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$19.9 Bn Smart Space Market by Component, Application, Premises Type, and Region - Global Forecast to 2024 - ResearchAndMarkets.com

May 24, 2019

DUBLIN--(BUSINESS WIRE)--May 24, 2019--

The “Smart Space Market by Component (Solutions and Services), Application (Energy Optimization and Management, Emergency Management, and Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global smart space market estimated 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.

Growing adoption rate in green building initiatives and environmental concerns to drive the growth of the market

With increase in sustainable green building due to environmental concerns and penetration of technology in our day to day life, there is an increase in the growth of adoption rate. Green buildings are the buildings that majorly focus on efficiency, effective lifecycle, and performance of the buildings. However, the need for high initial capital would limit the growth of the market.

Increase in adoption of IoT, AI, and ML to drive the smart space market in the coming future

Companies providing smart space solutions across the world are adopting Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) to offer varied services to the customers in commercial and residential segments. As companies are putting more efforts in Research and Development (R&D), smart technologies are getting more intelligent. Smart spaces can now sense the people in the premise and store their movements across space, enabling it to tune itself to contextualize and adapt to occupant’s need. Smart space platform services include telepresence, location and traffic sensing, interactive walls, and even digital assistants.

Rapid implementation, reduced operational cost, 247 data accessibility, scalability, and ease of use to drive the adoption of cloud-based smart space solutions

The smart space software can be deployed on-premises as well as on cloud, as per the business requirement. Cloud-based deployment benefits organizations with increased scalability, speed, 24/7 services, and improved IT security. Cloud-based smart space solutions present a cost-effective and efficient way to handle all the analytics requirements of smart solution providers. In the cloud deployment model, the smart space solution is offered as Software-as-a-Service (SaaS), and all the data and analytics workloads are cloud-based.

Smart space market in APAC to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is an emerging region in terms of adopting smart space software and services, and China, India, Japan, and Australia are the major economies contributing to the exponential growth of the smart space market in this region. Companies in APAC continue to focus on improving their customer service to drive competitive differentiation and revenue growth. Opportunities for smaller analytics vendors to introduce innovative analytics solutions for many verticals have also increased.

Market Dynamics

Drivers

  • Proliferation of IoT
  • Green Building Initiatives and Environmental Concerns

Restraints

  • High Initial Capital Expenditure

Opportunities

  • Government Initiatives for Smart Cities
  • Emerging 5G Technology to Enhance Connectivity
  • Rising Urban Population

Challenges

  • Risks of Breach in Security and Privacy Due to Device Malfunctioning
  • Lack of Resources and Infrastructure in Developing Countries

Ecosystem

Smart Space Market: Use Cases

  • Use Case 1: Improving Workplace Efficiency By Maximizing Desk and Meeting Spaces Utilization
  • Use Case 2: Optimizing Energy Consumption and Enhancing Staff Comfort and Experience
  • Use Case 3: Maximizing Energy Efficiency and Sustainability of Office Building

Smart Space Market: Impact of IoT

Companies Mentioned

  • ABB
  • Adappt
  • Cisco
  • Coor
  • Eutech Cybernetic
  • Hitachi Vantara
  • Huawei
  • IBM
  • Iconics
  • Schneider Electric
  • Siemens
  • Smarten Space
  • Smartspace Software
  • Softweb Solutions
  • Spacewell
  • Ubisense

For more information about this report visit https://www.researchandmarkets.com/r/yr9ob6

View source version on businesswire.com:https://www.businesswire.com/news/home/20190524005086/en/

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SOURCE: Research and Markets

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PUB: 05/24/2019 04:31 AM/DISC: 05/24/2019 04:31 AM

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