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The smart office solutions market size is estimated to grow at a CAGR of 13.5% between 2022 and 2027. The size of the market is forecast to increase by USD 2,919.08 million. The growth of the market depends on several factors, including the increase in the number of startups, the increasing adoption of IoT in business solutions, and the rising spending on IT technologies.
This report extensively covers market segmentation by product (smart security systems, smart EMS, HVAC control systems, smart lighting systems. and audio-video conferencing systems), technology (wireless technologies and wired technologies), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increase in the number of startups is notably driving the smart office solutions market growth, although factors such as issues in integrating smart office solutions into existing systems may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Smart Office Solutions Market Driver
The increase in the number of startups is the key factor driving the global smart office solutions market growth. The rise in the number of technology startups entering the market in focus is expected to drive the growth of the market in focus during the forecast period. The growth of the market in focus is mainly driven by the rise in investments in startups by venture capitalists and other companies. Well-established companies in the IT sector are focusing on creating a brand for specialized services by investing in startups.
Wipro, one of the leading IT companies, is a key investor in numerous startups, such as Tricentis, an Australian software testing firm, and Drivestream, a cloud services firm based in the US. These startups primarily focus on AI, big data and analytics, and cloud services, which are used for integrating smart office solutions. Thus, the overall increase in the number of startups is expected to drive the growth of the market during the forecast period.
Key Smart Office Solutions Market Trends
The increasing number of M&A activities will fuel the global smart office solutions market growth. The market is growing due to the increasing number of enterprise expansions. In order to gain a competitive edge, vendors operating in the market are entering into strategic partnerships with their peers or acquiring other vendors.
Market participants are opting for partnerships and acquisitions to gain access to new clients and technologies that can help them expand their product portfolios and geographic footprint. The rising number of strategic partnerships and alliances between vendors will lead to an increase in the demand for smart office solutions during the forecast period.
Key Smart Office Solutions Market Challenge
Issues in integrating smart office solutions in existing systems are a major challenge to the global smart office solutions market growth. Corporate offices are implementing smart solutions to increase the operational efficiency of business assets. However, the selection of the right office solution is a major challenge. Organizations that fail to recognize or conduct proper research on their business requirements, as well as the capabilities and limitations of solutions, can end up with ineffective deployments. As a result, the solutions that are executed yield undesired business objectives.
Organizations find it difficult to integrate smart office solutions into existing business applications due to the lack of expertise and knowledge of customization according to business requirements. Therefore, issues associated with the integration of smart office solutions in existing systems are expected to hamper the growth of the market during the forecast period.
Key Smart Office Solutions Market Customer Landscape
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, China, Japan, the UK, and Germany. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Smart Office Solutions Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
Global ABB - The company offers smart office solutions such as power distribution, lighting and shading control, HVAC control, and electric vehicle charging.
The smart office solutions market report have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the smart security systems segment will be significant during the forecast period. Smart security systems include access controls, surveillance cameras/video surveillance, and fire and safety controls. Smart security systems with access controls limit access and restrict the entry of unauthorized personnel into offices.
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The smart security systems segment showed a gradual increase in market share with USD 622.81 million in 2017 and continued to grow by 2021. These smart security systems are controlled by installing biometric lock systems or through the use of radio-frequency identification (RFID) cards and digital locks. Surveillance cameras form an integral part of smart security systems. These cameras capture the movements of individuals through closed-circuit TVs (CCTVs), which can be monitored and recorded for future reference. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of smart office solutions, which is driven by an increase in the global demand for the Smart Office Solutions Industry.
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APAC is projected to contribute 32% of market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In APAC, Japan, China, and India are among the key countries adopting smart office solutions. The rising number of commercial offices and the growing emphasis on technologically advanced safety solutions, especially in China and India, will contribute to market growth during the forecast period. The region is witnessing an increase in the adoption of IoT services. More than 80% of the population in China and Japan is adopting IoT services. Infrastructure development and the adoption of IoT services are witnessing significant growth due to an increase in the number of corporate offices in the region. The increase in IT spending is expected to contribute to the growth of the regional market.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 led to a slight decline in the demand for smart office solutions in APAC. The region was the epicenter of the COVID-19 outbreak in 2020, which moderately affected the regional market in 2020. Moreover, the pandemic compelled regional governments to impose various restrictions, such as periodic lockdowns and curbs on employees working from offices. This resulted in the adoption of work from home by many companies and MNCs across the region, which, in turn, fueled the demand for remote working and communication platforms. Furthermore, some companies in the region have permanently adopted the work-from-home policy. This propelled the growth of the market in the region during the forecast period.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by product, technology, and region.
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Smart Office Solutions Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historical year |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.5% |
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Market growth 2023-2027 |
USD 2919.08 million |
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Market structure |
Fragmented |
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YoY growth (%) |
12.28 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 32% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
ABB Ltd., Avnet Inc., Cisco Systems Inc., Coor Service Management Holding AB, Crestron Electronics Inc., DEKOM AG, Develco Products AS, GoBright B.V., Honeywell International Inc., Johnson Controls International Plc, Komstadt Systems Ltd., Konig Neurath AG, Koninklijke Philips NV, Lutron Electronics Co. Inc., Schneider Electric SE, Senion AB, Siemens AG, Signify NV, Smart Office Software Solutions, and Tata Teleservices Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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