Smart Office Market 2018: Global Projection, Comprehensive Study, Solutions, Services Forecast to 2023

Market Highlights:

The global market for smart offices is expected to grow from USD 23.60 billion in 2017 to USD 46.99 billion by 2023, at a compound annual growth rate (CAGR) of 12.16% during the forecast period. The need for integrated security and safety systems in enterprises is contributing to the growth of smart office market. Also, owing to government initiatives towards green buildings and stringent policies for environment protection, the enterprises have deployed smart offices to monitor and control overall energy consumption. This factor is encouraging offices to deploy smart energy management systems, automated lighting systems and smart HVAC systems to reduce the overall energy consumption.

However, complexity associated with replacing and upgrading the existing systems is likely to hamper the growth of the market. Increasing adoption of IoT and cloud-based platforms is expected to create potential growth opportunities for this market during the forecast period. The companies such as Siemens AG, Schneider Electric SA, Johnson Controls International PLC, Honeywell International Inc., ABB Ltd., Cisco Systems, Inc. Philips Lighting Holding B.V. among others are continuously focusing on expanding their product portfolios and are adopting inorganic strategies such as mergers and partnerships to expand their geographic presence and broaden their customer base.

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Major Key Players

• Koninklijke Philips NV.,


• Honeywell International Inc.,


• ABB Ltd.,


• Schneider,


• Electric SE.,


• Siemens AG.,


• United Technologies Corporation,


• Johnson Controls International PLC.,


• Cisco Systems Inc.,


• Crestron Electronics Inc.,


• Lutron Electronics Co. Inc.,


• Philips Lighting Holding B.V.

Report Overview

This MRFR's market research report delivers a comprehensive and unbiased analysis of key market trends in the global smart office market. It includes discussion on historical trends, current market status, consumer landscape, growth opportunities and challenges based by factful feedbacks. The primary types of smart office that have been assessed in the report are retrofit and new construction. The components covered in the report are hardware, software and services. The sub-markets that are included in the report are profiled under four major regions such as Asia Pacific, Europe, North America and the rest of the world, with respective country-level analysis.

Segmentation

The global smart office market has been segmented based on building type and component. By building type, the market has been segmented into retrofit and new construction. By component, the market has been segmented into hardware, software, and service. The hardware segment has been further segmented into smart lighting, security and access control systems, audio video conferencing systems, energy management systems, smart HVAC control systems, and fire and safety control system.

Regional Analysis

North America, Europe, Asia Pacific, and the Rest of the World are the key markets for smart office. North America is one of the strong markets for smart office owing to the presence of a large number of established enterprises and concentration of major key players in the region. High penetration of technology and substantial investment in modernization of offices also drives the market in North America.

Europe too is following North America closely and is expected to fare well in the comings years. High investment in office automation by economies such as France, Italy, Spain, Germany, and the UK support the growth of the market.

Asia Pacific market is expected to advance rapidly in the next couple of years. Growing number of SMEs in the developing economies of India, China, Japan and growth of the service sector in the region is anticipated to drive the Asia Pacific smart office market.

The Rest of the World market for smart office is also expected to have steady growth in the future. The rapid adoption of modern technologies and heightened demand for smart office solutions will drive the market.

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Research Methodology

MRFR employs its multi-layered research module to ensure the deliverance of high-quality market insights. The collaborative approach of primary and secondary research processes is utilized to carry out qualitative and quantitative analysis of historical trends, current market dynamics, growth opportunities, consumer landscape and challenges. Primary data is collected by conducting surveys and personal interviews with the key opinion maker across the value chain, which is then verified by utilizing secondary research processes that include inputs through SEC filings, paid databases, white paper references and other sources available in public domain. The collaboration of top-down and bottom-up approaches and strong data triangulation technique ensures the accuracy and objectivity of research findings.

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