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Smart Offices Market with Future Prospects, Key Player, Swot Analysis and Forecast To 2026

Author: Rohit Sohel
by Rohit Sohel
Posted: Mar 26, 2020

Market Overview

A smart office is an advanced workplace where technology aids employees to work faster, better, and smarter. Smart offices are enabled with modern technological equipment’s such as beacons, sensors, and mobile apps, which help employees to perform the tasks in efficient and faster manner. This allows employees to dedicate their time for strategizing and business planning. Smart office majorly focuses on understanding and gaining insights of the problems and challenges faced by employees and designing a solution, which will aid in providing better environment at workplace. Rapid adoption of Internet of Things (IoT) with implementation of IoT sensors and IoT devices, along with cloud computing services and analytics is the major factor boosting growth of the market. According to Coherent Market Insights’ analysis, Asia Pacific is expected to be the fastest growing region in the global smart office market during the forecast period, owing to promotion of clean environment in the buildings and power management and conservation.

Global smart office market is expected to witness significant growth during the forecast period (2018–2026). The market growth is majorly attributed to increasing adoption of smart offices for different applications in energy management and saving. For instance, IoT enabled lights reduce energy usage by switching off the lights when not in use. Furthermore, as per Coherent Market Insights analysis, growth of the smart offices market is propelled by the major advancement in IoT technology. For instance, according to CMI analysis, the number of IoT connected devices was 25 billion in 2017and is expected to witness high growth during the forecast period.

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Market Dynamics

The global smart office market growth is attributed to rise in demand for construction industry, which is expected to increase number of building infrastructure in an innovative and cost-effective way, in turn creating opportunities for the smart office solution providers. According to CMI analysis Asia Pacific commercial construction market was valued at US$ 1,341 billion in 2017, and is expected to reach US$ 2,489 billion by 2021. Moreover, various smart structure initiatives by government are expected to create lucrative opportunities for vendor in the global market. For instance, Malaysian government implemented a Green Project, which is expected to propel demand for smart infrastructure, in turn driving growth of the smart office market. The project will focus on the enabling policy environment by providing better support to maximum adoption and implementation of the National Sustainable Consumption and Production Blueprint. It also focusses on assisting Malaysia in achieving its 11th Malaysia Plan target of 20% of selected groups of Product and services in government procurement to be green procurement by the 2020. Therefore, growing advancements in infrastructure projects and implementation of projects by government such as Smart Cities, Smart Nation, and Green Project for energy efficiency are expected to offer lucrative opportunities to the market players.

Detailed Segmentation:

Global Smart Office Market, By Component:

Software

Hardware

Services

Global Smart Office Market, By Product Type:

Smart Light

Security Systems

Energy Management Systems

Audio-Video Conferencing Systems

Global Smart Office Market, By Office Type:

Retrofit Office

New Construction Office

Global Smart Office Market, By Geography:

North America

By Component:

Software

Hardware

Services

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Some of the key players operating in the global smart office market include ABB Ltd., Cisco Systems, Inc., Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls International PLC, Lutron Electronics Co. Inc., Philips Lighting Holding B.V., Miracle Group Inc., Siemens AG, Schneider Electric SA, Sensorsuite Inc., United Technologies Corporation, and others.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Name: Mr. Raj Shah

Phone: US +12067016702 / UK +4402081334027

Email: sales@coherentmarketinsights.com

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About the Author

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis,

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Author: Rohit Sohel

Rohit Sohel

India

Member since: Feb 06, 2020
Published articles: 12

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