Rise in demand for smart office solutions to achieve energy efficiency, favorable industry standards and regulations, and increase in IoT applications drive the growth of the global smart office market.
PORTLAND, Ore., Oct. 25, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Office Market By Offering (Hardware, Software, and Service), Product Type (Smart Lighting, Intelligent Security Systems, Energy Management Systems, Network Management Systems, Audio-Video Conferencing Systems, and Others), Connectivity Technology (Wireless Technologies and Wired Technologies), and End User (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global smart office industry generated $31.37 billion in 2020, and is estimated to reach $90.63 billion by 2030, witnessing a CAGR of 11.1% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in demand for smart office solutions to achieve energy efficiency, favorable industry standards and regulations, and increase in internet of things (IoT) applications drive the growth of the global smart office market. However, high initial investment hinders the market growth. On the other hand, evolving market for smart cities creates new opportunities in the coming years.
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Owing to lockdown restrictions imposed by the governments, there has been adoption of "work from home" culture by organizations. This lowered down overall revenue of the smart office market.
Production facilities in the electronics and semiconductors sector were closed due to lockdown measures and disrupted supply chain across the globe. This reduced the production volumes of devices used in smart offices. This, in turn, impacted the overall revenue.
However, many offices have been opened up as lockdown restrictions are lifted off and vaccinations are ongoing. The market for smart office would recover steadily.
The Hardware segment to continue its lead in terms of revenue during the forecast period
Based on offering, the hardware segment accounted for the highest share in 2020, holding more than half of the global smart office market, and is expected to continue its lead in terms of revenue during the forecast period. This is due to increase in usage of microchips, sensors, actuators, and other components to manage systems and improve performance and reliability of assets. However, the software segment is projected to register the highest CAGR of 12.3% from 2021 to 2030, owing to effective use of artificial intelligence (AI) in building automation and management software along with need to automate tasks.
The Smart Lighting segment to continue its leadership status during the forecast period
Based on product type, the smart lighting segment held the highest share in 2020, contributing to more than one-fourth of the global smart office market, and is estimated to continue its leadership status during the forecast period. This is due to emergence of integrated lighting control systems, new smart city projects in emerging countries, rise in adoption of LEDs, and integration of lighting solutions with smart devices. However, the energy management systems segment is projected to portray the fastest CAGR of 13.2% from 2021 to 2030. This is attributed to advancements in technology, introduction of direct digital control (DDC) systems, and advent of mechanical, electrical, and plumbing (MEP) systems.
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, contributed to the highest market share in 2020, accounting for nearly two-fifths of the global smart office market, and is expected to maintain its dominance by 2030. This is due to high adoption of advanced building management hardware, software, and services along with the need to save energy in the building and reduce overall costs. However, Asia-Pacific is estimated to manifest the largest CAGR of 13.2% during the forecast period, owing to presence of large population base, development of smart city projects, increase in industrialization & globalization, and rise in demand for wireless technology.
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Leading Market Players
Cisco Systems Inc.
Honeywell International Inc.
Johnson Controls International Plc
Lutron Electronics Co. Inc.
Philips Lighting Holding B.V. (Signify Holding)
Schneider Electric S.E.
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