According to the Smart Spaces Market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 16.2% from 2022-2032.
| Attributes | Details |
| Smart Space Market CAGR (2022-2032) | 8.3% |
| Smart Space Market Value (2022) | US$ 11.4 Billion |
| Smart Space Market Value (2032) | US$ 25.2 Billion |
According to the analysis, by the end of 2032, the market is predicted to be worth US$ 53.6 billion. According to FMI, the opportunities for smart spaces have increased with the proliferation of smart homes, devices, and rising IoT.
These areas are useful for enhancing energy efficiency, streamlining complicated operations, and increasing professional productivity. Buildings and automobiles that report on their locations, performance, and maintenance requirements are considered smart spaces.
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A smart space is a digital ecosystem that includes humans, connected devices, and software systems that allow free flow of information inside a facility center, building, and in open public area. This integrated ecosystem operates as a connected, coordinated, and intelligent ecosystem that contributes to a smart space.
The increasing demand for reduction in energy costs has enabled the adoption of smart spaces which helps commercial spaces to optimize and conserve resources resulting in reduction in consumption, cost and carbon footprint as well. Self-sustaining buildings are expected be the finest solution for meeting the ever-growing energy and technological demands across the globe.
With the increasing adoption of wireless sensors and technologies, places such as home, factories, commercial spaces and even cities can be converted into smart spaces. This helps in increasing productivity, health, security, safety, energy and waste management coupled with reduced consumption of resources.
Key Takeaways: Smart Spaces Market
- By component, the hardware segment is anticipated to account for the leading share in the global demand for smart spaces during the forecast period. However, the software segment is estimated to grow at a robust CAGR of 18.1% through 2032.
- By application, energy management & optimization segment is anticipated to increase at a CAGR of 19.0 % between 2022 & 2032.
- By premises type, commercial smart spaces segment is estimated to witness high growth during the forecast period as reduction in energy cost with real time adjustments and sustainable monitoring of environment has become the need of the hour.
- North America is expected to lead the market followed by Asia in 2022. Latin America and Europe is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in Middle East and Africa is expected to progress at a CAGR of around 14.9% through 2032.
- In China, sales are expected to increase at a CAGR of close 18.8% over the next ten years.
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Scope of the Report
| Attribute | Details | |
| Market value in 2022 | US$ 11,900 Mn | |
| Market CAGR 2022 to 2032 | 16.2 | % |
| Share of top 5 players | More Than 55% | |
| Forecast Period | 2022-2032 | |
| Historical Data Available for | 2017-2021 | |
| Market Analysis | USD Million for Value | |
| Key Regions Covered | North America, Latin America, Europe, Asia, Middle East & Africa | |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, GCC Countries, Turkey, North Africa and South Africa | |
| Key Segments Covered | Product, Commercial Application and Region | |
| Key Companies Profiled | • Cisco Systems, Inc.
• Huawei Technologies • Hitachi Vantara • EnOcean • IBM Corporation • Siemens AG • Schneider Electric • SmartSpace Software Plc • Eutech Cybernetic Pte. Ltd. • Spacewell • ABB • Iconics • Softweb Solutions • AllGoVision Technologies • Smarten Spaces • Pressac |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
| Customization & Pricing | Available upon Request | |
Increasing Adoption of Smart Homes and Smart Devices
In present situation the importance and adoption of smart homes has gained immense popularity. Consumer awareness, change in needs of customers, adoption and implementation of advanced technologies and the rise of investments in the field are some for the increasing demand for the adoption. Factors such as remote monitoring, integration of smart devices, demand for high security for home and office premises also contribute for the adoption of smart homes and devices.
Furthermore, deployment of smart technologies has widely increased in public spaces across the globe. Some of the major attributes that convert a public space into a smart space includes smart kiosks at parks, transport stations, hospitals, stadiums, and restaurants.
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Growing adoption of IoT for Facility Management
Internet of things (IoT) has now become essential part of smart homes and devices. The adoption of technology enables in efficiently connecting and controlling of various devices for monitoring and controlling purpose. The technology enables convenience for controlling of devices and applications and personalization in the same allows the rise in demand for smart spaces market. The major benefit of incorporating infrastructure with IoT is to ensure safety and security by enabling authorized access using real-time data, which assists in the overall building security management and monitoring.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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