The Global Smart Offices Market size was valued at $32.13 billion in 2020 and is projected to reach $91.68 billion by 2030, registering a CAGR of 11.67% from 2021 to 2030.
A smart office maximizes efficiency by using best practices for resource management. Organizations now use many forms of technology to improve the workplace. It aims to improve the working environment and introduce simplicity for employees. Smart office systems use automated sensors, systems, new communication networks, and infrastructure to provide wireless data transmission and centralized control for data analysis and monitoring. Automatic lighting and new HVAC systems are deployed in commercial spaces for efficient energy management, which is a major reason for the growing demand for smart offices worldwide.
Market Dynamics:
Drivers:
The smart office market is witnessing an increasing degree of adoption of IoT and cloud-based platforms by its target audience spread across different regions of the world during the forecast period. This is creating great growth opportunities for global growth. Additionally, the industry's technical developments are crucial in helping businesses to pursue unique and creative strategies that will benefit their target clients and enable them to extend their services and operations to win the race for the top spot in the competitive smart office market.
Restraints:
However, the smart office market analysis predicts that the market will be exposed to some risks limiting the global growth targets of the market over the forecast period ending in 2023. Once these management and smart systems are installed, the difficulty associated with upgrading and automating these systems increases.
The replacement process is time-consuming and may hamper market budgets if required frequently. Therefore, smart office market participants must address these challenges and take steps for growth as per the projections presented during the ongoing forecast period of 2018-2023.
Key players:
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Siemens AG
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Philips Lighting Holding B.V
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Cisco Systems, Inc.
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Schneider Electric SA
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Lutron Electronics Co. Inc.
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United Technologies Corporation
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ABB Ltd.
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Crestron Electronics, Inc.
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Honeywell International Inc.
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Johnson Controls International PLC
Market Segmentation:
Smart Offices Market, By Offering
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Hardware
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Software
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Service
Smart Offices Market, By Product Type
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Smart Lighting
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Smart Bulbs
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Fixtures
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Lighting Controls
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Led Drivers & Ballasts
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Sensors
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Switches
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Others
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Intelligent Security Systems
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Energy Management Systems
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Network Management Systems
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Audio-Video Conferencing Systems
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Others
Smart Offices Market, By Connectivity Technology
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Wireless Technologies
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Wi-Fi
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ZigBee
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Bluetooth/BLE
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Others
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Wired Technologies
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Digital Addressable Lighting Interface (DALI)
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Power Line Communication (PLC)
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Others
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Smart Offices Market, By End User
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Commercial
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Residential
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Industrial
Smart Offices Market, By Region
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North America
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U.S.
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Italy
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Rest of Asia-Pacific
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LAMEA
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Latin America
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Middle East
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Africa
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Regional Analysis:
The global smart offices market is segmented into North America, Asia Pacific, Europe and the Rest of the World. North America is expected to be the fastest-growing region for the smart office market during the forecast period, owing to increasing sales of smart devices such as smart lighting, IoT solutions, smart software, and smart communication devices. The growth of the construction industry in recent years has benefited the smart office market. The growing number of startups in urban areas is increasing the demand for smart office solutions.
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Report Metric |
Details |
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Market Size Available for Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Offering, Technology, Application, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, and LAMEA |
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Companies Covered |
Siemens AG, Philips Lighting Holding B.V, Cisco Systems, Inc., Schneider Electric SA, Lutron Electronics Co. Inc., United Technologies Corporation, ABB Ltd., Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls International PLC |
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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