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Smart Office Market Growth, Analysis 2025 | Industry Trends Report

Smart Office Market Analysis Report By Component, By Office Type, By Region And Segment Forecasts From 2017 To 2025

Report ID: MN17619884  |  Published: July 2020  |  No of Pages: 87
Format: Electronic (PDF)  |  Industry: Computing & Technology  |  Publisher: Grand View Research

Industry Insights

The smart office market size across the globe was valued at USD 18.46 Billion in the year 2016. It is anticipated to witness growth with 13.2% CAGR during the forecasted period, 2017 to 2025. This can be associated with the surging need for optimal and effective utilization of infrastructure and IT resources. Moreover, the surging trend towards usage of devices like electronic locks and cameras is anticipated to drive the market growth in the upcoming years.

The usage of these smart offices leads to increased efficiency among the employees owing to its advanced features like system automation and digitalization. For example, beacons can help in automatically detecting the clock in and out timings as and when the employee leaves or enters the office premises.

China smart office market

The adoption of smart office enhances efficient energy usage andcomfort of the occupants. Many smart features like flexibility andcontinuous monitoring of temperature and light controllingare being preferred by the employers. Such features boost satisfaction among employees, thereby driving the demand for smart offices.

Such smart offices also help in optimizing the operations and thus allow the employers to focus on employee productivity and health. Further, rising accessibility of the internet and increasing usage of such connected devices is driving the market for IoT enabled smart offices across the globe.

Component Insights

The smart office market can be segmented into hardware, software and services based on the component type. The hardware component segment held the largest share across the global market in 2016. It is also expected to continue its dominance over the forecasted period, 2017 to 2025 on account of rapid technological advancements being carried out across this segment. This segment can be sub-segmented into types like smart lighting & controls, security systems & controls, audio-video conferencing systems, HVAC control systems, and energy management systems.

The segment of service is anticipated to register significant growth with 15.0% CAGR from 2017 to 2025.This growth can be associated to the rising deployment of cloud-based solutions coupled with the need for quality services and domain expertise.

The EMS (Energy Management Systems) is widely being adopted across the globe owing to its enhanced focus and convenience. Moreover, its rising usage for tracking energy usage is gaining popularity across several organizations. It also helps in boosting the efficiency, comfort, and productivity of employers and employees.

Office Type Insights

The smart offices market can be segmented into new construction and retrofit segment based on the office-type. The segment of retrofit held the largest share across the global market, in 2016. It is also projected to register the highest revenue in the upcoming years. This can be associated with the surging need for the adoption of several energy-saving technologies across retrofit offices.

Global smart office market

The segment of new construction is also projected to witness substantial growth from 2017 to 2025. This can be associated with the limitations while carrying out modifications in retrofit offices. Also, the flexibility offered on the construction of new constructions is more as compared to the retrofit offices.

Regional Insights

North America held the largest share across the global market, in 2016. It is also expected to continue its dominance with a CAGR of over10.0% over the forecasted period, 2017 to 2025. This can be attributed to the rising customer base across countries like the U.S. and Canada coupled with the emergence of several well-established players.

The Asia Pacific is projected to register a CAGR of more than 19.0% in the upcoming years. This can be attributed to rapid technological developments being carried out across developing countries like China and India. Further, rising service-based companies across this region are projected to boost the number of offices across urban areas.

South America is also projected to register significant growth in the upcoming years. This can be attributed to the increasing penetration of the wireless network and the internet across this region.

Smart Office Market Share Insights

The key players in the market are Cisco Systems, Inc.; ABB Ltd.; Honeywell International, Inc.; Johnson Controls; Schneider Electric; Crestron Electronics, Inc.; and Siemens AG. They are engaged in product development and innovation to gain a competitive advantage over other players.

Also, they are implementing several marketing strategies like acquisitions and mergers to widen their product reach across the globe. For example, the Carrier Corporation has introduced the latest digital solutions especially for commercial systems of HVAC in 2017. It includes a mobile application and a new equipment dashboard for visualization of enhanced system performance.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Country Scope

U.S., Canada, Mexico, Germany, U.K., France, China, Japan, India, and Brazil

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub segments. For the purpose of this study, Million Insights has segmented the global smart office market on the basis of component, office type and region:

• Component Outlook (Revenue, USD Million, 2014 - 2025)
    • Hardware
        • Security Systems & Controls
        • Smart Lighting & Controls
        • Energy Management Systems
        • HVAC Control Systems
        • Audio-Video Conferencing Systems
    • Software
    • Service

• Office Type Outlook (Revenue, USD Million, 2014 - 2025)
    • Retrofit
    • New Construction

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • U.K.
        • Germany
        • France
    • Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • MEA

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