Smart Office Market Report: Share, Growth, Statistics, Competitor Landscape, Trends and Forecasts

Market Highlights

Smart Office Market 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.

Smart office refers to high-tech offices that leverage advanced technology to make the physical work environment intelligent and automate routine tasks. By incorporating Internet of things, machine learning, interconnectivity & control systems, and other technologies, companies can reduce their energy consumption, improve employee morale, and increase the efficiency of business operations. Deployment of smart office system in the organization can also enable better connectivity among various infrastructure systems, improves employees’ productivity, and streamlines business processes.

According to MRFR analysis, by 2019, artificial intelligence would drive voice-enabled virtual assistant in enterprises, thereby automating everyday task and speeding up work processes. The growing adoption of web real-time communication (WebRTC) allows real-time conferencing and communication through the browser with high-quality video and audio streaming. This provides greater flexibility in scheduling video conferences. Certain government regulations including occupational safety and health administration (OSHA) and American National Standards Institute (ANSI) support worker safety and are encouraging organizations to adopt smart office systems, which is acting as a major driving factor for smart office market.

Segmentation:

The Smart Office Market Report is segmented on the basis of component, office type, and region.

Based on the component, the market is segmented into hardware, software, and service. The hardware segment is further segmented into smart lighting, security systems, energy management system, smart HVAC system and audio–video conferencing systems. The smart lighting segment is further segmented into smart bulbs, fixtures, and lighting controls. Lighting controls segment is further segmented into led drivers and ballasts, switches, relay units, and gateways. Security systems segment is further segmented into access controls, surveillance cameras/video surveillance and fire & safety controls. Access control segment is further segmented into biometric systems/biometric readers, card-based systems/card-based readers and electronic locks. Energy management systems segment includes in-house displays, smart thermostats, load control switches, and smart plugs.

Smart HVAC control system is further segmented into sensors, control valves, heating & cooling coils, dampers, actuators, pumps & fans, smart vents VAV & FCU controllers. Sensors segment is further segmented into temperature sensors, humidity sensors, occupancy sensors, pressure sensors, flow sensors and others. Audio–video conferencing systems segment is segmented into audio, volume, & multi-media room controls, video conferencing systems, and touch screens & keypads. The services segment is further segmented into advisory & consulting services, installation & support services and managed services.