The global Smart Space Market size is projected to grow from USD 9.4 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The increasing venture capital funding and growing investments in smart space technology to drive market growth.
By component, the service segment to register the highest growth rate during the forecast period
Services form an integral part of the software deployment and execution lifecycle. Services, including consulting, product support, updates, and maintenance, are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get better ROI. Smart space is changing the way designers and engineers create new product designs and modifications. As smart space has eased the manufacturing of complex products with complex geometries, the application of software has increased across automotive, industrial manufacturing, and aerospace and defense verticals. Moreover, the use of smart space software for designing of building plans and large construction projects is expected to grow rapidly in the building, architecture, and construction industries.
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Based on application, the emergency management to grow at the highest CAGR during the forecast period
With a right set of information and adequate amount of time in hand, occupants can act fast to minimize or to avoid the damage entirely. Devices such as smart cameras with improved image sensor can now keep a watch on the remote corners 24*7 to improve the security aspect of the any facility. Similarly, ultrasonic location tracking system in research labs, power plants, and other highly secured areas can easily detect the movements, locations, and orientation of the occupants. The systems come with a storage option for saving the data for a specified amount of time, which can be used for future reference as well. Smart floor is another technology which is currently offered in entertainment center and kitchen area, to track the location and identify the residents when they fall along with reporting it to the emergency services. In the UK, British Telecom (BT), Everything Everywhere (EE), and HCT have developed a new system that can turn on the Global Navigation Satellite System (GNSS) and Wi-Fi and is termed as Advanced Mobile Location (AML). Once the emergency number has been dialed, the system would automatically share the exact location details to the emergency service provider, and it is 4,000 times more accurate than the current system in use.
Key and innovative vendors in the smart space market include ABB. (Switzerland), Cisco (US), Siemens (Germany), Huawei Technologies (China), IBM (US), Schneider Electric (France), Smartspace Software (UK), Hitachi Vantara (US), ICONICS (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Softweb Solutions (US), Eutech Cybernetic (Singapore), Adappt (US), IMEC (Belgium), Nexus (Sweden), Smart Spaces (UK), reelyActive (Canada), Telit (UK), AllGoVision Technologies (India), Energyly (India), Frugal Labs (Inbdia), and Aira Tech Corp (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the smart space market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
IBM Corporation (US) is one of the leading providers of smart space solutions with global presence. In June 2020, IBM launched Watson Works, a curated set of products which embeds Watson AI models and applications to assist enterprise to address return-to-workplace challenges for lockdown put in place to slow the spread of Covid-19. Watson Works allows enterprises to manage facilities, optimize space allocation, prioritize employee health, communicate with employees, vendors and stakeholders, and maximize effective contact tracing.
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ABB Ltd. offers a full-stack of innovative smart space products and solutions such as ABB Ability, ABB ibus KNX switch actuators, Cylon controls for HVAC applications and Naveo Pro emergency lighting system. Moreover, ABB Ability offers a remote connectivity solutions for customer operations during Covid-19 crisis. In April 2019, ABB strengthened its partnership by signing a new Memorandum of Understanding (MoU) with Ericsson. The MoU states their agreement to endure their strong research collaboration, enhancements in manufacturing processes and automation, and exploring new business opportunities for the business.
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