Global Smart Office Market by Office Type (Retrofit, New Construction), by Component (Service, Hardware, Software) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2016, the global smart office market was worth USD 18.46 billion. This is due to growing demand for efficient and optimal use of IT resources. There are many growth opportunities for the market due to the increasing demand for security devices such as electronic locks and cameras in offices.

Because it allows digitization and automation, smart office technology can deliver notable efficiency gains. With the use of beacons, employees can be detected automatically and their clock-in/clock-out times can be recorded in a time-and-attendance system. This is done when they enter or exit an office building.

Smart office adoption is expected to lead to a better working environment and more efficient use of energy. Smart features such as constant monitoring and controlling temperature, humidity, light and other parameters, allow for better management of smart devices. This is expected to increase employee satisfaction.

Employers have the opportunity to optimize their operations and concentrate more on employee productivity and health, thanks to improved connectivity and the increased amount of data generated through IoT-enabled office. IoT-enabled office growth is driven by the advancement of Internet access and increasing adoption of connected devices.

Component Insights

The market can be divided into three segments based on component: hardware, software, or service. In 2016, the hardware market dominated smart offices. This position will continue through 2025 due to technological advances in the field. This segment can be further divided into security systems and control, smart lighting, controls, energy management, HVAC control systems, audio-video conference systems, and smart lighting and controls. With a projected CAGR of 15%, the service segment will experience a significant shift in its growth. This is due to the increasing use of cloud-based services and the need for domain expertise as well as quality services.

Energy Management Systems have been increasingly adopted because they offer many advantages, such as improved focus and convenience. EMSs are used to monitor energy consumption, which can help organizations reduce energy costs and increase profit margins. Employers and employees can also use EMSs to increase productivity, efficiency, comfort, and overall comfort.

Market growth is expected to be further accelerated by the emergence of audio-video conference systems such as Telepresence. This enables people to connect geographically distant locations. The need to travel for physical presence at a location is eliminated, and thus, travel expenditures are significantly reduced.

Information on Office Types

The market is segmented based on office type into retrofit and new-construction. By 2025, the largest revenue stream is expected to be from retrofit. The segment's growth can be attributed largely to the growing demand for energy-saving technologies at retrofit offices.

Over the forecast period, there will be significant growth in the new construction segment. Retrofit offices may limit the ability to modify or implement new systems. New construction allows for a lot of flexibility in the implementation of new systems.

Regional Insights

Due to its large customer base, well-established manufacturers, and strong market share, the North American region will be the dominant market for the next eight years. This region generated the most revenue in 2016, and it is expected to show a CAGR greater than 10% between 2017-2025.

Asia Pacific is expected to experience a significant shift in its growth. It will record a CAGR of over 19% during the forecast period owing to the presence and growing economies like India and China. These economies are expected to grow their service sector, which will lead to more offices and a need to establish smart offices.

Over the forecast period, South America is expected to experience significant growth. Smart offices will be driven by a variety of factors, including the increasing penetration of Internet access and wireless networks.

Market Share Insights & Key Companies

ABB Ltd. (Switzerland); Cisco Systems, Inc., (U.S.); Crestron Electronics, Inc., (U.S.); Honeywell International, Inc., (U.S.); Johnson Controls, (U.S.); Lutron Electronics Co., Inc., (U.S.); Philips Lighting Holding B.V., (Netherlands); Schneider Electric, (France); Siemens AG, (Germany); and United Technologies Corporation, (U.

These companies engage in strategic initiatives, such as product acquisition and new product development. They are designed to increase growth, expand businesses, introduce new technologies, and improve geographical reach. Carrier Corporation, for example, introduced digital solutions for commercial HVAC systems in September 2017. Customers can now see the performance of their HVAC systems through a mobile app and equipment dashboard.

Smart Office Market Report Scope

The Report Covers Certain Segments

This report forecasts revenue growth at the country, regional and global levels. It also analyses the most recent industry trends and potential opportunities for each sub-segment between 2014 and 2025. Grand View Research has divided the report on smart offices based on components, office types, and regions.

• Component Outlook (Revenue USD Million, 2014-2025)

  • Hardware

    • Security Systems & Controls

    • Smart Lighting & Controls

    • Energy Management Systems

    • HVAC Control Systems

    • Audio-Video Conferencing Systems

  • Software

  • Service

• Office Type Outlook (Revenue USD Million, 2014-2025)

  • Retrofit

  • New Construction

• Regional Outlook (Revenue USD Million, 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • MEA

Up Market Research published a new report titled “Smart Office Market research report which is segmented by Office Type (Retrofit, New Construction), by Component (Service, Hardware, Software), By Players/Companies Inc (US); Johnson Controls (US); Lutron Electronics Co, Inc (US); Philips Lighting Holding BV (Netherlands); Schneider Electric (France); Siemens AG (Germany); and United Technologies Corporation (US), ABB Ltd (Switzerland); Cisco Systems, Inc (US); Crestron Electronics, Inc (US); Honeywell International”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Office Market Report Segments:

The market is segmented by Office Type (Retrofit, New Construction), by Component (Service, Hardware, Software).

Smart Office Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Office Market

Overview of the regional outlook of the Smart Office Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Office Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Office Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Retrofit

                2. New Construction

                1. Service

                2. Hardware

                3. Software

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Office Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Smart Office Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.