Smart Workplace Market is Expected to Grow At Approx. Usd 47 Billion by 2023, at 13% Of CAGR | Key Market Players are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (Ireland) and Honeywell International Inc.

Smart Workplace Market Research Report- Forecast till 2023

Market Highlights

Smart workplace refers to an environment where tools that intelligently combine social networking for communication, businesses, & collaboration, knowledge management, and business applications into a fully integrated, secure and highly flexible platform work together with an aim to drive more productivity and efficient outcomes. Such efficient tools have been used by several organizations to optimize the whole business process. Smart workplace is one of the most crucial trends in business corporations where employees perform their work using proposed digital technologies.

In smart workplace technologies space, organizations employ advanced connecting technologies like video conferencing with gesture control and utilize virtual reality and augmented reality technologies which blur the line between the digital work and physical work to optimize the workplace. Smart workplace software tools and other products such as smart lights, security systems, and wireless communication tools benefit the organizations with collaborative assets assisting them in many activities such as crowdsourcing, hackathons, complex coding, etc. beyond conventional organizations and teams structures. Workers of such companies are enabled with a mobile suite of communication & collaboration services which are embedded in the business procedures.

As per research, cloud-based software solutions are one of the significant segments where the workplace is connected through personal, private, and hybrid cloud to deliver real-time solutions to the customers at a low cost. With the advancement of technology, companies are increasingly preferring a smart workplace environment in order to be aided with enhanced system efficiency and low operational cost. Evolution of smart technologies and rising adoption of these technologies support the growth of the smart workplace market. High-level planning and higher initial investments are required for making the workplace smarter, which can impede market growth.

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Segmentation:

The global smart workplace market can be analyzed on the basis of the following segments. Based on component type, the smart workplace can be classified into software and services. Based on the Product, the smart workplace market can be classified into smart lighting, smart bulbs, and fixtures. Based on the lighting controls, the smart workplace market can be segmented intoSensors, Switches, Relay Units, Gateways, and LED Drivers & Ballasts. Based on the Security Systems, the smart workplace market can be segmented into Access Controls, Video Surveillance, Fire & Safety Controls. And on the basis of Energy Management Systems In-House Displays, Smart Thermostats, Smart Plugs, and Load Control Switches.

Region Analysis

Latin America, North America, Western Europe, Eastern Europe, Asia Pacific, and the Middle East and Africa are the major regions driving the smart workplace market. Western Europe and North America led the overall smart workplace market in 2017 owing to the factors like developed economies and increased adoption of modern technologies among the organizations. The Asia Pacific displayed the maximum market potential. The smart workplace market in Asia Pacific registered a substantial growth rate and is expected to prosper at a higher CAGR during the forecast period 2017-2023. The Middle East & Africa and Latin American regions are expected to witness favourable growth during the forecast period.

Important Facts

Companies nowadays are turning to many digital solutions to make the workplace more productive and business processes faster and result-oriented. Microsoft Office’s corporate vice president Kirk Koenigsbauer recently introduced the company’s new products which along with the smart workplace tools released by Cisco which are making meetings livelier. Microsoft’s Presentation Coach is designed to make the smart workplace better.

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Smart Workplace Market, By Component (Software, Services), By Product (Smart Lighting, Security Systems, Energy Management Systems, HVAC Control Systems), By Office Type, By Communication Technology (Wired, Wireless) - Forecast 2023

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