Press release
Steady Expansion Forecast for Smart Space Market, Projected to Reach $39.23 Billion by 2029
Smart Space Market
Smart Space Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the smart space market has seen fast expansion over the recent years. It's projected to rise from $20.59 billion in 2024 to $22.83 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. The growth experienced in the historical period can be credited to advancements in wireless connectivity, automation and efficiency, an increase in urbanization and smart cities, occupancy analytics which allow for space optimization, as well as investments in smart infrastructure.
Smart Space Market Size Forecast: What's the Projected Valuation by 2029?
Forecasted projections for the smart space market size anticipate a significant surge in the forthcoming years. The market is expected to expand to a whopping value of $39.23 billion by 2029, experiencing a compound annual growth rate (CAGR) of 14.5%. This anticipated growth during the forecast period is attributable to factors such as amplified cybersecurity protocols, priority given to health and safety, user-focused designs, advancements in smart retail, economic policies, and considerations surrounding data privacy and ethics. Leading trends projected for the forecast term incorporate the widespread use of sensors for environmental tracking, energy-efficient smart lighting systems, smart cities and urban planning strategies, edge computing for immediate data processing, smart office collaborative spaces, smart retail arenas, and customer engagement, all underpinned by the enhanced security and trust provided by blockchain technologies.
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What Are the Drivers Transforming the Smart Space Market?
The smart space market's expansion is foreseen to be propelled by green building initiatives and environmental concerns. Green or sustainable buildings, which enhance or sustain the quality of life in their environment, utilize smart technology integrated throughout the system to optimize the building's capabilities and features. This technology not merely records data but also evaluates it to provide relevant findings. For example, Financial Express, an Indian newspaper, predicts that by 2022, India's green building market will have expanded two-fold, hitting 10 billion square feet and a worth of USD 35-50 billion. Thus, green building initiatives and concerns for the environment are crucial factors contributing to the growth of the smart space market.
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What Long-Term Trends Will Define the Future of the Smart Space Market?
Major players within the smart space market are leveraging IoT technology to improve their market profitability. Employing IoT in smart spaces facilitates immediate data collection and review for optimizing and automating processes, enhancing consumer experiences, and managing resources better in various setups like homes, offices, and cities. For example, in September 2023, French broadband company, Vantiva SA, introduced a technology titled Vantiva Smart Storage. This end-to-end IoT SaaS solution transforms self-storage facilities into smart spaces. The system is designed to offer real estate managers and owners a comprehensive hardware and software solution that enhances productivity and unveils new avenues for revenue. The solution, embedded with advanced IoT technology, is straightforward to utilize and manage and assures a safe investment with a calculable return on investment. The platform can support multiple communication protocols, integrates third-party connected devices and subsystems, and boasts of full configurability and future resilience.
Which Segments in the Smart Space Market Offer the Most Profit Potential?
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 Firms Dominate the Smart Space Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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