According to a report by Grand View Research, Inc., global smart office market is anticipated to value USD 57.05 billion by 2025. Growing requirement for optimal and effective utilization of IT resources and infrastructure is anticipated to propel demand for smart offices. Such offices are likely to offer automation and digitization of products and systems to enhance work efficiency. The working environment of any smart office is likely to improve in terms of efficient use of energy and occupant comfort. Smart features such as continuous monitoring and controlling of humidity, light, and temperature can facilitate improved management of smart devices. It can also offer connected experience to employers working in that office. This, in turn is likely to drive employee satisfaction in smart offices.
Increasing use of internet of things (IOT) in offices to enable inter-networking of physical devices using sensors, software, and network connectivity can influence market growth. Changing workforce demographics coupled with technological expectations of employers and employees can fuel demand for smart offices in the forthcoming years. Growing need for flexible work environment in offices to enhance employee productivity is likely to stimulate growth of market. Rising number of R&D activities to create reliable, cost-effective, and improved products owing to growing popularity of smart office technology can augment market growth. Improvement in internet accessibility and rising adoption of connected devices is likely to surge demand for IOT enabled offices during the forecast period (2014 to 2025).
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The smart office market can be segregated on the basis of component, office type, and region. Based on component, the market can be categorized into software, hardware, and service. In 2016, hardware segment dominated the market and can continue to dominate from 2017 to 2025. Continual technological developments in hardware segment can influence growth of market. It can be segmented further into energy management systems (EMSs), smart lighting & controls, security systems & controls, audio-video conferencing systems, and HVAC control systems. Numerous advantages such as improved focus and convenience can fuel demand for EMSs in offices. Such systems can track energy usage and allow organizations to control energy losses. This, in turn, can lead to profit margins, comfort, and high work efficiency.
In addition, service segment is anticipated to grow at remarkable CAGR of 15% during the forecast period. High demand for cloud-based solutions coupled with growing need for domain expertise and quality services can fuel growth of segment.
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Based on office type, the market can be classified into retrofit and new construction. In 2016, retrofit segment dominated the market and accounted for market share equivalent to USD 14.30 billion. It is expected to continue its dominance and account for highest revenue by 2025. Growing adoption of energy saving technologies in retrofit offices can influence market growth during the forecast period. Such offices may pose limitations for implementation of new systems and modifications.
Similarly, new construction segment is likely to witness substantial growth during the forecast period. Such offices can offer ample flexibility to install new systems.
Regional segmentation includes Asia Pacific, Europe, North America, South America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. It is likely to grow at CAGR of 10% from 2017 to 2025 owing to prevalence of well-established manufacturers and huge consumer base in the region.
In Asia Pacific, the market is expected to witness significant growth at CAGR of 19% during the forecast period. Presence of growing economies such as India and China is likely to increase number of offices in the region. This, in turn, is expected to create demand for establishment of smart offices in the region.
In South America, the market can grow well during the forecast period attributed to rising penetration of internet and wireless networks in the region.
Some of the leading companies offering smart offices are Cisco Systems, Inc.; Crestron Electronics, Inc.; Honeywell International, Inc.; Schneider Electric; and Siemens AG. Most companies are likely to adopt strategies such as mergers & acquisitions and new product development to maintain their market value.
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