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.
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The phenomenal growth in smart and connected products combined with IoT services results in the high growth of the smart office market.
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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. The market for EMS is expected to grow at the highest CAGR during the forecast period.
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The smart office market has been segmented into software and service. Furthermore, the service segment is divided into advisory and consulting services, installation and support services, and managed services.
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 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 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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