The global smart office market value was US$ 31.35 billion in 2020. The global smart office market is forecast to reach US$ 90.61 billion by 2030, with a growing compound annual growth rate (CAGR) of 11% during the forecast period from 2021-2030.
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Smart office technology makes tasks more efficient and flexible with the help of network-based devices. In order to plan and perform work efficiently, it makes use of technologies such as sensors, automated systems, and advanced communication structures. Smart offices offer numerous benefits, including cloud storage, schedule management, enhanced customer satisfaction, risk management, resource utilization, and high investment returns.
Factors Influencing the Market Growth
The global smart office market will grow because of several factors, including the rise of safety and security systems in the workplace, the advancement of IoT in smart office applications, and the surge in demand for sensor-based networks for energy efficiency.
The growing need for energy efficiency and supportive industry standards & regulations are the main factors impacting the demand of the global smart office market.
Data breaches and IT and network security restrictions tend to be the primary obstacle to the growth of the global smart office market.
Government initiatives to reduce energy emissions from public and old buildings are benefitting the market. For example, The General Services Administration of the United States recently signed a contract with IBM to install smart building technology in 50 of the federal government’s most energy-efficient buildings. It is driving the smart office market globally.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Smart Office Market.
Impact Analysis of COVID-19
Globally, the COVID-19 outbreak has created havoc on society and the economy. The outbreak of COVID-19 has adversely affected the global smart office market. Due to the increased number of COVID-19 cases across various countries, business and manufacturing units across these countries closed and are likely to remain closed through 2021. In addition, partial or complete supply chain disruptions have made it difficult for manufacturers to reach customers. Thus, COVID-19 has negatively affected the global smart office market.
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The Asian Pacific region (APAC) is expected to grow the fastest during the forecast period. The rest of the world is likely to follow the trends. China and India, two economies in the APAC region, are experiencing a rapid rise in the internet of things (IoT) concept. Technological advancements in the market are resulting in good growth of the global smart office market during the forecast period.
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
The leading prominent companies in the global smart offices market are;
Cisco Systems Inc.
Honeywell International Inc.
Johnson Controls International Plc
Lutron Electronics Co. Inc.
Philips Lighting Holding B.V. (Signify Holding)
Schneider Electric S.E.
Other Prominent Players
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Scope of the Report
The global smart office market segmentation focuses on Offering, Product Type, Connectivity Technology, End User, and Region.
Segmentation based on Offering
Advisory and Consulting Services
Installation and Support Services
Segmentation based on Product Type
Smart Lighting/Lighting Controls
LED Drivers and Ballasts
Switches & Dimmers
Biometric Systems/Biometric Readers
Card-Based Systems/Card-Based Readers
Surveillance Cameras/Video Surveillance
Fire and Safety Controls
Energy Management Systems
Load Control Switches
HVAC Control Systems
Heating and Cooling Coils
Pumps & Fans
VAV and FCU Controllers
Audio-Video Conferencing Systems
Audio, Volume, and Multimedia Rooms Controls
Video Conferencing Systems
Touch Screens & Keypads
Segmentation based on Connectivity Technology
Digital Addressable Lighting Interface (DALI)
Power Line Communication (PLC)
Power Over Ethernet (PoE)
Building Automation & Control Network (BACnet)
Segmentation based on End-User
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Segmentation based on Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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