The Smart Space Market is expected to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. Factors that drive the market growth include proliferation of Internet of Things (IoT), and green building initiatives and environmental concerns.
Energy management and optimization is expected to grow at the highest CAGR owing to need to optimize energy consumption, supply and demand planning.
Energy management and optimization systems monitor the consumption of the energy, ensuring safe operation of the device in network, monitoring, and estimating the state of the system, and maintain the quality of the environment. These systems also prevent undesirable working conditions such as overcharge, over discharge, and overheating, which significantly reduce the life of the device and increases the maintenance cost.
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Services segment to grow at a higher CAGR during the forecast period
Based on component, the smart space market is segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through business tenure. Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations. The need for services, such as consulting services, would also grow, as the adoption of technologies, such as IoT, AI, and ML increases across the world.
The smart space market comprises major solution providers, such as IBM (US), ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei (China), Schneider Electric (France), Smartspace Software PLC (UK), Hitachi Vantara (US), Iconics (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore), and Adappt (US).
The study includes an in-depth competitive analysis of these key players in the smart space market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations have been the most dominating strategies adopted by the major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.
IBM (US) is among the leaders in the smart space market with a global presence. The company has a balanced growth strategy in the market, including prominent collaborations with industry players diversifying IBM’s smart space offerings and increasing the company’s market reach. It recently rolled out Artificial Intelligence (AI)-based solutions for specific industries and professions. It is a connected manufacturing offering that helps clients accelerate their IoT transformation, from strategizing, securing the connected devices, and implementation. This would help the client connect all the equipment, sensors, and peripheral devices to improve the quality, lead time, and productivity of the unit. This offering focuses on IoT dependent industries, which function on industrial equipment, automotive, and smart buildings. Headquartered in New York, the US, the company has additional offices in North America, Middle East and Africa (MEA), Europe, and Asia-Pacific (APAC).
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Similarly, ABB (Switzerland), is active in delivering the use of IoT concept to deliver services, which improve data analysis, and boost productivity. Remote servicing is one of the key functions that a smart space provides to the end users with the help of the information, supplied by the sensors. In many industries, applications such as cooling and flow of fluids are controlled by drivers or motors, whereas, in larger systems, PLC or automation systems are adopted to do such things. ABB’s Remote Services uses information from these drivers to provide the earliest indication of failures or breakdowns of the entire system. In Raahe on the west coast of Finland, the pilot installation of the support service was already carried out in SSAB steel factory. In its early stage, the service detected a possible breakdown and notified ABB personal about the critical choke elevator. Teams from both ends acted quickly to successfully avert what could be a major problem.
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