Global Smart Space Market
The Global Smart Space Market size is expected to reach $18.4 billion by 2026, rising at a market growth of 12.3% CAGR during the forecast period. A smart space is a digital environment where technology-enabled systems and humans can interact in increasingly open, coordinated, connected, and intelligent ecosystems. It gives an environment well-equipped with visual systems and audio sensing that can react to the people and don’t require any special equipment to wear.
Smart spaces are based on technology like vision, gesture recognition, dynamic solution, facial expression, performance animation, and audition. One of the best examples of smart space is smart homes or connected homes that is helpful in improving productivity, safety, convenience and entertainment. Smart spaces are also used in hospitals, grocery stores, airports, and apartment buildings. The main benefits of smart spaces include enhanced personal and professional productivity, a surge in energy efficiency and it also makes daily life easier & less intricate.
The COVID-19 pandemic affected almost every possible industry across the globe, including the smart space market. The ecosystem of the smart space market is very diverse, owing to which the overall ecosystem is expected to experience a distinguished impact. A few sectors within the smart space ecosystem may be positively impacted by the COVID-19 pandemic, while others might see a decline.
Researchandmarkets.com report segmented smart space market:
By Component
Based on Component, the market is segmented into Solutions and Services. On the basis of component, the solutions segment led the global smart space market size in 2019 and is likely to remain dominant in the market over the forecast period. The growth of this segment is mainly accredited to the increasing adoption of smart devices in smart buildings and homes. In addition to it, security concerns have also increased which is one of the major factors driving the demand for security cameras.
By Application
Based on Application, the market is segmented into Energy Management & Optimization, Emergency Management, Security Management and Others. On the basis of application, emergency management is expected to grow at the highest CAGR in the coming years. The occupants can take action quickly to minimize the damage entirely if they have right set of information and sufficient time in hand. Devices like smart cameras with enhanced image sensor can now keep an eye on the remote corners 24*7 that improve the security aspect of the provided facility. Likewise, an ultrasonic location tracking system is used in power plants, research labs, and other highly protected areas as it can easily detect the locations, movements, and orientation of the occupants.
Current Trends and Innovations:
As a result of the COVID-19 pandemic, businesses around the world were focused on developing a more secure and operable digital workplace. One of the major factors encouraging development of smart spaces has been to provide users contactless access while also protecting them from potential cyber-attacks. Besides, such companies are converting their current physical infrastructure with the addition of digital technology in order to improve individual experiences, collaboration, and also to ensure long-term viability, Says Emergen Research. Additionally, the need for smart spaces is being fueled by increasing trends of automation and digitalization, which are transforming industrial facilities into smart factories that allow for seamless information exchange between people, machines, and sensors.
By Premises Type
Based on Premises Type, the market is segmented into Commercial, Residential and Others. On the basis of end-user, the commercial segment had the highest revenue for smart space market share in the year2019 and is anticipated to lead the market throughout the forecast period. There are numerous companies that are adopting intelligent space platforms in order to create their offices livelier and more connected because it directly influences the productivity at the workplace and their revenues.
By Region
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America had the largest market share in 2019. This is accredited to the presence of several prominent market players who are providing Smart space solutions to the end-users in the region. The US and Canada have strong economic backgrounds and are major contributors to the smart space market’s growth. With respect to the development of smart spaces, North America is the leading region. Most of the countries in the region are the early adopters of smart space solutions including AI, IoT, and machine learning.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Huawei Technologies Co., Ltd., IBM Corporation, Cisco Systems, Inc., and Siemens AG are the forerunners in the Smart Space Market. Companies such as ABB Group, Schneider Electric SE, Nemetschek Group, and Avnet, Inc., SmartSpace Software PLC, and Hitachi, Ltd. are some of the key innovators in the market.
