Smart Office Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Market Overview :

The Internet of Things plays a major role in smart offices. The proliferation of IoT devices and sensors has made it easier and more cost-effective to collect data and automate various office functions. Smart offices can significantly reduce operational costs through energy-efficient systems, optimized space utilization and predictive maintenance. Businesses are drawn to these potential cost savings.

Smart office technologies can streamline tasks, automate repetitive processes and provide employees with tools to work more efficiently and lead to increased productivity. Improving the work environment boosts employee morale and satisfaction. Smart offices often feature amenities like customizable lighting, comfortable temperature control and even wellness programs, which can attract and retain top talent. A Report by Cisco as 95% of companies say that they provide a good work environment with intelligent workplace technology.

During the forecast period, Asia-Pacific is expected to have the highest CAGR in the global smart office market covering less than 1/4th of the market. The region's countries are rapidly urbanising, which is increasing demand for office space. In densely crowded places, smart offices aid in the efficient use of space. As a major hub for technology the region witnessed innovations and manufacturing which fosters the growth and development in the market.

Market Trends :

Rising Need for Safety & Security Systems

Maintaining employees well and secure is an important concern for companies. To safeguard workers from potential threats and incidents, smart office solutions may include a variety of safety measures like access control systems, security cameras and emergency response systems. Smart office systems help protect valuable assets, including equipment, data and intellectual property. Security measures like biometric access control and real-time asset tracking contribute to safeguarding assets against theft or damage.

According to Microsoft Security in 2023, Microsoft's Edge Secured-Core program is introduced as a device certification program that incorporates security principles into device requirements. It aims to make secure-by-design and secure-by-default practices more accessible to device manufacturers. Devices meeting Edge Secured-Core requirements can be found in the Azure Certified Device Catalog.

Microsoft promotes a Zero Trust approach to IoT security, which involves verifying every request and not trusting anything by default and this approach encompasses secure identity, endpoints, applications, data, infrastructure and networks.

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Market Segmentation :

The global smart office market is segmented based on offering, product, connectivity technology, end-user and region.

Rising Awareness of Energy Management

Energy management is expected to be the dominant segment with about 1/3rd of the global market in 2022. Given its improved focus and ease of use, Energy Management Systems are widely employed all over the world. Furthermore, their growing use for energy usage tracking is gaining acceptance in a variety of businesses. It contributes to increased productivity, convenience, and efficiency for both businesses and employees.

Edge AI has grown increasingly popular in both industrialised and developing countries, owing mostly to the onset of the COVID-19 pandemic. The popularity of flexible work environments and rotating class schedules aided the establishment of the intelligent building management movement. Edge AI has also highlighted building management systems (BMS) in order to improve occupant comfort, minimise energy consumption, and increase safety.

Furthermore, increased advancements by global technology leaders are expected to drive market expansion during the forecast period. For example, in April 2022, Samsung Electronics announced a collaboration with ABB to expand the use of Samsung SmartThings in homes and other structures.

Geographical Share :

Rise in Technology Innovation for Smart Office in North America

North America is the dominant growing region in the global smart office market covering more than 1/3rd of the market during the forecast period. The region is a hub for technology innovation, with many leading tech companies headquartered here. The environment fosters the development and adoption of cutting-edge smart office technologies and these factors boosts the growth of the market.

For instance, on 29 Wednesday 2022, in London UK Huawei is set to launch its new HUAWEI Matebook and Smart Office. As a leading global provider of information and communications technology infrastructure and smart devices, Huawei continues to innovate in the tech industry. The MateBook range will introduce two new products aimed at providing users with enhanced capabilities for expressing their ideas.

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Competitive Landscape

The major global players in the market include ABB Ltd., Harvatek Corporation, Cisco Systems Inc., Honeywell International Inc., Legrand SA, Johnson Controls International Plc, Lutron Electronics Co. Inc., Siemens AG, Philips Lighting Holding B.V. (Signify Holding) and Schneider Electric S.E.

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This release was published on openPR.