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 is expected to be valued at USD 46.11 Billion by 2023, at a CAGR of 12.94% between 2017 and 2023. The phenomenal growth in smart and connected products combined with IoT services results in the high growth of the smart office market.
The smart office market has been segmented on the basis of product into smart lighting/lighting controls, security systems, energy management systems (EMSs), HVAC control systems, and audio–video conferencing systems.
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The demand for services is expected to grow in the future owing to the benefits such as achieving critical targets and developing a skillset for improving the internal planning and control processes.
Moreover, services help in remotely managing customer's infrastructure and/or end-user systems.
The smart office market, on the basis of office type, has been segmented into retrofit offices and new construction offices. The market for the new construction offices segment is expected to grow at a high rate between 2017 and 2023.
New construction offices provide the ability to construct the new building with inbuilt smart office systems. Also, it helps in achieving eco-friendly operations due to economical use of the available resources resulting into the high demand for new construction office.
APAC is expected to be the fastest-growing region for products in the smart office market, followed by RoW during the forecast period. China and India are the fastest-growing economies that are witnessing a rapid penetration of Internet of Things (IoT) in APAC.
The high adoption of modern technologies for energy saving, reduce the operational cost, and to increase the security level at workplaces increases the demand for smart office solutions, thus making APAC the fastest-growing region for smart office product market.
The major players operating in the smart office market include ABB, Cisco Systems, Crestron Electronics, Honeywell, Johnson Controls, Philips Lighting, Lutron Electronics, Schneider Electric, Siemens, and United Technologies Corporation.
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