The Smart Space Market is anticipated to reach a valuation of US$ 11.4 billion in 2022 and grow at a CAGR of 8.3% to reach US$ 25.2 billion by the end of 2032. According to FMI, opportunities for smart spaces have been created by the increased usage of smart homes, gadgets, and IoT.
These areas are useful for increasing professional productivity, streamlining complicated procedures, and optimizing energy use. Buildings and automobiles that report on location, performance, and maintenance requirements are considered smart spaces.
In a facility hub, building, or open public area, a smart space is a digital ecosystem made up of people, linked equipment, and software systems that allow the free flow of information. This integrated ecosystem functions as a coordinated, intelligent, and networked ecosystem that adds to a smart space.
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The use of smart spaces, which supports commercial spaces to optimize and preserve resources and reduce consumption, cost, and carbon footprint, has been made possible by the rising need for lower energy costs. The best way to address the increasing global energy and technical needs is projected to be self-sustaining structures.
Homes, factories, office buildings, and even entire cities can become “smart spaces” because of the growing use of wireless sensors and technologies. As a result, resource consumption is decreased while productivity, health, security, and safety are all increased.
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, 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 a 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 are 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.
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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 demand for the 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 the 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.
Key Segments
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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