Press release
Smart Space Market is Expected to Show Big Hike in Revenue by 2026
Smart Space Market
The global smart space market garnered $23.52 billion in 2018 and is estimated to reach $86.52 billion by 2026, registering a CAGR of 17.6% from 2019 to 2026. The smart indoor space segment contributed to nearly two-thirds of the total market share in terms of revenue in 2018, and will maintain its leadership status throughout the forecast period.
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The Advent of advanced technologies such as artificial intelligence (AI) and internet of things (IoT), increase in environmental concerns, and rise in greenfield projects drive the growth in the market. However, surge in privacy concerns regarding information manipulation and high initial capital hinder the market growth. On the other hand, evolution of 5G technology and rise in smart city initiatives create new opportunities in the market.
Key market players analyzed in the research include Cisco Systems, Inc., Hitachi Vantara Corporation, Eutech Cybernetic Pte. Ltd., International Business Machines Corporation (IBM), Huawei Technologies Co., Ltd., Siemens AG, Schneider Electric SE, SmartSpace Software Plc, Spacewell, and others.
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Asia-Pacific is expected to grow at a highest rate, due to the development of the telecommunication sector and increase in preference towards IoT solutions across various industries, which will generate massive volume of data.
The hardware segment contributed the major market share in 2018, accounting for more than two-fifths of the total share, and is estimated to continue its dominant share during the forecast period. This is due to increase in adoption of smart devices in smart homes and buildings along with demand for air quality control system in manufacturing factories and huge offices. However, the services segment is estimated to register the highest market share with a CAGR of 20.8% from 2019 to 2026, owing to rise in adoption by organizations for effective functioning of software and hardware during the processes.
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The energy management and optimization segment held the highest market share in 2018, accounting for around two-fifths of the total share, and will maintain its leadership status throughout the forecast period. This is due to increase in need for efficient resources with rise in wastage of electrical energy in residential and commercial buildings. However, the emergency & disaster management segment would register the largest CAGR of 23.7% from 2019 to 2026.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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