According to Market Research Future (MRFR), the global smart workplace market is projected to reach approximately USD 47 billion by 2023. The market is set to register a CAGR of 13% of CAGR during the forecast period (2017-2023). The report provides a gist of a smart workplace, which is a solution that helps organizations adapt to a work style which comes with improved efficiency, lower costs, and flexible work environment. Employees get accustomed to the tools that allow them to share files and work together. The solution also offers integration of internet of things (IoT), big data, and other advanced analytics engine to improve their workplaces and premises. While closely tied to Smart Buildings, a noteworthy fact is that the smart workplace solution is not tied to just a building space but also to home workers, telecommuting, and work while traveling. In other words, the primary goal of the smart workplace is to bring comfort to its users coupled with other macro factors like saving energy, improving the quality of work environment, and following deadlines.
Although the market observes impressive growth rate, it is also deterred by the fact that various small and medium organizations are unaware of this solution and the benefits it provides. However, increasing need for energy efficient solutions along with safety & security solutions at workplace is driving developing enterprises to adopt smart workplace solutions. In addition, favorable government regulations in several countries also provide the market growth with added ammunition.
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Major key Players
The prominent players in smart workplace market are – Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (Ireland), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), United Technologies Corporation (U.S.), Lutron Electronics Co. Inc. (U.S.), Crestron Electronics, Inc. (U.S.), Philips Lighting Holding B.V. (Netherlands) among others.
According MRFR, the Smart Workplace Market is growing rapidly over 13% of CAGR and is expected to reach at approx. USD 47 Billion by the end of forecast period.
The global smart workplace market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the smart workplace market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart workplace market. This is owing to the presence of large number of established key players like Honeywell and Cisco Systems in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing emergence of smart cities is expected to be another major factor responsible for driving the growth of smart workplace market.
In the global smart workplace market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, smart workplace market is projected to contribute faster to the growth of revenue backed by increasing need for safety and security at workplace in countries such as Japan, China, South Korea and India.
The global smart workplace market is segmented on the basis of component, product, office type and communication technology.
The segment of component is sub-segmented into software and services. The market for service segment is projected to grow at the highest rate during the forecast period. The services segment consists of advisory and consulting services, installation and support services, and managed services that optimize the network performance and uptime, reduce the operational risk, and considerably reduce the capital and operational expenditures. This results in a massive demand for services in the smart office market.
The product segment is sub-segmented into smart lighting, security systems, energy management systems, heating, ventilation & air conditioning control systems (HVAC) and audio-video conferencing systems. Out of these, the segment of energy management systems is expected to capture the largest market share of the smart workplace market. Energy management systems provide a framework to manage on-going energy and provide energy efficient solutions as well. It also helps reduce costs without the need for capital investment.
The office type segment is sub-segmented into retrofit offices and new construction offices. The new construction offices segment has been picking up speed as constructing smart building from scratch is the ideal solution for many organizations. It reduces the time and costs associated with building new offices making it a realistic option for a large number of building owners.
The communication technology segment is sub-segmented into wired and wireless. The popularity of the wireless technology is a testament to their convenience, cost efficiency, and ease of integration with other networks. In simple words, wireless technology allows users to move around freely within the area of networks.
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