Press release
Smart space market size is projected to garner $86.52 billion by 2026 - Major market players such as Cisco Systems, Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co
According to the smart space market analysis in Asia-Pacific, the market is projected to generate highest growth rate during the forecast period, owing to increase in initiatives of smart cities and digitization in developing countries such as India and China. For instance, Indian government allocated $1.2 billion for smart cities and $83 million for Digital India initiative.
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Leading market players discussed in the report include Cisco Systems, Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, Spacewell, SmartSpace Software Plc, and others.
Based on application, the energy management and optimization segment accounted for the highest revenue in 2018, holding nearly two-fifths of the total market share, and will maintain its dominant status throughout the forecast period. This is attributed to rise in need for efficient resources with surge in wastage of electrical energy in residential and commercial platforms. However, the emergency & disaster management segment is expected to grow at the largest CAGR of 23.7% from 2019 to 2026.
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Emergence of advanced technologies including the internet of things (IoT) and artificial intelligence (AI), rise in concerns related to the environment, and increase in greenfield projects fuel the growth in the market. However, increase in privacy concerns related to information manipulation and high capital investment restrain the market growth. On the other hand, 5G evolution and increase in smart city initiatives present new opportunities in the industry.
Based on component, the hardware segment accounted for the major market share in 2018, contributing for more than two-fifths of the total market share, and is expected to maintain its dominance during the forecast period. This is due to rise in adoption of smart devices in homes and buildings along with surge in demand for air quality control systems in different offices and manufacturing factories. However, the services segment would grow at the highest growth rate with a CAGR of 20.8% from 2019 to 2026.
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On the basis of space type, the smart indoor space segment held nearly two-thirds of the total market share based on revenue in 2018 and is expected to maintain its lead status by 2026. In addition, this segment is expected to register the highest CAGR of 18.3% from 2019 to 2026. It is a lucrative segment. The research also discusses the smart outdoor space segment.
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