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.
Browse full
research report on Smart Office Market: 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).
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/technology
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
- Security
Systems & Controls
- Smart
Lighting & Controls
- Energy
Management Systems
- HVAC
Control Systems
- 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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Asia
Pacific
- China
- Japan
- India
- South
America
- Brazil
- Middle
East & Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-smart-office-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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