“Smart Office Market by Product (Smart Lighting/Lighting Controls, Security Systems, Energy Management Systems, HVAC Control Systems, Audio–Video Conferencing Systems), Software & Service, Office Type, and Geography – Global Forecast to 2023″
The smart office market was valued at USD 22.21 Billion in 2017 and is expected to reach USD 46.11 Billion by 2023, at a CAGR of 12.94% between 2017 and 2023. Factors such as increase in demand for smart office solutions and sensor networks for energy efficiency, advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favorable government regulations in several countries are driving the growth of the smart office market.
The energy management system segment is expected to witness the highest growth rate during the forecast period
The market for the energy management system segment is expected to grow at the highest CAGR between 2017 and 2023. The rising energy consumption, energy price volatility, integration of applications over a single platform across the commercial sector, and increasing need for digitization of the energy infrastructure are the driving factors for the growth of the EMS in the smart office market.
The market for service segment is expected to grow at the highest rate during the forecast period
The market for service segment is expected to grow at the highest rate during the forecast period. The services segment is further divided into advisory and consulting services, installation and support services, and managed services that directly maximize the network performance and uptime, minimize the operational risk, and significantly reduce the capital and operational expenditures, thus resulting in a high demand for services in the smart office market.
APAC is expected to be the fastest-growing region for the smart office market, followed by Europe during the forecast period. The market in APAC is expected to grow at the highest rate during the forecast period due to the adoption of energy management solution to reduce the associated cost and the implementation of security and lighting management solution in workplaces, ultimately leading to the growth of the smart office market in APAC.
Key players in this market such as ABB, Cisco Systems, Crestron Electronics, Honeywell, Johnson Controls, Philips Lighting, Lutron Electronics, Schneider Electric, Siemens, and United Technologies Corporation focus on new product developments, strategic partnerships, acquisitions, and agreements to increase their revenues.
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