Smart Office Market
Colossal growth in the field of technology has become a prominent factor in shaping the urban population. For instance: After the industrial revolution in Europe, western cities shifted from medieval to industrial city model. This has raised a continuous demand in the requirement of energy. Traditional Office Spaces depends on the manual technology for lighting systems, surveillance, and safety. With the rapid growth in the infrastructure, the energy becomes a major concern. Internet of Things (IoT) has provided with a credible solution for this issue which is Smart Office. Smart Office primarily operates by making use of sensors, automated system, and advanced communication network to achieve the centralized control. The wireless data generated by the sensors is utilized in monitoring and analysis. Automation in the lighting system consequently helps in improving the energy efficiency of the organization.
Energy efficiency is the primary factor driving the market growth. As lighting system consumes about 11 % of the energy supplied (According to US department of energy- Energy efficiency trends in residential commercial building research paper) there is a cumulative demand in the reduction of energy consumption, which promoted the option of smart offices. For instance: On September 2017 Oman’s Authority for Electricity Regulations (AER) has initiated a plan to install solar cells for the smart buildings and homes to provide a clean source of renewable energy. Continuous research and development in IoT products for smart building have contributed in raising the market. For instance: On January 2018, Wipro Lighting launched lighting application it’s Internet of lighting solutions for smart buildings. Due to the emergence of IoT solutions, there has been a growing opportunity in the field of cloud technology and services. For example: On January 2018 Avnet Inc. its cloud-based software product known as IoT Connect, to promote the IoT related products and services.
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Smart office market is bifurcated on the basis of product type, the technology used and office type. On the basis of product type, the market is segmented into smart lighting, security systems, energy management systems, heating ventilation and air conditioning systems, and audio and video systems. On the basis of technology used the market is classified into Wired and Wireless system. The wired technology can be further divided into power line communication, power over networks and Konnex networks, while the wireless technology can be divided into Wi-Fi, Bluetooth and Zigbee. Based on the office type the market can be divided into retrofit and new construction office.
North America holds the largest market share in the smart office market. The major reason supporting this statement is the presence of major market players and their high investment in the research and development resulting into innovative products. For example: On January 2018 C3 IoT announced its $100 Million investment to innovate new products in IoT and artificial intelligence. Asia Pacific is anticipated to show rapid growth majorly due to the presence of developing economies like China, India, and Japan. Expansion in the field of IT products and services is also the major factor promoting the market growth. The regions analyzed in smart office market are:
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South Africa
o Rest of the LAMEA
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The major participants in the market are:
- Siemens AG
- Schneider Electric SA
- Johnson Controls International PLC
- Honeywell International Inc.
- ABB Ltd.
- Cisco Systems Inc.
- United Technologies Corporation
- Lutron Electronics Co. Inc.
- Crestron Electronics Inc.
- Philips Lighting Holding B.V.
The companies engaged in this market are focusing to expand the business and regional reach by adopting strategies such as innovation, acquisitions etc. For instance: On November 2018, Siemens introduced new controllers for the handling the HVAC applications efficiently. This technology provides latest features such as increased processing power and memory space and efficient refrigeration control with inbuilt electronic expansion valves.
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