Smart Workplace Global Market Analysis, Trends, Growth, Research And Forecast 2033

The smart workplace market size has grown rapidly in recent years. It will grow from $40.91 billion in 2023 to $45.34 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to customization and personalization, flexible and agile workspaces, flexible work environments, energy efficiency and sustainability, .

The smart workplace market size is expected to see rapid growth in the next few years. It will grow to $73.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to focus on employee experience and wellness, cognitive collaboration, data privacy and compliance, zero trust security model, employee analytics.. Major trends in the forecast period include adoption of iot for workplace connectivity, occupancy and space utilization monitoring, voice-activated and gesture-controlled interfaces, enhanced security and access control, real-time collaboration tools and unified communications..

Market Overview -
A smart workplace is one that enables new work styles and improves employee efficiency by utilizing the digitalization of physical objects.

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Rising IOT Device Adoption Fuels The Growth Of The Smart Workplace Market
The increasing number of IoT-linked devices is expected to boost the growth of the smart workplace market going forward. IoT-linked devices refer to nonstandard computing devices that connect wirelessly to a network and have the ability to transmit data. IoT devices create a highly interconnected workplace, enabling seamless communication and data sharing between devices and systems, leading to increased workplace efficiency. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunication company, broadband IoT (4G/5G), which connects the majority of cellular IoT devices, reached 1.3 billion connections in 2022. Nearly 60% of cellular IoT connections are anticipated to be broadband IoT connections by the end of 2028, with 4G connecting the bulk. In terms of cellular IoT connections, North East Asia is currently in the lead; in 2023, it is predicted to surpass 2 billion connections. Therefore, the increasing number of IoT-linked devices is driving the growth of the smart workplace market.

Competitive Landscape -
Major companies operating in the smart workplace market report are Carrier Corporate, Honeywell International Inc., Johnson Controls, Daikin Industries, General Electric Company, Philips Lumileds, Acuity Brands, LG Electronics, OSRAM Licht AG, RavenWindow, Schneider Electric SE, Research Frontiers, NICE Systems, SAGE Electrochromics, Bosch Security Systems, Cisco Systems Inc., Siemens AG, Kronos Incorporated, ATOSS Software AG, Teem Technologies, Crestron Electronics Inc., Axis Communications, Koninklijke Philips NV, United Technologies Corporation, Signify NV, Verizon Communications Inc., Martela Oyj, Microsoft Corporation, Google LLC, Amazon Web Services Inc., Oracle Corporation

Smart Workplace Applications Are Transforming The Market
Major companies operating in the smart workplace market are developing smart workplace applications to meet larger customer bases, more sales, and increase revenue. Smart workplace applications refer to software and technology solutions that use data and automation to optimize office environments, enhance productivity, and improve the overall working experience for employees. For instance, in March 2023 Planon, a Netherlands-based provider of smart workplace management platform, launched Planon Workplace App. The standout characteristic of this product is its ability to establish a personalized, mobile-centric link between individuals and their workplace, services, and facilities. The upgraded app enhances the hybrid work experience by providing users with a convenient and personalized mobile interface. This interface allows users to effortlessly find and reserve their preferred desk, meeting room, and other facilities, make workspace reservations directly from an interactive floor plan, seamlessly submit service requests for cleaning, catering, maintenance, and other facility services, and access information about their colleagues, including their expected office presence schedule.

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Key Segments -

The smart workplace market covered in this report is segmented -

1) By Product: Smart Light, Security Systems, Energy Management systems, HVAC Control Systems, Audio-Video Conferencing Systems
2) By Office Type: Retrofit Buildings, New Construction Offices
3) By Solution: Software, Services, Managed Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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