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Global Smart Space Market Size, Share, Forecast: By Component: Hardware, Software, Services; By Space Type: Smart Indoor Space, Smart Outdoor Space; By Application: Energy Management and Optimisation, Layout and Space Management, Others; By End Use; Regional Analysis; Market Dynamics; Competitive Landscape; 2023-2028
Global Smart Space Market Outlook
The global smart space market size reached a value of approximately USD 22.9 billion in 2022. The market is further projected to grow at a CAGR of 13.20% between 2023 and 2028, reaching a value of USD 48.19 billion by 2028.
Key Trends in the Market
Smart space is a digital space that utilises communication methods such as networked sensors to collect data and provide it to the owners, managers, and occupants for better insight. Some of the smart space technologies include smart metering, ambient controls, intelligent lighting, and smart ventilation, among others.
- The adoption of smart devices and technologies by enterprises is increasing, to make the most of the available space and provide healthy and comfortable workspace to the employees, ensuring better productivity. This has resulted in increased demand for smart space solutions for workspace optimisation and cost savings.
- Rising disposable incomes and growing trend of home automation have encouraged people to optimise their homes through the Internet of Things and smart home technologies to improve their quality of life, resulting in the growth of the smart space market.
- Increasing environmental concerns and penetration of technology in everyday life have fuelled energy efficient building initiatives, which are majorly focussed on reducing energy consumption by using smart technologies for effective management.
Market Analysis
Based on component, the market is segmented into hardware, software, and services. On the basis of space type, the market is divided into smart indoor space and smart outdoor space. By application, the market is categorised into energy management and optimisation, layout and space management, emergency and disaster management, and security management, among others.
On the basis of end use, the smart space market is segmented into residential and commercial. Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Cisco Systems, Inc.
- Siemens AG
- Adappt Intelligence Inc.
- ABB Ltd.
- Eutech Engineering Pte. Ltd.
- Microsoft Corporation
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Schneider Electric SE
- Others
Market Share by Application
The emergency and disaster management segment is anticipated to account for a large share in the smart space market over the forecast period. With the right amount of time and information, the smart devices make it possible to act fast, which minimises or helps avoid the disaster or damage completely. Integration of smart cameras with high quality image sensors enables 24*7 monitoring, which improves the security aspect of any location. Location tracking systems among other smart devices is considered a perfect way to gather related information and predict possible hazards or problems such as fire or theft. Similarly, space-based technologies are capable of contributing to the prevention, preparedness, response, early warning, and reconstruction in case of disaster.
Market Share by Region
The smart space market in the Asia Pacific is expected to observe a significant growth during the forecast period owing to the growing adoption of advanced and innovative business-related technologies and increasing home automation. Presence of large consumer base and changing preferences of end users in countries such as China is further enhancing the growth of the market. Further, a surge in demand is expected due to increase in government-led infrastructure projects and proliferation of connected systems, owing to the ongoing trend of smart offices and homes in the region.
Competitive Landscape
Cisco Systems, Inc. was founded in 1984 and is headquartered in California, United States. The company provides information technology products and related services for various industries.
Siemens AG is an automation company that was founded in 1847. The company is headquartered in Munich, Germany and is known for power generation and distribution along with intelligent infrastructure for buildings and distributed energy systems.
Adappt Intelligence Inc. was established in 2016 and has its headquarters located in Massachusetts, United States. The IT services and consulting company specialises in energy management, sensor technology, and workspace management software, among others.
Other major players in the smart space market include ABB Ltd., Eutech Engineering Pte. Ltd., Microsoft Corporation, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation, and Schneider Electric SE, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Component |
|
| Breakup by Space Type |
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smart Space Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Space Historical Market (2018-2022)
8.3 Global Smart Space Market Forecast (2023-2028)
8.4 Global Smart Space Market by Component
8.4.1 Hardware
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Software
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Services
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.5 Global Smart Space Market by Space Type
8.5.1 Smart Indoor Space
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Smart Outdoor Space
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Smart Space Market by Application
8.6.1 Energy Management and Optimisation
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Layout and Space Management
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Emergency and Disaster Management
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Security Management
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Global Smart Space Market by End Use
8.7.1 Residential
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Commercial
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.8 Global Smart Space Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Smart Space Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Smart Space Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Smart Space Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Smart Space Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Smart Space Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Cisco Systems, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Siemens AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Adappt Intelligence Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 ABB Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Eutech Engineering Pte. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Microsoft Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Hitachi, Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Huawei Technologies Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 IBM Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Schneider Electric SE
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smart Space Market: Key Industry Highlights, 2018 and 2028
2. Global Smart Space Historical Market: Breakup by Component (USD Billion), 2018-2022
3. Global Smart Space Market Forecast: Breakup by Component (USD Billion), 2023-2028
4. Global Smart Space Historical Market: Breakup by Space Type (USD Billion), 2018-2022
5. Global Smart Space Market Forecast: Breakup by Space Type (USD Billion), 2023-2028
6. Global Smart Space Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Smart Space Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Smart Space Historical Market: Breakup by End Use (USD Billion), 2018-2022
9. Global Smart Space Market Forecast: Breakup by End Use (USD Billion), 2023-2028
10. Global Smart Space Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Smart Space Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Smart Space Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Smart Space Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Smart Space Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Smart Space Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Smart Space Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Smart Space Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Smart Space Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Smart Space Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Smart Space Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Smart Space Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Smart Space Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 22.9 billion in 2022.
The market is projected to grow at a CAGR of 13.20% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 48.19 billion by 2028.
The key drivers in the market are increasing focus on effective space management and associated cost reductions, growing penetration of advanced technologies, and rapid digitalisation.
The key trends of the market are increasing focus on energy management for buildings, growing popularity of home automation, and increasing adoption of smart devices.
The various components of smart space solutions are hardware, software, and services.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players in the smart space market are Cisco Systems, Inc., Siemens AG, Adappt Intelligence Inc., ABB Ltd., Eutech Engineering Pte. Ltd., Microsoft Corporation, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation, and Schneider Electric SE, among others.
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