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Smart Space Market Share Analysis, Leading Players, Growth, Trends, And Forecast To 2033
Smart Space Market Analysis
As per the report, the smart space market size has grown rapidly in recent years. It will grow from $18.78 billion in 2023 to $21.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The smart space market size is expected to see rapid growth in the next few years. It will grow to $33.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
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Sustainable Building Practices Drive Growth In The Smart Space Market
Green building initiatives and environmental concerns are expected to propel the growth of the smart space market going forward. A green or sustainable building is a building that maintains or improves the quality of life of the environment in which it is located. These buildings rely on smart technology that is incorporated into the entire system to improve the building's performance and functionalities. These technologies not only store data but also analyze it and deliver relevant results. For instance, according to Financial Express, an India-based newspaper, by 2022, India's green building market will have doubled, reaching 10 billion square feet with a value of USD 35-50 billion. Therefore, green building initiatives and environmental concerns are driving the smart space market growth.
Innovative IOT Solutions Transforming Real Estate
Major companies operating in the smart space market are using IoT technology to increase their profitability in the market. The use of IoT in smart spaces enables real-time data collection and analysis to optimize and automate processes, enhance user experiences, and improve resource management in various environments, such as homes, offices, and cities. For instance, in September 2023, Vantiva SA, a France-based broadband company launched a technology called Vantiva Smart Storage. Vantiva Smart Storage is an end-to-end IoT SaaS solution that transforms self-storage facilities into smart spaces. The system's goal is to give managers and owners of real estate an integrated hardware and software solution that boosts productivity and opens up new revenue opportunities. Incorporating cutting-edge IoT technology, the solution is easy to implement and administer and guarantees a risk-free investment with a predictable and quantifiable return on investment. The platform supports many communication protocols, integrates third-party linked devices and subsystems, and is fully configurable and future-proof.
The smart space market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Space Type: Smart Indoor Space, Smart Outdoor Space
3) By Application: Energy Management and Optimization, Layout and Space management, Emergency & Disaster Management, Security Management, Other Applications
4) By Industry: Banking, Financial Services and Insurance (BFSI), Retail and E-Commerce, Government, Media and Entertainment, Food and Beverages, Healthcare, Automotive, Other Industries
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Major companies operating in the smart space market report are Cisco Systems Inc., Microsoft Corporation, Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, SmartSpace Software PLC., Spacewell, ABB Ltd., Adappt Intelligence Inc., Ubisense Limited, Smarten Spaces INC, Avnet Inc. (Softweb Solutions Inc. ), ICONICS Inc., Metrikus Ltd., Capmo GmbH, Honeywell International Inc., Johnson Controls International plc, Legrand SA, Coor Service Management Oy, Silvan Innovation Labs Pvt. Ltd., Noknox Sense Labs Inc., Igloohome Pte. Ltd., SpaceOS Limited, Spaceflow, Mitsubishi Electric Corporation, Hewlett Packard Enterprise Development LP, Juniper Networks Inc.
Contents of the report:
1. Executive Summary
2. Smart Space Market Report Structure
3. Smart Space Market Trends And Strategies
4. Smart Space Market - Macro Economic Scenario
5. Smart Space Market Size And Growth
…..
27. Smart Space Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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