Global Smart Workplace Market Expected to Achieve 14.2% CAGR by 2029: Growth Forecast Insights

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How Large Will the Smart Workplace Market Size By 2025?
In the past years, the market size for the smart workplace has been experiencing significant growth. It is expected to rise from $44.33 billion in 2024 to $48.07 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to the growth in the historical period encompass customization and personalization, the provision of flexible and agile workspaces, adaptable work environments, alongside energy efficiency and sustainability.

How Big Is the Smart Workplace Market Size Expected to Grow by 2029?
The smart workplace sector is predicted to observe substantial expansion in the upcoming years, with its market size projected to reach $81.85 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.2%. This anticipated surge during the forecast period is due to an increased focus on elements such as employee wellbeing and experience, cognitive collaboration, data privacy, compliance, zero trust security model, and employee analytics. The forecast period also highlights significant trends such as the incorporation of IoT for improved workplace connectivity, the monitoring of occupancy and space utilization, interfaces controlled by voice and gesture, augmented security and access control, tools for real-time collaboration, and unified communications.

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Which Key Market Drivers Powering Smart Workplace Market Expansion and Growth?
As the number of devices linked by the Internet of Things (IoT) continues to rise, so too is the smart workplace market predicted to expand. These IoT-linked devices are non-standard computing gadgets that connect to a network wirelessly and possess data transmission capabilities. Such devices build a highly integrated workplace that allows easy and efficient communication and data exchange between different devices and systems, thereby enhancing workplace productivity. For instance, a report released by Ericsson, a telecommunications company based in Sweden, indicated that 4G/5G broadband IoT, accounting for most cellular IoT devices, amassed 1.3 billion connections in 2022. By the close of 2028, it's projected that nearly 60% of cellular IoT connections will be broadband IoT connections with 4G being the main connection. Currently, Northeast Asia is topping the charts in terms of cellular IoT connections and is forecasted to cross 2 billion connections in 2023. As such, the rising count of IoT-linked devices is propelling the growth of the smart workplace market.

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Which Fast-Growing Trends Are Poised to Disrupt the Smart Workplace Market?
Big corporations involved in the smart workplace sector are designing smart workplace apps to cater to a wider customer base, drive more purchases, and boost earnings. Smart workplace apps are software and technology solutions that employ data and automation to refine office spaces, boost work efficiency, and elevate the overall work experience for staff members. For example, in March 2023, the Planon, an organization based in the Netherlands that offers a smart workplace management platform, introduced the Planon Workplace App. A prime feature of this product is its capability to form a personalized, mobile-focused connection between people and their respective workplaces, services, and facilities. The updated app amplifies the hybrid workspace experience by supplying users with an accessible and tailored mobile interface. This platform permits users to seamlessly locate and book their preferred desk, meeting room, and other amenities, reserve workspace directly from an interactive floor layout, fluently place service requests for cleaning, catering, repair, and other facility management duties, and gain knowledge about their coworkers, including their anticipated office attendance schedule.

What Are the Emerging Segments in the Smart Workplace Market?
The smart workplacemarket 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

Subsegments:
1) By Smart Light: Smart LED Bulbs, Smart Lighting Controls, Daylight Harvesting Systems, Motion-Activated Lighting
2) By Security Systems: Access Control Systems, Surveillance Cameras, Intrusion Detection Systems, Smart Locks
3) By Energy Management Systems: Smart Meters, Energy Analytics Software, Demand Response Solutions, Renewable Energy Integration Systems
4) By HVAC Control Systems: Smart Thermostats, Zoning Systems, HVAC Monitoring Systems, Automated Ventilation Control
5) By Audio-Video Conferencing Systems: Video Conferencing Equipment, Collaboration Software, Integrated AV Solutions, Smart Presentation Tools

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Who Are the Global Leaders in the Smart Workplace Market?
Major companies operating in the smart workplace market include 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

Which are the Top Profitable Regional Markets for the Smart Workplace Industry?
North America was the largest region in the smart workplace market in 2024.Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the smart workplace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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