Press release
Global Smart Space Market Projected to Surpass $39.24 Billion by 2029 with 0.144897802280553% Annual Growth
Smart Space Market
The smart space market's expansion is anticipated to be driven by environmental considerations and the adoption of 'green' building initiatives. A sustainable or 'green' building enhances or sustains the environmental quality of the location it occupies. Such buildings are dependent on smart technologies integrated throughout their structures to boost performance and functionality. These technologies not only accumulate data, but also examine it to produce significant results. As reported by Financial Express, an Indian newspaper, the green building market in India will double by 2022, occupying 10 billion square feet and being worth between USD 35-50 billion. Hence, environmental concerns and green building initiatives are fueling growth in the smart space market.
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What is the projected compound annual growth rate (CAGR) of the smart space market from 2025 to 2034, and what factors influence it?
In the last few years, the smart space market has seen significant expansion. The market, valued at $20.59 billion in 2024, is projected to reach $22.83 billion in 2025, marking a compound annual growth rate (CAGR) of 10.9%. The historical growth of this sector is linked to advancements in wireless connectivity, automation enhancement, urbanization and the development of smart cities, along with occupancy analytics for optimal space use, and investment in smart infrastructure.
In the coming years, the smart space market is anticipated to experience swift expansion, with the market size projected to reach $39.23 billion by 2029, reflecting a 14.5% compound annual growth rate (CAGR). This anticipated growth within the forecast period can be linked to various factors such as improved cybersecurity strategies, greater emphasis on health and safety, the shift towards human-centric designs, and advancements in smart retail technology. Additionally, favourable economic policies and incentives, coupled with data privacy and ethical considerations, are contributing to this growth. Key trends to watch in the forecast period consist of an increase in sensors for environmental tracking, energy-efficient smart lighting systems, the rise in smart cities and thoughtful urban planning. Furthermore, the use of edge computing for instantaneous processing, integration of collaboration spaces in smart offices, customer interaction in smart retail spaces, and the application of blockchain technology for reinforced security and trust, are also likely to shape the market.
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How are the latest trends influencing the growth of the smart space market?
Prominent businesses in the smart space sector are leveraging IoT technology to bolster revenue growth. The integration of IoT in smart spaces facilitates real-time data gathering and interpretation, helping to streamline and automate operations, enrich user experiences, and optimize resource allocation across a range of environments, including homes, cities, and workplaces. For instance, Vantiva SA, a broadband company based in France, in September 2023, introduced a technology known as Vantiva Smart Storage. This is a comprehensive IoT SaaS solution that converts self-storage facilities into smart spaces. The aim of the system is to provide integrated software and hardware tools to real estate managers and owners, thereby enhancing their productivity and creating new income opportunities. The solution, with its avant-garde IoT technology, promises a hassle-free deployment and management experience and assures a secure investment along with a calculable and consistent return on investment. The platform is compatible with several communication protocols, can integrate devices and subsystems from third parties, and is fully customizable and future-oriented.
What are the major segments of the smart space market and their role in driving growth?
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 And 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
Subsegments:
1) By Hardware: IoT Devices And Sensors, Smart Lighting Systems, Smart Thermostats, Security Cameras And Systems, Networking Equipment
2) By Software: Management Platforms, Data Analytics Software, Security Software, User Interface Applications, Integration Solutions
3) By Services: Consulting Services, Installation And Deployment Services, Maintenance And Support Services, Managed Services, Training And Education Services
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Which regions are key players in the growth of the smart space market?
North America was the largest region in the smart space market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart space market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the smart space market?
Major companies operating in the smart space market include 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.
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What Is Covered In The Smart Space Global Market Report?
•Market Size Forecast: Examine the smart space market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart space market for a structured understanding.
•Key Players Overview: Analyze major players in the smart space market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart space market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart space market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart space market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart space market.
•Competitive Landscape: Review strategic developments in the smart space market, including expansions, agreements, and new product launches.
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