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.
Various factors are propelling the global smart spaces market growth. As per the recent MRFR report, these factors include the proliferation of IoT, increasing green building initiatives, growing environmental concerns, rise in urban population, technological advances such as 5G, demand for smart cities, development in economy, and the key benefits that smart spaces offer such as increase energy efficiency, make life less complex and easier, & improve professional and personal productivity.
On the contrary, increasing initial capital expenditure, security breach, growing risk in data privacy, and the current COVID-19 effect are factors that may limit the global smart spaces market growth over the forecast period.
The MRFR report provides an inclusive segmental analysis of the global smart spaces market 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.
Based on the region, the global smart spaces market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa. Among these, North America will dominate the market over the forecast period. The presence of several solution vendors in the US, the availability of high technical expertise, and the rising number of partnerships are adding to the global smart spaces market growth in the region.
The global smart spaces market in the APAC region is predicted to have healthy growth over the forecast period. Rapid urbanization in Vietnam, India, and China, favorable initiatives by the government to boost smart mobility services in cities that are densely populated, increasing technology expenditures, demand for cost-effective analytical services and software among SMEs, and prevalence of digital technology are adding to the global smart spaces market growth in the region.
The global smart spaces market in Europe is predicted to have notable growth over the forecast period. Growing demand for a flexible workplace coupled with the increasing availability of commercial properties that are dedicated to coworking spaces is adding to the global smart spaces market growth in the region.
The global smart spaces market in the MEA is predicted to have sound growth over the forecast period. Increasing smart city initiatives and technological advances are adding to the global smart spaces market growth in the region.
Notable players profiled in the global smart spaces market report include Adappt (US), Ubisense (UK), Hitachi Vantara Corporation (US), Smart Space Software Plc (UK), Smarten Spaces (Singapore), Schneider Electric (France), Huawei Technology Co Ltd (China), Eutech Cybernetic Pte. Ltd (Singapore), FASEAS SPACEWELL (Belgium), Siemens AG (Germany), Coor (Sweden), ICONICS, Inc. (US), Cisco Systems Inc., (US), and ABB (Switzerland).
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