Smart Spaces Market 2024: Comprehensive Study Explores Huge Revenue Scope in Future
- ehteshampeerzade
- Nov 5, 2020
- 3 min read
Market Highlights
The integration of Internet of Things (IoT), coupled with efforts to modernize workspaces, is likely to boost the growth pattern of the global market over the next couple of years. Efficiency and optimum productivity are the two key advantages offered by the technology, which is anticipated to catalyze the expansion of smart spaces market in the forthcoming years.
The surge of technology on a global scale is anticipated to fuel the progress of thr smart spaces market 2020 in the coming years. The insights into the industry of information and communication technology advanced by Market Research Future, which focusses on reports on industry verticals that appraise the market possibilities for development. A CAGR of 16.4% is expected to promise the development of the market’s revenue to USD 27,074 million by 2024.
Proliferating applications across different industry verticals is likely to reflect on the growth curve of the market in the upcoming years. Rapid urbanization in emerging economies such as China, India, and Brazil, among others is poised to open new growth avenues across the evaluation period. However, factors such as security concerns, high deployment cost, and lack of technical expertise can pose challenges to the market participants in the nearby future.
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Regional Analysis:
The geographical analysis of the global smart spaces market has been carried upon in this MRFR report on a country-level and regional basis. The major regions profiled in this report are - North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. North America dominated the market in 2018 and is expected to maintain its control over a substantial share of the smart spaces market in the forthcoming years. The presence of key players is expected to emerge as the driving factor of the smart spaces market in the region over the next few years. In addition, the presence of a skilled workforce is anticipated to further increase the growth rate of the regional market over the next few years.
Segmentation:
The segmental overview of the smart spaces market has been conducted on the basis of application, component, premise type, and region. On the basis of premise type, the smart spaces market has been segmented into residential areas, commercial areas, and others. On the basis of application, the market for smart spaces has been segmented into emergency management, energy management & optimization, and security management. Based on the regions, the smart spaces market is segmented into Asia Pacific, North America, Europe, South America, the Middle East, and Africa. On the basis of component, the smart spaces market has been bifurcated into solutions and services.
Competitive Dashboard:
ABB (Switzerland), ICONICS, Inc. (US), Cisco Systems Inc., (US), Coor (Sweden), FASEAS SPACEWELL (Belgium), Siemens AG (Germany), Eutech Cybernetic Pte. Ltd (Singapore), Schneider Electric (France), Smarten Spaces (Singapore), Huawei Technology Co Ltd (China), Smart Space Software Plc (UK), Ubisense (UK), Hitachi Vantara Corporation (US), and Adappt (US) are some of the major participants operating in the global smart spaces market. Technological innovations are the key area of research which is likely to attract massive investments over the next couple of years. This, in turn, is expected to boost the competition in the market in the upcoming years. Key players are supposed to opt for inorganic growth strategies such as mergers & acquisitions, agreements, collaborations, partnerships, etc., which is poised to support the expansion of the smart spaces market in the foreseeable future. The organic growth of the market leaders can be accredited to increasing product launches, product development, and integration of technologies such as digital twins, augmented reality (AR) artificial intelligence (AI), and virtual reality (VR).
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