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Smart Space Global Market Report 2024 To 2033 | Cisco Systems Inc., Microsoft Corporation, Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd
Smart Space Market Share
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According to The Business Research Company's, 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 growth in the historic period can be attributed to wireless connectivity advances, automation and efficiency, urbanization and smart cities, occupancy analytics for space optimization, smart infrastructure investments..
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%. The growth in the forecast period can be attributed to enhanced cybersecurity measures, health and safety prioritization, human-centric design, smart retail innovations, economic incentives and policies, data privacy and ethical considerations.. Major trends in the forecast period include sensor proliferation for environmental monitoring, smart lighting systems for energy efficiency, smart cities and urban planning, edge computing for real-time processing, collaboration spaces in smart offices, smart retail spaces and customer engagement, blockchain for security and trust..
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Smart Space Market 2024 Key Insights:
• 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%.
• Sustainable Building Practices Drive Growth In The Smart Space Market
• Innovative IOT Solutions Transforming Real Estate
• North America was the largest region in the smart space market in 2023
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