Industry Outlook and Trend Analysis
The Smart Office Market was worth USD 15.56 billion in 2014 and is expected to reach approximately USD 45.80 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 12.75% during the forecast period. The growth of this market can be attributable to rising requirement for effective and optimal usage of IT resources and infrastructure. Moreover, expanding requirement for fusing security devices, for example, cameras and electronic locks, in workplaces has opened entryways for various development openings in the market. Smart office technology provides remarkable outcomes on the basis of productivity, as it empowers digitization and automation of products and systems. For example, with the assistance of beacons, a representative can be naturally distinguished and check in and check out timings can be enrolled in a period and participation system when workers enter or leave office premises, individually.
Component Outlook and Trend Analysis
On the basis of component, the market has been fragmented into software, hardware, and service. The hardware portion ruled the smart office market in 2016 and is foreseen to proceed with its lead from throughout the following years, attributable to consistent innovative progressions in the field. The portion is additionally arranged into security systems and controls, smart lighting and controls, HVAC control frameworks, energy management systems and audio-video conferencing systems. Energy Management Systems (EMSs) are as a rule progressively adopted as they give various benefits, for example, comfort and enhanced core interest. EMSs can be used to track usage of energy, which enables associations to control vitality losses, in this way, prompting increment in overall revenues. They likewise empower managers and workers to upgrade comfort, proficiency, and productivity.
Office Type Outlook and Trend Analysis
On the basis of office type, the market has been divided into retrofit and new construction. The retrofit fragment is expected to produce the most astounding income throughout the following years. Development of the portion can be credited to rising need to implement energy-saving advances in retrofit offices. The new development fragment is foreseen to witness significant development over the conjecture time frame. A retrofit office may pose impediments for changes or new system implementations. Nonetheless, another development gives sufficient adaptability to execute new systems.
Regional Outlook and Trend Analysis
The North American district is foreseen to rule the market throughout the following years, attributable to existence of a significant client base and entrenched producers. The area produced the most astounding income in 2016 and is anticipated to reflect tremendous development throughout the time frame. The Asia Pacific area is foreseen to witness an eminent move in its development, exhibiting astounding growth over the estimate time frame, due to developing economies, for example, China and India. Development of the Service part in these economies is foreseen to prompt an expansion in number of workplaces in the area and this is relied upon to make the requirement for foundation of smart offices over the gauge time frame.
The leading players ABB India Limited, Johnson Controls, Crestron Electronics, Honeywell, Schneider Electric, Siemens, Cisco Systems, Lutron Electronics Company, United Technologies Corporation and Philips Lighting Holding B.V. These organizations are occupied with implementing key activities, for example, acquisition and new product development, which are expected to increase development, grow organizations through advent of new innovations and products, and improve geographical reach.
The Smart Office market is segmented as follow-
Smart Lighting & Controls
HVAC Control Systems
Security Systems & Controls
Energy Management Systems
Audio-Video Conferencing Systems
By Office Type:
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?