The global smart spaces market is predicted to touch USD 27,074 million at a 16.4% CAGR between 2017- 2024 states the recent Market Research Future (MRFR) analysis. Smart spaces, simply put, are environment which are equipped with visual and audio sensing system which can help in recognizing and reacting to people sans the need to wear special equipment. It has wide applications in security management, emergency management, and energy management & optimization.
Top Drivers and Main Challenges
The smart space market size can expand considerably in the next few years, mainly owing to the surging urbanization as well as industrialization. Smart spaces can be described as the modification of the available home space and office using advanced equipment and technology. Smart space helps make the entire space more convenient and connected. Digitization has become the core of living, which has made smart facilities highly imperative.
Players in the smart spaces market are working on upgrading the emergency management system within the business areas. With the aim to achieve this, the companies are making use of advanced camera that helps them monitor the premise properly and also conduct various other functionalities. In addition, companies are focused on optimizing data and technology that can further enhance the emergency management departments around the world.
Numerous benefits of smart spaces include adequate energy management as well as optimization. This facilitates a massive reduction in energy consumption within the building, which acts as a significant factor boosting growth of the smart space market. Apart from this, smart space helps ensure the safe working of the device in monitoring, network and maintain the environmental quality in the work space.
The MRFR report provides an inclusive segmental analysis of the global smart spaces market share based on premise type, application, and component.
By component, the global smart spaces market is segmented into services and solutions. The services segment is again segmented into managed services and professional services. The professional services is again segmented into support and maintenance services, deployment and integration services, and consulting services. Of these, the solutions segment will lead the market over the forecast period.
By application, the global smart spaces market is segmented into security management, emergency management, and energy management & optimization. Of these, the emergency management segment will dominate the market over the forecast period.
By premise type, the global smart spaces market is segmented into residential areas, commercial areas, and others. Of these, the commercial areas will spearhead the market over the forecast period.
The global market for smart spaces has been regionally categorized into Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), North America and South America.
In 2018, North America was the leading market for smart spaces and there is a high possibility of it maintaining its top position throughout the review period. The market growth in the region is the result of the presence of highly skilled workforce combined with the high concentration of giants like IBM Corporation, SmartSpace Software Plc and Cisco System Inc. In the coming years, the U.S IoT market can expand at a substantial rate since numerous industries and applications are benefitting from the use of increased connectivity of devices. The rising popularity of smart home systems has increased significantly in the households in the region, which benefits the smart spaces market as well.
APAC can grow at the fastest rate in the global smart spaces market in the upcoming years. The region is doing extremely well on account of the increasing number of smart city initiatives in India, China and Vietnam. The rising need to connect the remote and rural communities to the national grid along with the increasing need to deal with electricity outages also helps the smart space market achieve further success in the region.
The leading players competing in the worldwide market for smart spaces are Eutech Cybernetic Pte. Ltd (Singapore), ICONICS, Inc. (US), Adappt (US), Siemens AG (Germany), Coor (Sweden), Hitachi Vantara Corporation (US), Huawei Technology Co Ltd (China), Schneider Electric (France), ABB (Switzerland), Smart Space Software Plc (UK), Ubisense (UK), Smarten Spaces (Singapore), FASEAS SPACEWELL (Belgium), Cisco Systems Inc., (US), to name a few.
Also Read: https://www.marketwatch.com/press-release/smart-spaces-market-to-touch-usd-27074-million-at-164-cagr-by-2024-smart-spaces-market-size-share-challenges-opportunities-and-covid-19-analysis-2020-10-20