Market Highlights
According to MRFR analysis, the global smart spaces market was valued at USD 9.4 Billion in 2018; it is expected to reach USD 27.0 Billion, growing at a CAGR of 16.4% during the forecast period. The market growth is attributed to surging demand for congestion-free mobility services, rising adoption of disruptive technologies such as digital twin, augmented reality and virtual reality, adoption of smart building solutions, and increasing inclination of end users toward green building solutions.
Smart spaces are slowly becoming an inevitable part of the development of the society, with increased technological devices and gadgets percolating day to day activities. The advancement of smart workspaces is anticipated to stimulate the growth of the market for smart spaces globally.
Segmentation:
The segmental overview of the smart spaces market trens have 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.
Detailed Regional Analysis
By region, the global smart spaces market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Asia-Pacific is expected to be the fastest-growing smart spaces market over the next few years. The market growth is due to rapid urbanization in emerging economies such as China, India, and Vietnam and government initiatives to boost the smart mobility services in the densely populated cities. North America accounted for the largest market in 2018 owing to the availability of high technical expertise in the US and Canada.
Competitive Analysis
The innovation levels in the market are likely to rise in the coming years due to increased investment and availability of talent in the market. The market is projected to acquire an increased momentum owing to the demand levels that are prevalent in the market. The regulations being put into operation by the government and trade specialists on the global level are indicative of the favorable they have on the international market development. The stakeholders in the market are undertaking strategies that will accelerate and revitalize the growth of the market on a global scale. The revamping of the product range in the market is expected to open up new opportunities for advancement in the coming period. The diversification in inclinations of the consumers in the market is expected to boost the progress of the market in the forecast period. The development of assets of the supply chain is expected to set a favorable tone for the growth of the market in the forecast period.
The eminent contenders in the smart spaces market are Cisco Systems Inc., (US), ABB (Switzerland), Coor (Sweden), FASEAS SPACEWELL (Belgium), ICONICS, Inc. (US), Ubisense (UK), Siemens AG (Germany), Huawei Technology Co Ltd (China), Schneider Electric (France), Eutech Cybernetic Pte. Ltd (Singapore), Smart Space Software Plc (UK), Smarten Spaces (Singapore), Hitachi Vantara Corporation (US), and Adappt (US).
Industry Updates:
Dec 2019 RIZE, Inc., a color 3D printer manufacturer, has announced a collaboration with software company Dassault Systèmes that will intend to direct the implementation of additive manufacturing. Through the partnership, the businesses will together offer a multipurpose 3D printing solution to consumers in the North American region that will back a range of services and applications, covering tooling, prototyping, and end-use production. The grouping of RIZE’s Smart Spaces and the 3DEXPERIENCE platform delivers a robust package to aid consumers in better realizing the importance of this transformative technology.
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