According to MRFR analysis, the global smart spaces market was valued at USD 9.4 Billion in 2018; it is expected to reach USD 27.0 Billion, growing at a CAGR of 16.4% during the forecast period. The market growth is attributed to surging demand for congestion-free mobility services, rising adoption of disruptive technologies such as digital twin, augmented reality and virtual reality, adoption of smart building solutions, and increasing inclination of end users toward green building solutions.
On the other hand, high initial cost of deployment along with the requirement of high technical expertise are likely to hinder the growth of the smart space market.
Rapid urbanization across emerging economies such as China, India, and Brazil, and other densely populated areas have become one of the challenges for government bodies to provide a congestion-free network environment. Also, the increasing number of government initiatives for smart city projects are likely to drive the demand for the smart spaces market during the forecast period.
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The global smart spaces market has been segmented based on component, application, premise type, and region
By component, the global smart spaces market has been divided into solutions and services. The services segment has been categorized as professional services and managed services. The professional services accounted for a larger market share in 2018 and it is expected to dominate the market during the forecast period. This is due to the need for high technical expertise for deploying high-end solutions that can only be offered by vendors. However, the managed services segment is likely to exhibit higher CAGR during 2019–2024. The professional services segment has been categorized into consulting services, deployment and integration services, and support and maintenance services. The consulting services accounted for the largest market share in 2018; whereas the support and maintenance services segment are expected to register the highest CAGR owing to surge in demand for constant support in operation during its life cycle of a solution.
Based on application, the smart spaces market has been categorized into energy management and optimization, emergency management, security management, and others. The energy management and optimization segment accounted for the largest market share in 2018 owing to rising adoption of renewable sources of energy and increasing concerns regarding environment sfaety that are likely to drive the market. However, security management is expected to be the fastest growing segment during the forecast period.
Based on premise type, the smart spaces market has been segmented into commercial areas, residential areas, and others. The commercial areas segment accounted for the largest market size in 2018 and exhibit the highest CAGR. The market growth for commercial areas is attributed to increasing need to lower operating costs, for security, public safety, and power management through energy optimization solutions. However, the residential areas segment is expected to grow with significant CAGR.
By region, the global smart spaces market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Asia-Pacific is expected to be the fastest-growing smart spaces market over the next few years. The market growth is due to rapid urbanization in emerging economies such as China, India, and Vietnam and government initiatives to boost the smart mobility services in the densely populated cities. North America accounted for the largest market in 2018 owing to the availability of high technical expertise in the US and Canada.
The key players in the global Smart Spaces market are Smart Space Software Plc (UK), Hitachi Vantara Corporation (US), Ubisense (UK), Coor (Sweden), Huawei Technology Co Ltd (China), ICONICS, Inc. (US), Adappt (US), Schneider Electric (France), FASEAS SPACEWELL (Belgium), Eutech Cybernetic Pte. Ltd (Singapore), Siemens AG (Germany), ABB (Switzerland), Cisco Systems Inc., (US), and Smarten Spaces (Singapore).
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List of Tables
Table 1 Global Smart Space Market, By Region, 2019–2024
Table 2 North America: Smart Space Market, By Country, 2019–2024
Table 3 Europe: Smart Space Market, By Country, 2019–2024
Table 4 Asia-Pacific: Smart Space Market, By Country, 2019–2024
Table 5 Middle East & Africa: Smart Space Market, By Country, 2019–2024
Table 6 South America: Smart Space Market, By Country, 2019–2024
Table 7 Global Smart Space Component Market, By Region, 2019–2024
Table 8 North America: Smart Space Component Market, By Country, 2019–2024
Table 9 Europe: Smart Space Component Market, By Country, 2019–2024
Table10 Asia-Pacific: Smart Space Component Market, By Country, 2019–2024
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