Global Smart Office Market Will Reach USD 49.7 Billion By 2024: Zion Market Research

Wall Street Business News

According to the report, the global smart office market was valued at around USD 21.2 billion in 2017 and is expected to reach approximately USD 49.7 billion by 2024, at a CAGR of slightly above 12.98% between 2018 and 2024.

New York, NY, Jan. 11, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Smart Office Market by Product (Smart Lighting, Security and Access Control System, Energy Management System, Smart HVAC Control System, Audio Video Conferencing System, Fire and Safety Control System, Dampers, Actuators, Pumps & Fans, Smart Vents, and VAV and FCU Controllers), by Building (Retrofit and New Building), by Component (Hardware, Software, and Service), and by End-User (IT and Telecom, BFSI, Healthcare, Education, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’. According to the report, the global smart office market was valued at around USD 21.2 billion in 2017 and is expected to reach approximately USD 49.7 billion by 2024, at a CAGR of slightly above 12.98% between 2018 and 2024.

Smart offices are designed by integrating various advanced technologies, with the intention to simplify an organization’s operational processes. These offices are developed by integrating technically enhanced smart devices and network-based devices. Smart offices are globally trending due to the numerous benefits offered by them, such as low energy consumption and minimal networking complexity.

Browse through 91 Tables & 42 Figures spread over 151 Pages and in-depth TOC on “Global Smart Office Market Size & Share 2017: By Product Type, Technology, Trends, Applications, Analysis and Forecast 2024”.

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The rising integration of Internet of Things (IoT) in smart office is anticipated to drive the smart office market in the forecast time period. IoT has simplified the internetworking of smart devices, thereby enhancing overall employee productivity. Integration of IoT with smart offices is highly preferred in small- and medium-sized enterprises to increase work flexibility and improved connectivity. Huge dependency on cloud computing technology has propelled the demand for IoT solutions. The growing adoption rate of IoT enabled offices is likely to escalate the smart office market in the future. According to Gartner, more than 8.4 billion devices IoT devices were used by 2017 and the count is anticipated to reach 20.4 billion by 2020. However, high capital investments required to design and develop smart offices might hinder the smart office market expansion in the future. Moreover, strict government regulations with respect to employee’s workplace safety, such as ANSI and OSHA, have escalated the demand for security devices, such as camera and electronic locks.

The smart office market is segmented on the basis of product, building, component, and end-user. The product segment includes energy management system, smart HVAC control system, smart lighting, security, and access control system, audio-video conferencing system, fire, and safety control system, actuators, dampers, smart vents, pumps and fans, and VAV and FCU controllers. The component segment includes hardware, software, and service. Audio video conferencing systems are anticipated to grow rapidly in the future, due to the emergence of telepresence. The building segment includes retrofit and new building. The component segment includes hardware, software, and service. IT and telecom, BFSI, healthcare, education, and others comprise the end-user segment of this market. The emergence of IT infrastructure globally is likely to fuel the IT and telecom segment in the upcoming years.

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By geography, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is observed to contribute a significant share in this global market. The prime reason driving the market demand in the region is the escalating security concerns of large-scale enterprises. Numerous renowned North American companies are introducing technically advanced products for delivering impressive services to their customers. In this region, the U.S. is observed to hold the largest share due to the presence of General Electric, Phillips 66, and Apple among others.

Europe is projected to hold a prominent market share in this global market in the future. It is one of the economically stable regions with a high disposable income of citizens. London has among the highest land rates for office spaces. As the architecture of smart offices can be changed as per requirement, this region is expected to witness good market growth in the forecast time period.

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The Asia Pacific is anticipated to be the fastest growing region in the forecast time period, owing to rapid urbanization and industrialization. The rising standard of living in developing countries, such as India and China, has enforced various regional organizations for the refurbishment of existing premises infrastructure. Moreover, favorable government initiatives in India, Singapore, and China are likely to further drive this regional market’s growth in the years ahead.

The Latin American smart office market is likely to be driven by the rising number of mobile devices, such as smartphones and laptops. Furthermore, many enterprises are observed to be investing in establishing a connected office for attaining efficient operation workflow.

Browse the full “Smart Office Market by Product (Smart Lighting, Security and Access Control System, Energy Management System, Smart HVAC Control System, Audio Video Conferencing System, Fire and Safety Control System, Dampers, Actuators, Pumps & Fans, Smart Vents, and VAV and FCU Controllers), by Building (Retrofit and New Building), by Component (Hardware, Software, and Service), and by End-User (IT and Telecom, BFSI, Healthcare, Education, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” Report at https://www.zionmarketresearch.com/report/smart-office-market

The region’s flourishing IT sector is likely to fuel the Middle Eastern and African smart office market in the upcoming years. In this region, IT companies are investing in automating functions for optimizing their workforce efficiency. The rising number of smart electronic devices is likely to drive the market in the GCC countries over the estimated timeframe.

Some key players operating in the smart office market include Honeywell International, Inc., ABB Ltd., Cisco Systems, Johnson Controls International PLC, Crestron Electronics, Inc., Siemens AG, Lutron Electronics Co., Inc., and United Technologies Corporation.

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This report segments the global smart office market into:

Smart Office Market: Product Analysis

  • Smart Lighting
  • Security and Access Control System
  • Energy Management System
  • Smart HVAC Control System
  • Audio Video Conferencing System
  • Fire and Safety Control System
  • Dampers
  • Actuators
  • Pumps and Fans
  • Smart Vents
  • VAV and FCU Controllers

Smart Office Market: Building Analysis

  • Retrofit
  • New Building

Smart Office Market: Component Analysis

  • Hardware
  • Software
  • Service

Smart Office Market: End-User Analysis

  • IT and Telecom
  • BFSI
  • Healthcare
  • Education
  • Others

Smart Office Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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