The smart office market was valued at USD 18.82 Billion in 2016 and is expected to reach USD 46.11 Billion by 2023, at a CAGR of 12.94% during the forecast period. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2023.
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According to a new market research report "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.
Browse 68 Market Data Tables and 44 Figures spread through 155 Pages and in-depth TOC on "Smart Office Market - Global Forecast to 2023"
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.
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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.
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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.
The market for product in APAC is expected to grow at the highest rate during the forecast period
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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