Smart Spaces Market to Expand Significantly in the U.S. from 2017 to 2024 | Key Players are ABB (Switzerland), Cisco Systems Inc., (US), ICONICS, Inc. (US), Coor (Sweden), Siemens AG (Germany), FASEAS SPACEWELL (Belgium) and Eutech Cybernetic Pte. Ltd (Si

Smart Spaces Market Research Report - Global Forecast till 2024

Market Highlights

The global market for smart spaces was estimated at USD 8,302.5 Million in 2017 and can touch a valuation of USD 27,074 million by 2024. The market also holds the potential to garner a growth rate of 16.4% during the forecast period (2019-2024).

Top Drivers and Main Challenges

The smart space market size can expand considerably in the next few years, mainly owing to the surging urbanization as well as industrialization. Smart spaces can be described as the modification of the available home space and office using advanced equipment and technology. Smart space helps make the entire space more convenient and connected. Digitization has become the core of living, which has made smart facilities highly imperative.

Players in the smart spaces market are working on upgrading the emergency management system within the business areas. With the aim to achieve this, the companies are making use of advanced camera that helps them monitor the premise properly and also conduct various other functionalities. In addition, companies are focused on optimizing data and technology that can further enhance the emergency management departments around the world.

Numerous benefits of smart spaces include adequate energy management as well as optimization. This facilitates a massive reduction in energy consumption within the building, which acts as a significant factor boosting growth of the smart space market. Apart from this, smart space helps ensure the safe working of the device in monitoring, network and maintain the environmental quality in the work space.

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Segmentation:

The global market for smart spaces has been studied extensively, taking into account the primary segments of component, application and premise type.

Given the component segment, the global smart spaces market has been considered for solutions and services. The services segment consists of professional services and managed services. The professional services segment can be split into deployment and integration services, support and maintenance services and consulting services.

Depending on application, the global smart spaces market segments are emergency management, security management and energy management and optimization.

The premise types mentioned in the report are residential areas, commercial areas, and others.

Regional Insight

The global market for smart spaces has been regionally categorized into Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), North America and South America.

In 2018, North America was the leading market for smart spaces and there is a high possibility of it maintaining its top position throughout the review period. The market growth in the region is the result of the presence of highly skilled workforce combined with the high concentration of giants like IBM Corporation, SmartSpace Software Plc and Cisco System Inc. In the coming years, the U.S IoT market can expand at a substantial rate since numerous industries and applications are benefitting from the use of increased connectivity of devices. The rising popularity of smart home systems has increased significantly in the households in the region, which benefits the smart spaces market as well.

APAC can grow at the fastest rate in the global smart spaces market in the upcoming years. The region is doing extremely well on account of the increasing number of smart city initiatives in India, China and Vietnam. The rising need to connect the remote and rural communities to the national grid along with the increasing need to deal with electricity outages also helps the smart space market achieve further success in the region.

Leading Players

The leading players competing in the worldwide market for smart spaces are Eutech Cybernetic Pte. Ltd (Singapore), ICONICS, Inc. (US), Adappt (US), Siemens AG (Germany), Coor (Sweden), Hitachi Vantara Corporation (US), Huawei Technology Co Ltd (China), Schneider Electric (France), ABB (Switzerland), Smart Space Software Plc (UK), Ubisense (UK), Smarten Spaces (Singapore), FASEAS SPACEWELL (Belgium), Cisco Systems Inc., (US), to name a few.

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Smart Spaces Market Research Report: by Component [Solutions Services (Professional Services , Managed Services)], by Application (Energy Management and Optimization, Emergency Management and Security Management), by Premise Type (Commercial Areas, Residential Areas) and By Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) - Forecast till 2024

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