IMARC Group has recently released a new research study titled “Smart Spaces Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
Smart Spaces Market Size, CAGR and Forecast 2023-2028
The global smart spaces market size reached US$ 11.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.4 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
Market Overview:
Smart spaces, alternatively referred to as connected places, are physical environments equipped with advanced technologies, including network temperature and motion sensors, for enhancing the connection between people, services, and processes. They can be categorized into indoor spaces and outdoor spaces. Smart spaces help reduce energy costs through adjustments of lighting, heating, and cooling in real-time based on changes in weather and building occupancy.
Smart spaces can be adjusted and monitored remotely and help minimize carbon footprints. They are even incorporated with surveillance and security systems to enhance the experience of occupants and offer a protected and safe place to live and work. Consequently, they are in extensive demand among consumers across the globe.
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Market Trends and Growth Drivers:
The increasing focus on creating a digital and safe workplace with a high standard of security to provide contactless access to individuals and safeguard against cybersecurity attacks is among the key factors driving the smart spaces market. In addition to this, the shifting preferences among leading organizations toward recreating their existing physical infrastructure with an overlay of digital technologies for transferring individual experiences, creating a collaborative culture, and ensuring sustainability are acting as significant growth-inducing factors.
Moreover, the emerging trend of automation and digitization and the growing need for modifying manufacturing facilities into connected factories that facilitate the seamless sharing of information between people, sensors, and machines are also positively influencing the global market. Apart from this, the inflating demand for smart homes and the rising investments by government bodies across various countries to construct smart cities are expected to bolster the smart spaces market over the forecasted period.
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd
- Cisco Systems Inc.
- Coor Service Management AB
- Eutech Cybernetic Pte. Ltd
- Hitachi Vantara LLC (Hitachi Ltd.)
- International Business Machines Corporation
- Microsoft Corporation
- Schneider Electric
- Siemens AG
- SmartSpace Software PLC
- Ubisense Limited
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
• Software
• Services
Breakup by Space Type:
- Smart Indoor Space
• Smart Outdoor Space
Breakup by Application:
- Energy Management and Optimization
• Layout and Space Management
• Emergency and Disaster Management
• Security Management
• Others
Breakup by End User:
- Residential
• Commercial
Geographical Analysis:
- North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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