Smart Office Market Size Worth $57.05 Billion By 2025 Due To Changing Workforce Demographics And Technological Expectations Of Modern Employees And Employers | Grand View Research, Inc.

Smart Office Market Size Worth $57.05 Billion By 2025 Due To Changing Workforce Demographics And Technological Expectations Of Modern Employees And Employers | Grand View Research, Inc.

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The continued global demand for automation and innovation at workspaces has driven the market for smart offices in recent years, as organizations look towards offering enhanced security, minimizing energy wastage, and boosting the overall productivity of human resources.

The global smart office market size is projected to reach USD 57.05 billion by 2025, progressing at a healthy CAGR of 13.2% over the forecast period, as per a report by Grand View Research, Inc. With the continued increase in demand for better security infrastructure and optimum energy management by organizations, the transformation of workplaces has been necessitated. Over the past decade, there has been a constant evolution in organizations due to changing workforce demographics and technological expectations of modern employees and employers. These factors, coupled with the rising concerns regarding energy consumption, are projected to augment the market. Smart office solutions aim to maximize value and savings in three critical areas – real estate, utilities, and payroll. The increased adoption of the Internet of Things (IoT), which enables inter-networking of physical devices through actuators, sensors, network connectivity, and software, has also improved the growth prospects of the industry.

Employers are able to improve employee productivity while increasing flexibility of the work environment with better connectivity. This helps in boosting employee retention, which has driven employer desire to integrate smart systems at workplaces. Some of the notable features commonly observed in smart offices include smart desks and conference, modern video monitoring, gamification, intelligent climate and lighting control, indoor maps, voice control, and cloud-based rewards recognition programs. Employers can integrate beacons in their places of work to automatically detect employees, as well as their clock-in and clock-out timings, which helps in optimizing resource management. Surging demand for these aspects is projected to provide a fillip to the overall market. Furthermore, the rising popularity of smart office technologies is motivating manufacturers to invest in research and development activities for creating cost-effective, reliable, and improved products, with a view to offer better user experience. However, concerns associated with privacy and malicious attacks are poised to inhibit the growth of the market.

The smart office market is broadly segmented on the basis of component and office type. The major components in smart offices comprise hardware, software, and services. The hardware segment includes security systems and controls, smart lighting and controls, energy management systems, HVAC control systems, and audio-video (AV) conferencing systems. Smart systems may either be retrofitted to existing offices, or may be part of a completely new construction. The developed economies have shown high affinity towards implementation of smart infrastructure at workplaces. Major industry players such as ABB; Cisco Systems; Crestron Electronics; Honeywell International; Johnson Controls; Lutron Electronics; Philips Lighting Holding B.V.; Schneider Electric; Siemens AG; and United Technologies Corporation have contributed to the market development across the globe, particularly in the past decade.

Smart Office Market Report Highlights

• Smart office technology enhances experience of employees in terms of integration, intelligence, and intuitiveness, helping in forging better workplace relationships, simplifying work scheduling, and thus boosting the employee retention scenario

• Energy management systems (EMS) in smart offices offer advantages such as measuring energy efficiency improvements, analyzing energy data for better decision-making, and optimization of energy consumption

• Audio-video conferencing systems help reduce travelling time and costs by providing a platform to share and collaborate ideas from remote locations, with several medium and large-size organizations integrating sophisticated AV setup in their infrastructure

• By component, the service segment is likely to post the highest CAGR of 15.0% over the forecast period in the smart offices market, on account of the increased deployment of cloud-based solutions and need for domain expertise and quality services

• The retrofit segment dominated the market in 2016, with a valuation of USD 14.30 billion, and is expected to retain its position through 2025; this can be attributed to the increasing requirement of adopting energy-saving technologies in retrofit offices

• The North American region accounted for the largest share of just over 55% in 2016 in the smart offices market, and is further expected to advance at a healthy CAGR of more than 10% over the forecast period

• The outbreak of the COVID-19 pandemic is expected to offer numerous growth avenues to the smart office industry; employers will look towards improving office safety, efficiency, while also concentrating on energy and cost savings. With a continued focus on safety and social distancing, sensors and IoT-enabled technologies are expected to make their presence felt at workplaces

• The coronavirus pandemic is also expected to positively impact the AV conferencing infrastructure at offices, as remote working becomes a norm to respect social distancing guidelines; with many companies asking employees to work remotely in the near future, there is a huge scope for the industry growth

• In February 2021, ABB installed an intelligent and integrated building controls system at the headquarters of the New Development Bank (NDB) in Shanghai, which is expected to result in energy savings of more than 15%, when compared to the conventional systems

• In December 2020, Johnson Controls released the Metasys Release 11.0, the latest version of the Metasys Building Automation System (BAS), which offers improved system performance, as well as featuring new cybersecurity capabilities, with the objective to avoid equipment failure and energy waste

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Smart Office Market Segmentation

Grand View Research has segmented the global insects repellent market on the basis of product type, insect type, and region:

Smart Office Component Outlook (Revenue, USD Million, 2014 – 2025)
    • Hardware
    • Security Systems & Controls
    • Smart Lighting & Controls
    • Energy Management Systems

    • HVAC Control Systems

    •  Audio-Video Conferencing Systems

    •  Software

    •  Service

Smart Office Type Outlook (Revenue, USD Million, 2014 – 2025)
    • Retrofit
    • New Construction

Insect Repellent Regional Outlook (Revenue, USD Million, 2015 – 2025)

    • North America
        • U.S.

        • Canada

        • Mexico
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • India

        • Japan
    • South America
        • Brazil
    • Middle East & Africa

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Digital Workplace Market – The global digital workplace market size was valued at USD 21.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.3% from 2020 to 2027.

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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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