Pune, India -- (SBWIRE) -- 10/31/2018 -- Market Highlights:

According to Market Research Future (MRFR), the global smart workplace market is projected to reach approximately USD 47 billion by 2023. The market is set to register a CAGR of 13% of CAGR during the forecast period (2017-2023). The report provides a gist of a smart workplace, which is a solution that helps organizations adapt to a work style which comes with improved efficiency, lower costs, and flexible work environment. Employees get accustomed to the tools that allow them to share files and work together. The solution also offers integration of internet of things (IoT), big data, and other advanced analytics engine to improve their workplaces and premises. While closely tied to Smart Buildings, a noteworthy fact is that the smart workplace solution is not tied to just a building space but also to home workers, telecommuting, and work while traveling. In other words, the primary goal of the smart workplace is to bring comfort to its users coupled with other macro factors like saving energy, improving the quality of work environment, and following deadlines.

Although the market observes impressive growth rate, it is also deterred by the fact that various small and medium organizations are unaware of this solution and the benefits it provides. However, increasing need for energy efficient solutions along with safety & security solutions at workplace is driving developing enterprises to adopt smart workplace solutions. In addition, favorable government regulations in several countries also provide the market growth with added ammunition.

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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)

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.

A market trend worth noting is the increasing adoption of cloud computing and artificial intelligence by enterprises, increasing productivity and mobility. For instance, in the year 2016, the Johnson & Johnson Group had transferred more than 500 terabytes of data to the Amazon Web Services (AWS), which helped the company in saving resources of the company like the infrastructure cost and administrative cost of the organization.

Regional Analysis:

The global smart workplace market is regionally segmented on the basis of Asia Pacific, North America, Europe and Rest of the World.
MRFR notes that North America is projected to capture the largest share of the global market. The growth in the region is due to technical advancements and growing demand for smart workplaces across various industry verticals. The growth in the region is primarily dominated by United States (U.S) and Canada, owing to the increasing demand for cloud computing applications along with well-established infrastructure that allows implementation of advanced technologies. Moreover, increasing adoption of internet of things and increasing popularity of bring your own device (BYOD) are continuously buoying the market growth in the region.

On the other hand, Asia-Pacific is anticipated to grow at the fastest rate throughout the forecast period. China and India are the fastest-growing nations that are witnessing a rapid penetration of Internet of Things (IoT). The growing adoption of modern technologies for energy saving to reduce the operational cost and to increase the security level at workplaces has led to the growth in the demand for smart office solutions in the region. Growing industrialization and digitization in the region has fuelled the market growth as well.
The Europe market along with the Rest of the World have exhibited remarkable growth as well owing to thriving industries such as healthcare, retail, consumer electronics and defense & aerospace and others. Furthermore, increasing emergence of smart cities is working wonders for the expansion of the market in the region.

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Segmentation

The global smart workplace market is segmented on the basis of component, product, office type and communication technology.
The segment of component is sub-segmented into software and services. The market for service segment is projected to grow at the highest rate during the forecast period. The services segment consists of advisory and consulting services, installation and support services, and managed services that optimize the network performance and uptime, reduce the operational risk, and considerably reduce the capital and operational expenditures. This results in a massive demand for services in the smart office market.

The product segment is sub-segmented into smart lighting, security systems, energy management systems, heating, ventilation & air conditioning control systems (HVAC) and audio-video conferencing systems. Out of these, the segment of energy management systems is expected to capture the largest market share of the smart workplace market. Energy management systems provide a framework to manage on-going energy and provide energy efficient solutions as well. It also helps reduce costs without the need for capital investment.

The office type segment is sub-segmented into retrofit offices and new construction offices. The new construction offices segment has been picking up speed as constructing smart building from scratch is the ideal solution for many organizations. It reduces the time and costs associated with building new offices making it a realistic option for a large number of building owners.

The communication technology segment is sub-segmented into wired and wireless. The popularity of the wireless technology is a testament to their convenience, cost efficiency, and ease of integration with other networks. In simple words, wireless technology allows users to move around freely within the area of networks.

Intended Audience

- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- Consumers
- IT & Telecommunication Companies

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