Smart Office Solutions Market by Product and Geography - Forecast and Analysis 2020-2024
- Published: Jan 2020
- Pages: 157
- SKU: IRTNTR40822
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The global smart office solutions market size has the potential to grow by USD 24.15 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in the year-over-year growth.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and product (smart security systems, smart EMS, HVAC control systems, smart lighting solutions, and audio-video conferencing systems). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABB Ltd., Avnet Inc., Cisco Systems Inc., Crestron Electronics Inc., Honeywell International Inc., Johnson Controls International Plc, Schneider Electric SE, Siemens AG, Signify NV, and United Technologies Corp.
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Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will increase during the forecast period. The key players in the market are focusing on various growth strategies, including M&A, divestitures, and partnerships to expand geographical reach. Siemens AG, Signify NV, and United Technologies Corp. are some of the major market participants. Although the accelerating growth momentum will offer immense growth opportunities to market vendors, the increase in cybersecurity attacks will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this smart office solutions market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart office solutions market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading smart office solutions companies, including:
- ABB Ltd.
- Avnet Inc.
- Cisco Systems, Inc.
- Crestron Electronics Inc.
- Honeywell International Inc.
- Johnson Controls International Plc
- Schneider Electric SE
- Siemens AG
- Signify NV
- United Technologies Corp.
Smart Office Solutions Market: Segmentation by Region
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APAC accounted for the largest smart office solutions market share in 2019, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. The rising number of commercial offices and the growing emphasis on technological safety solutions will contribute to the growth of smart office solutions market size in the region.
Almost 36% of the market’s growth will originate from APAC during the forecast period. Japan, China, and India are the key markets for smart office solutions in APAC. Market growth in this region will be slower than the growth of the market in MEA and South America.
Smart Office Solutions Market: Segmentation by Product
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Smart security systems include access controls, surveillance cameras, and fire and safety controls. These are controlled by the installation of biometric lock systems or through the use of RFID cards and digital locks. The smart security systems with access controls limit access and restrict the entry of unauthorized personnel offices.
Market growth in this segment will be slower than the growth of the market in the smart EMS and HVAC control systems segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart office solutions market size.
Smart Office Solutions Market: Key Drivers and Trends
IoT is an ecosystem of interrelated computing devices, objects, and machines that perform tasks without human intervention and enables businesses to solve business operational solutions independently within a network infrastructure. The global smart office solutions market is witnessing significant growth because of the increasing adoption of IoT devices in smart buildings and the implementation of automation technologies across end-user industries. To analyze and understand the value of data, IoT is integrated with business solutions to take advantage of the real-time data transmitted between IoT devices and increase the efficiency of business operations. Moreover, the need for smart office solutions such as real-time tracking will increase the adoption of IoT in business solutions. Additionally, with the rise in the adoption of IoT in business solutions, vendors in the market are offering IoT-enabled smart office solutions. Hence, the benefits of real-time tracking are increasing the adoption of IoT business solutions which will significantly influence the growth of the global smart office solutions market during the forecast period.
- The increasing demand for smart office solutions in SMEs and enterprises drives the need for energy-efficient building solutions.
- Vendors are focusing on developing energy-efficient solutions and sensor networks to capture value-added smart office solutions. Moreover, these solutions optimize energy consumption, decrease maintenance costs, and provide comfort, safety, and low utility bills.
- Smart office solutions enable the concept of smart lighting, wherein the control of the lighting system can be integrated with sensor technology to turn the lights on or off automatically when not in use.
- As it results in significant changes in processes and leads to operational benefits, there will be an increase in the demand for energy-efficient sensor networks, which is one of the key smart office solutions market trends.
- During 2020-2024, the market will grow at a CAGR of over 14%.
Smart Office Solutions Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the smart office solutions market growth during the next five years
- Precise estimation of the global smart office solutions market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart office solutions industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart office solutions providers
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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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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