Smart Office Market Development Status, Product Outlook & Dynamics, 2025

Felton, Calif., USA, Oct 19, 2021 — /EPR Network/ —

The global Smart Office Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global smart office market size is anticipated to reach USD 57.05 billion by 2025. It is also expected to register 13.2% CAGR during the forecasted period, 2017 to 2025. This can be associated with the rapid developments being carried out in technologies like IoT coupled with an increasing need to develop energy-efficient devices for official usage.

Key Players:

  • ABB Ltd.
  • Cisco Systems, Inc.
  • Crestron Electronics, Inc.
  • Honeywell International, Inc.
  • Johnson Controls
  • Lutron Electronics Co., Inc.
  • Philips Lighting Holding B.V.
  • Schneider Electric
  • Siemens AG
  • United Technologies Corporation

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Growth Drivers:

The surging trend towards the usage of devices like electronic locks and cameras is anticipated to drive market growth in the upcoming years. The usage of these smart offices leads to increased efficiency among the employees owing to its advanced features like system automation and digitalization. For example, beacons can help in automatically detecting the clock in and out timings as and when the employee leaves or enters the office premises.

The adoption of smart offices enhances efficient energy usage and the comfort of the occupants. Many smart features like flexibility and continuous monitoring of temperature and light control are being preferred by employers. Such features boost satisfaction among employees, thereby driving the demand for smart offices.

Such smart offices also help in optimizing the operations and thus allow the employers to focus on employee productivity and health. Further, the rising accessibility of the internet and increasing usage of such connected devices is driving the market for IoT-enabled smart offices across the globe.

Component Outlook:

  • Hardware
    • Security Systems & Controls
    • Smart Lighting & Controls
    • Energy Management Systems
    • HVAC Control Systems
    • Audio-Video Conferencing Systems
  • Software
  • Service

The hardware component segment held the largest share across the global market in 2016 due to the development of several internet operated devices that can collect the real-time data of employees. While the service segment is projected to witness 15.0% CAGR from 2017 to 2025 on account of increasing deployment of cloud-based solutions.

Type Outlook:

  • Retrofit
  • New Construction

Regional Outlook:

North America held the largest share across the global market, in 2016. It is also expected to continue its dominance with a CAGR of over10.0% over the forecasted period, 2017 to 2025. This can be attributed to the rising customer base across countries like the U.S. and Canada coupled with the emergence of several well-established players.

The Asia Pacific is projected to register a CAGR of more than 19.0% in the upcoming years. This can be attributed to rapid technological developments being carried out across developing countries like China and India. Further, rising service-based companies across this region are projected to boost the number of offices across urban areas.

South America is also projected to register significant growth in the upcoming years. This can be attributed to the increasing penetration of the wireless network and the internet across this region.

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