Smart Spaces Market Outlook, Size (US$ 19.1 Billion), Share, Growth (CAGR of 10.4%), Top Companies Analysis, Report 2022-2027 | ABB Ltd, Cisco Systems Inc., Coor Service Management AB, Eutech Cybernetic Pte. Ltd and More

According to the latest report by IMARC Group, titled "Smart Spaces Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

Year considered to estimate the market size:

• Base year of the analysis: 2021
• Historical period: 2016-2021
• Forecast period: 2022-2027

The global smart spaces market size reached US$ 10.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 19.1 Billion by 2027, exhibiting a growth rate (CAGR) of 10.4% during 2022-2027.

Market Outlook:

Smart spaces are physical environments equipped with sensors and advanced technologies to provide insights regarding the activities and movements within an area. They are centrally automated and are managed through an integrated dashboard. Smart spaces utilize innovative technologies, such as vision tracking, gesture recognition, dynamic solution, facial expression identification and performance animation solutions. They provide enhanced safety, convenience, productivity and entertainment.

Smart spaces also aid in reducing energy consumption through real-time adjustments of heating, cooling and lighting systems based on the changes in weather and building occupancy. As a result, they are extensively used across various industries, such as healthcare, education, manufacturing, retail and transportation.

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Market Trends:

The global smart spaces market is primarily being driven by rapid infrastructural development, especially in the developing economies. Smart spaces are widely being built to provide contactless access to individuals and improve the efficiency, safety, and security of residential and commercial complexes.

Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) and artificial intelligence (AI) to remotely monitor, manage and control ambient temperatures and lightings, are providing a thrust to the market growth. Other factors, including the increasing construction of sustainable green buildings, along with the implementation of favorable government policies, are creating a positive outlook for the market.

List of Key Companies Covered in this Market Report:

Some of the key players are ABB Ltd, Cisco Systems Inc., Coor Service Management AB, Eutech Cybernetic Pte. Ltd, Hitachi Vantara LLC (Hitachi Ltd.), International Business Machines Corporation, Microsoft Corporation, Schneider Electric, Siemens AG, SmartSpace Software PLC and Ubisense Limited.

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Key Highlights of the Market Segmentation:

The report has segmented the global smart spaces market on the basis of component, space type, application, end user and region.

Based on Component:

• Hardware
• Software
• Services

Based on Space Type:

• Smart Indoor Space
• Smart Outdoor Space

Based on Application:

• Energy Management and Optimization
• Layout and Space Management
• Emergency and Disaster Management
• Security Management
• Others

Based on End User:

• Residential
• Commercial

Geographical Analysis:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

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

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