Press release
Rising Internet Penetration is surging the Global smart space Market at 16.12% of CAGR
Global Smart Spaces Market
"Browse 64 market Data Tables and 53 Figures spread over 170 Pages, along with an in-depth TOC on Global Smart Space Market Forecast 2020-2028".
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Smart spaces are equipped with IoT systems that involve sensors, connected devices, smart lights, and other smart devices. These smart spaces thus enable automation and reduce extra efforts and work for people. Moreover, these solutions involve indoor and outdoor space that comprise smart stadiums, gardens, smart buildings, and home and smart parking spaces. The smart space market finds applications in energy management & optimization, asset management, predictive maintenance, security management, layout & space management and emergency & disaster management.
Overwhelming Internet Penetration is Propelling the Market Growth
According to the current research, around 50% of the global population has a presence online. The most recent data showcase around a quarter of a billion people used the Internet in 2017 for the first time. This overwhelming growth is majorly boosted by the availability of budget-friendly smartphones and cheap data plans. Almost two-thirds of the world's population now own a mobile phone, and more than half of them use a smartphone today, which is increasing the ease of accessing the Internet anywhere and anytime. This will help in improving the spread of IoT sensors across various applications.
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Commercial is the Largest End-User in the Smart Space Market
The organizations operating in the commercial space include shopping complexes and malls, hotels, hospitals, and others. Smart space platforms are facilitating automation in the commercial sector. It assists the organization in automating their business and operations. The retailers of this segment are able to gather a large customer base with the integration of automation in their strategies and ideas. These platforms are benefitting the manufacturing sector in managing their assets, and security & surveillance. In addition, commercial offices have shown an inclination towards the adoption of smart space platforms to rule out space & layout management concerns, specifically in corporate offices. Thus, growing acceptance is majorly driving the smart space market in the commercial segment.
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In terms of Revenue Share, North America Ruled the Highest Position
The market for smart space market is dominated by the North America region. The region contributed the largest share in terms of revenue in the year 2019. The region has one of the largest market globally, and also has the presence of some established US-based players like IBM and Cisco. Among the region, the United States is dominating the market, and the trend is expected to continue over the forecasting years. This on-going growth is due to the increasing application of smart space in various industries that are enjoying the benefits of augmented connectivity of devices.
Few of the competitive companies present in the market are Hitachi Vantara, Cisco Systems, Inc., Smartspace Software Plc, IBM and Huawei Technologies Co. Ltd. There are a large number of vendors offering smart space solutions; therefore, the companies are adopting various strategies to sustain their position in the market, thus justifying the competitive nature of the market.
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