The global smart office market size is
expected to reach USD 57.05 billion by 2025, according to a new report by Grand
View Research, Inc., registering a CAGR of 13.2% over the forecast period.
Organizations are constantly evolving due to changing workforce demographics
and technological expectations of modern employees and employers. As a result,
a large number of organizations across the globe are anticipated to shift
toward smart offices. Rising concerns regarding energy consumption are also
likely to augment the market.
Growing adoption of Internet of Things (IoT) is
estimated to stoke the growth of the market as IoT enables inter-networking of
physical devices through actuators, sensors, network connectivity, and
software. Employers are able to improve employee productivity while increasing
flexibility of work environment with better connectivity. However, concerns
associated with privacyandmalicious attacks are poised to inhibit the growth of
the market.
Energy management systems (EMS) offer advantages
such as measuring energy efficiency improvements, analyzing energy data for
better decision-making, and optimization of energy consumption. Audio-video
conferencing systems help reduce travelling time and costs by providing a
platform to share and collaborate ideas from remote locations. Surging demand
for these hardware systems is projected to provide a fillip to the overall
market.
Rising popularity of smart office technology is
motivating manufacturers to invest in research and development activities for
creating cost-effective, reliable, and improved products. Manufacturers are
pouring substantial funds into development of new products for providing better
user experience, which is expected to trigger the growth of the market.
For More Details Please Visit @:
https://www.grandviewresearch.com/industry-analysis/smart-office-market
https://www.grandviewresearch.com/industry-analysis/smart-office-market
Further key findings from the study suggest:
·
Smart office technology
enhances experience of employees in terms of integration, intelligence, and
intuitiveness
·
By component,
the service segment is likely to post the highest CAGR of 15.0% over the
forecast period
·
The retrofit
segment dominated the market in 2016, with a valuation of USD 14.30 billion.
The segment will retain its lead position through 2025
·
The North
American region accounted for the largest share of just over 55 % in 2016
·
Key industry
participants include ABB Ltd. (Switzerland); Honeywell International, Inc.
(U.S.); Johnson Controls (U.S.); Schneider Electric (France); and Siemens AG
(Germany).
Grand View Research has segmented the global smart
office market based on component, office type, and region:
Smart Office
Component Outlook (Revenue, USD Million, 2014 - 2025)
·
Hardware
o
Security Systems
& Controls
o
Smart Lighting
& Controls
o
Energy
Management Systems
o
HVAC Control
Systems
o
Audio-Video
Conferencing Systems
·
Software
·
Service
Smart Office
Type Outlook (Revenue, USD Million, 2014 - 2025)
·
Retrofit
·
New Construction
Smart Office
Regional Outlook (Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
U.K.
·
Asia Pacific
o
China
o
Japan
o
India
·
South America
o
Brazil
·
Middle East
& Africa
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