Smart workplace market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of smart workplace solutions and services. Major driving factor in the growth of smart workplace market is the growing need for energy conservation and increasing need for energy efficient solutions. Increasing technological advancements is another major factor responsible for the growth of smart workplace market. Increasing demand for seamless connectivity is one major factor driving the growth of smart workplace market.
Major giants like Siemens AG, Honeywell International and Cisco Systems are investing into the smart workplace market due to increasing demand smart workplace solutions and emergence of smart cities. Increasing adoption of energy efficient solutions and growing need for safety and security solutions at workplace are other major factor fueling the growth of smart workplace market. Smart workplaces are gaining importance owing to the increasing adoption.
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in smart workplace market in North America is attributed to technological advancements and increasing demand for smart cities in that region. Increasing need for safety and security at workplace is another major factor responsible for fueling the growth of smart workplace market.
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Major key Players
Siemens AG (Germany),
Schneider Electric SA (France),
Johnson Controls International PLC (Ireland),
Honeywell International Inc. (U.S.),
ABB Ltd. (Switzerland),
Cisco Systems, Inc. (U.S.),
United Technologies Corporation (U.S.),
Lutron Electronics Co. Inc. (U.S.),
Crestron Electronics, Inc. (U.S.),
Philips Lighting Holding B.V. (Netherlands) among others
According MRFR, the Smart Workplace Market is growing rapidly over 13% of CAGR and is expected to reach at approx. USD 47 Billion by the end of forecast period.
The smart workplace market has been segmented on the basis of component, product, office type and communication technology. The communication technology segment is bifurcated into wired and wireless. Out of which, the wireless communication technology sub segment holds the largest market share of the smart workplace market. This is owing to the technological advancements and growing demand for wireless technology applications.
The global smart workplace market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the smart workplace market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart workplace market. This is owing to the presence of large number of established key players like Honeywell and Cisco Systems in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing emergence of smart cities is expected to be another major factor responsible for driving the growth of smart workplace market.
In the global smart workplace market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, smart workplace market is projected to contribute faster to the growth of revenue backed by increasing need for safety and security at workplace in countries such as Japan, China, South Korea and India.
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- IT & Telecommunication Companies
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