstered by an increasing number of industries that focus on the implementation of IoT. As the standard of living in countries like India is improving, it leads to the refurbishment and modernization of the existing infrastructure. Another key factor that contributes to the growth of the industry is the expansion of the IT sector. The government of certain countries like India and Singapore that supports digitization will boost the growth of the industry.
Several major players in the market of smart office are Cisco Systems, ABB Ltd, Johnson Controls International PLC, Siemens AG, United Technologies Corporation, Honeywell International Inc., Lutron Electronics Co., and Crestron Electronics Inc. The primary focus of these key players is to enter into a strategic partnership to offer improved digital solutions. To strengthen their position in the market, most of the players are expanding their presence in the market. As the competition between these major players is increasing, it drives the growth of the smart office market over the forecast period.
What Information does this report contain?
• Historical data coverage: 2014 to 2018
• Growth Projections: 2020 to 2027
• Expert analysis: industry, innovation, governing, and technological trends; factors impacting development; drawbacks, SWOT Analysis
• 6-7-year performance forecasts: top products, major segments covering applications, and geographies.
• Competitive landscape: important leaders and players, capacities, and competencies of these companies in terms of sustainability as well as production.
By Product Type
• Access Control & Security/Alarming System
• Audio-Video Conferencing Technology
• Energy Management System (EMS)
• Fire and Safety Controls
• Smart Office Lighting, Control Systems & Fixtures
• Smart HVAC Control System
• Video Surveillance System
By Building Type
• New Building
• Old Building
• North America
• United States
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates
• Rest of Middle East & Africa