Market Highlights
Smart offices are modern workplaces which rely on latest technologies for assisting employees in their daily tasks. The need for collaboration and unity for achieving targets in a deadline-driven environment can warrant the need for desk applications. The trend of bring-your-own-devices (BYOD) can usher in a new age of energy efficiency and more useful utilization of time and resources. The global smart office market report by Market Research Future (MRFR) looks at changing attitudes of employees and employers, impact of digitization, and other trends to look for the period of 2018 to 2023 (forecast period). The implications of the COVID-19 pandemic on the industry are analyzed in the report.
Market Scope
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 integration of latest security systems in offices to amp up the defense of offices can favor the market. Initiatives with employing green technologies for saving on energy costs and using devices for monitoring energy consumption can be viable for countries. The centralization of office resources and use of the Internet to offer a comfortable work environment for employees can boost their morale and bolster the demand for smart offices during the forecast period. Emergence of various IT parks and encouragement for new small and medium enterprises owing to government schemes can favor the market growth. The trend of agile working and the large millennial workforce can provide plethora of opportunities to the global smart office market in the coming years.
But complexities with replacing legacy systems can pose a challenge to the market.
Segmentation:
Based on the component, the smart office industry is segmented into hardware, software, and service. The hardware segment is further segmented into security systems, audio–video conferencing systems, smart lighting, energy management system, and smart HVAC system. The smart lighting segment is further segmented into smart bulbs, fixtures, and lighting controls. Lighting controls segment is further segmented into relay units, LED drivers and ballasts, switches, and gateways. Security systems segment is further segmented into access controls, fire & safety controls, and surveillance cameras/video surveillance. Access control segment is further segmented into card-based systems/card-based readers, biometric systems/biometric readers, and electronic locks. Similarly, energy management systems comprise includes load control switches, in-house displays, smart thermostats, and smart plugs. Smart HVAC control system is further segmented into sensors, control valves, smart vents VAV & FCU controllers, heating & cooling coils, actuators, dampers, and pumps & fans. The sensors sub-segment is further segmented into flow sensors, temperature sensors, humidity sensors, pressure sensors, occupancy sensors, and others. Audio–video conferencing systems segment is further segmented into video conferencing systems, audio, volume, & multi-media room controls, and touch screens & keypads. Lastly, the services segment is further segmented into managed services, advisory & consulting services, and installation & support services.
On the basis of office type, the smart office market is bifurcated into retrofit offices and new construction offices.
Regional Analysis
The geographical analysis of smart office market is done for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is dominating the smart office market owing to increasing security concerns among organizations and availability of better technological infrastructure in this region. The use of hot desking applications for booking conference rooms for meetings and saving on time can drive the market demand. The surge in productivity and retention of talented employees can act as an incentive for companies to adopt the software.
APAC is expected to be the fastest growing region due to rapid adoption of modern technologies to improve energy consumption. New design ideas deemed to provide a mixture of comfort and safety as well support internet of things (IoT) can bolster the demand in the global smart office market.
Competitive Outlook
Crestron Electronics, Inc., Siemens AG, Honeywell International Inc., Lutron Electronics Co. Inc., Cisco Systems, Inc., Johnson Controls International PLC, Philips Lighting Holding B.V, Schneider Electric SA, ABB Ltd., and United Technologies Corporation are major manufacturers of equipment and devices in the global smart office market.