Market Analysis
Globally, the size of Smart Office Market was valued at is expected to reach USD 46.99 billion. by 2030 with a CAGR rate of 11.4% driven by the increase in the degree to which the IoT and cloud-based platforms are being adopted by the target audience spread in various global locations during the forecast period.
COVID-19 to have Little Impact on the Smart Office Market
The breakout of COVID-19 will have a short-term impact on the production of smart office equipment since the construction of buildings and other office spaces are impacted in significant areas around the world. Companies, on the other hand, have made no significant changes to their production capacities. In Cisco's supply chain, for example, no production sites are currently closed. Furthermore, as more businesses adopt a work-from-home culture, smart home vendors can use voice and other smart home technologies to improve day-to-day routines within a home and secure and automate home deliveries.
Key Players
The prominent players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands) among others.
Developing Cloud-Based Environment of IoT Platforms
The Internet of Things (IoT) is a technology that stores, manages, and analyses data in real-time. Cloud platforms provide a cost-effective and easily deployable alternative to developing on-premises data centers. While IoT is all about linked devices that generate a vast amount of data, the cloud platform allows analytics to extract value from the data. Cloud computing technologies enable smart office solution vendors to connect workplace management systems placed in the control center to IoT-enabled devices. This functionality will enable end-users to quickly and affordably develop an IoT-based sense and respond system. The cloud platform is a secure platform for the storing and computation of massive amounts of data. Furthermore, the cloud can provide a unified platform for managing the service life cycle and organizing deployment. The introduction of IoT Platform as a Service (PaaS) has enhanced the deployment prospects for IoT solutions across the workplace infrastructure. The cloud platform can aid in the deployment of a variety of applications that provide workplace management authorities with new methods of integrating traditional information systems to IoT-enabled devices.
Government Initiatives Towards Green Buildings and Stringent Policies for Environment Protection
Because of government initiatives for green buildings and severe environmental rules, companies have implemented smart offices to monitor and reduce overall energy consumption. This reason is prompting companies to use smart energy management systems, automated lighting systems, and smart HVAC systems in order to reduce overall energy consumption.
Industry News
In September 2019, Lutron Electronics Co. Inc. (US) extended its business by opening a new commercial experience center in Manhattan, New York.
In May 2019, Johnson Controls Inc. (US) collaborated with Evoteq (UAE) to introduce an end-to-end integrated AI platform for smart buildings and districts by combining their capabilities
Difficulty in Replacing or Upgrading the Existing System
A smart office solution is an integration of various technical elements such as hardware (proximity sensors, smart meters, smart thermostats, relays, network switches and gateways, and actuators), software, and network elements that can be difficult to configure over legacy system infrastructure. As a result of protocol difficulties, legacy systems are unable to integrate efficiently with new generation smart devices. The hurdles of integration are projected to stymie market expansion in the future years. Furthermore, IT and network security constraints to limit privacy intrusion and data breaches are expected to be a major impediment to the growth of smart office projects.
Market Segmentation
The global smart office market has been segmented based on components and office type.
Based on the component, the global smart office market is segmented into hardware, software, and service.
Based on office type, the global smart office market is bifurcated into retrofit offices and new construction offices.
Regional Analysis
North America to Dominate the Global Market
North America is dominating the smart office market owing to increasing security concerns among organizations and the availability of better technological infrastructure in this region. The United States is one of the world's early adopters of developing technologies, such as the internet of things (IoT), which is used in a variety of industries, including smart offices. The advancement of technology in the IoT industry, particularly for offices, combined with the growing demand for security and safety systems, is likely to drive market expansion in the United States.
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