Smart Office Market | Key Players - ABB Ltd.; Cisco Systems, Inc.; Crestron Electronics, Inc.; Honeywell International, Inc.; Johnson Controls; Lutron Electronics Co., Inc.; Philips Lighting Holding B.V.; Schneider Electric; Siemens AG; and United Technol

The Global Smart Office Market was valued at USD 18.96 billion in 2016 and is projected to reach USD 56.28 billion by 2025, growing at a CAGR of 12.85% from 2017 to 2025.

Smart Office is defined as the integration of technology into a physical office space where the organization’s tasks are made simpler and flexible with the use of network based devices. Smart Office solution provides the organization with several benefits including – schedule management, analytics, cooperative communication, cloud storage, accurate time management, high returns on investments, automation, greater customer satisfaction, risk management, identity management, resource utilization, and provide connected integrated systems.

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Smart office technology delivers notable results in terms of efficiency, as it enables digitization and automation of systems and products. For instance, with the help of beacons, an employee can be automatically detected and clock-in and clock-out timings can be registered in a time and attendance system when employees enter or leave office premises, respectively.

Electrochemical devices facilitate the detection of toxic gas concentration by oxidizing the target gas at the electrode and measuring the resultant current. The amount of gas present is directly proportional to the current generated. High demand for electrochemical devices can be attributed to their ability to improve indoor air quality, control emission of harmful gases, and detect landfill gases. However, they are not suitable for low-temperature or high-pressure conditions.

The working environment in an office is expected to improve in terms of occupant comfort and efficient use of energy due to increasing adoption of smart office. Smart features, such as continuous monitoring and controlling of temperature, humidity, and light, facilitate improved management of smart devices and offer a connected experience to employers, which is expected to drive employee satisfaction.

Moreover, employers have an opportunity to optimize their operation and focus more on employee health and productivity, owing to better connectivity and the amount of data generated by IoT-enabled offices. Advancement of Internet accessibility and growing adoption of connected devices are all propelling the growth of IoT-enabled offices.

Smart Office Market Share Insights

Key industry participants in the market include ABB Ltd. (Switzerland); Cisco Systems, Inc. (U.S.); Crestron Electronics, Inc. (U.S.); Honeywell International, Inc. (U.S.); Johnson Controls (U.S.); Lutron Electronics Co., Inc. (U.S.); Philips Lighting Holding B.V. (Netherlands); Schneider Electric (France); Siemens AG (Germany); and United Technologies Corporation (U.S.).

Component Insights

Based on component, the market has been segmented into hardware, software, and service. The hardware segment dominated the smart office market in 2016 and is anticipated to continue its lead from 2017 to 2025, owing to continuous technological advancements in the field. The segment is further categorized into security systems and controls, smart lighting and controls, energy management systems, HVAC control systems, and audio-video conferencing systems. The service segment is expected to witness a notable shift in its growth with a CAGR of 15% over the forecast period. This can be attributed to increasing deployment of cloud-based solutions and need for domain expertise and quality services.

Energy Management Systems (EMSs) are being increasingly adopted as they provide numerous advantages such as convenience and improved focus. EMSs can be used to track energy usage, which allows organizations to control energy losses, thus, leading to increase in profit margins. They also enable employers and employees to enhance productivity, efficiency, and comfort.

The emergence of audio-video conferencing systems, such as telepresence, which connects geographically distant individuals, is further expected to propel market growth. Need to travel, for being physically present at a given location, is also eliminated and hence, expenditure on travel is reduced drastically.

Office Type Insights

Based on office type, the market has been segmented into retrofit and new construction. The retrofit segment is anticipated to generate the highest revenue by 2025. Growth of the segment can be attributed to rising need to adopt energy-saving technologies in retrofit offices.

The new construction segment is anticipated to witness significant growth over the forecast period. A retrofit office may pose limitations for modifications or new system implementations. However, a new construction provides ample flexibility to implement new systems.

Regional Insights

The North American region is expected to dominate the market over the next eight years, owing to presence of a large customer base and well-established manufacturers. The region generated the highest revenue in 2016 and is expected to exhibit a CAGR of more than 10% from 2017 to 2025.

The Asia Pacific region is anticipated to witness a notable shift in its growth, recording a CAGR of above 19% over the forecast period, owing to presence of growing economies such as China and India. Growth of the service sector in these economies is anticipated to lead to an increase in number of offices in the region and this is expected to create the need for establishment of smart offices over the forecast period.

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This release was published on openPR.