Smart Office Market to Reach US$ 73.8 Billion by 2027, Impelled by Increasing Demand for Security Systems at Workplaces

According to the latest report by IMARC Group, titled "Smart Office Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart office market reached a value of US$ 35.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 73.8 Billion by 2027, exhibiting a CAGR of 13.14% during 2022-2027.

A smart office represents an automated workplace equipped with sensors and different technologies to streamline business operations. It includes numerous components, such as energy solutions, meeting room, space management, smart security, etc. Smart offices assist in enhancing productivity and efficiency, attracting and retaining talented individuals, offering actionable insights, etc. They also help in improving communication and collaboration between employees. At present, smart offices are being increasingly adopted owing to their ability to optimize space and asset usage.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Demand :

The elevating awareness regarding energy efficiency, along with the rising need to reduce power consumption, are primarily driving the smart office market. Moreover, the growing integration of several innovative solutions, including the Internet of Things (IoT) and AI, to allow internetworking of physical devices through network connectivity, sensors, actuators, etc., is further augmenting the global market. Apart from this, the changing workforce demographics and high expectations of modern employees and employers are also propelling the demand for smart offices that allow employers to enhance employee productivity and increase the flexibility of the working environment. In the coming years, the growing modernization of business infrastructures, coupled with the widespread utilization of wireless technologies, is expected to fuel the smart office market across the globe.

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Key Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

• ABB Ltd
• Cisco Systems Inc
• Crestron Electronics Inc.
• Enlighted Inc
• Honeywell International Inc
• Johnson Controls International PLC
• Komstadt Systems Limited
• Lutron Electronics Co. Inc.
• Schneider Electric SE
• ensorSuite Inc
• Siemens AG
• Signify N.V.

Breakup by Component:

• Hardware

o Security System and Controls
o Smart Lighting and Controls
o Energy Management Systems
o HVAC Control Systems
o Audio-Video Conferencing Systems

• Software
• Service

Breakup by Office Type:

• Retrofit
• New Construction

Breakup by Technology:

• Wireless Technology
• Wired Technology

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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