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.
Smart workplace market has been segmented on the basis of component, product, office type and communication technology. The office type segment is bifurcated into new construction offices and retrofit offices. Out of which, new construction office type sub segment is expected to grow at the highest rate during the forecast period. The new construction offices provides the ability to integrate new technologies seamlessly. It also helps in implementing ecofriendly solutions for the offices. Increasing popularity of bring your own device and internet of things is one major factor responsible for driving 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)
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.
Smart Workplace Market Segmentation
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.
Market Research Analysis:
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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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- IT & Telecommunication Companies
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