The smart space market is on the brink of significant growth, with a projected CAGR of 8.3% from 2022 to 2032. In 2022, this burgeoning industry is expected to rake in a revenue of US$ 11.4 Billion, and this figure is anticipated to soar to US$ 25.2 Billion by 2032
These promising statistics underscore the rapid evolution and adoption of smart technologies in various spaces, including homes, offices, and cities. As the demand for intelligent, connected environments continues to rise, the smart space market is set to play a pivotal role in shaping the future of urban and digital landscapes.
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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 a reduction in consumption, cost, and carbon footprint as well. Self-sustaining buildings are expected to 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 homes, 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 from the Smart Space Market Report:
- 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, the energy management & optimization segment is anticipated to increase at a CAGR of 19.0 % between 2022 & 2032.
- By premises type, the 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 the 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 the 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 to 18.8% over the next ten years.
Increasing Adoption of Smart Homes and Smart Devices:
In the present situation, the importance and adoption of smart homes have gained immense popularity. Consumer awareness, changes in the needs of customers, adoption, and implementation of advanced technologies, and the rise of investments in the field are some of the increasing demands for adoption. Factors such as remote monitoring, integration of smart devices, and demand for high security for home and office premises also contribute to the adoption of smart homes and devices.
Furthermore, the 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 include smart kiosks at parks, transport stations, hospitals, stadiums, and restaurants.
Growing adoption of IoT for Facility Management:
The Internet of Things (IoT) has now become an essential part of smart homes and devices. The adoption of technology enables in efficient connecting and controlling of various devices for monitoring and controlling purposes. The technology enables convenience for controlling devices and applications and personalization in the same allows the rise in demand for the 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.
Leading Key Players:
- Cisco
- Siemens
- Huawei Technologies
- IBM
- Schneider Electric
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Smart Space Market Segmentation:
By Component:
- Solution
- Services
By Application:
- Energy Management and Optimization
- Emergency Management
- Security Management
- Others
By Premises Type:
- Commercial
- Residential
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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