Smart Office Industry Global Market to Show CAGR-13.6% during 2019-2024 by Key Players – Cisco Systems Inc., Siemens AG
Jun 4, 2019
Analytical Research Cognizance Store Offers a Latest Published Report on “Smart Office Market” Analysis and Forecast 2019-2024 Delivering Key Insights and Providing a Competitive Advantage to Clients Through a Detailed Report.
Manhattan, United States - June 4, 2019 /MarketersMedia/ —
Market Overview:
The Smart Office Market is expected to register a CAGR of over 13.6% during the forecast period, 2019 - 2024. From smart lighting, heating, and cooling systems that are a part of the Internet of Things, to connected and intelligent camera systems designed to closely monitor workers and modern offices, the office of the future is significantly reshaped. The market studied is primarily being driven by factors, such as the rise in demand for intelligent office solutions, sensor networks for energy efficiency, favorable government regulations for the same, advancement of IoT in smart office offerings, and growing need for safety and security systems at the workplace.
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Improving economic conditions, globally, is one of the driving factors for the growth of the smart offices market. With growing economic conditions and improving FDI, the businesses are experiencing high growth. Increasing awareness about technology in these markets is making international companies explore for potential growth opportunities.
With increasing investments and globalization, particularly in developing countries, many companies are investing in these regions to establish their markets. Regional companies operating in developing economies are quickly growing in their respective markets. This is resulting in the establishment of new infrastructure and expansion of office spaces.
Companies are investing in these regions to establish office spaces. Improving real estate in these regions is also supporting the growth of the new building establishment. With many companies investing heavily in this segment, companies are focusing on adopting smart technologies for their offices. This is driving the growth of the smart offices market in developing nations. Many companies entering these regions are establishing new infrastructure.
Security concerns over the deployment of smart office systems are one of the primary factors restraining the growth of the smart office market. Like any other connected technologies, smart office systems also depend on networks for data transmissions, and are thus vulnerable to breaching.
Scope of the Report:
The smart office systems deploy automated systems, sensors, and advanced communication infrastructure and networks, which assist in providing centralized control and wireless data transfer for monitoring and data analysis. Advanced HVAC systems and automated lighting systems help the commercial places to manage energy in a better and systematic way, owing to the various benefits associated with the deploying of smart office infrastructure. Therefore, the demand for smart devices for office and other commercial building spaces is projected to increase.
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Key Market Trends:
Energy Management System Expected to Hold Largest Share
The demand for this product is expected to be driven by the growing adoption in the office spaces of large scale organizations. Solutions in this include automated smart plugs, load control switches, utility billing management (smart meters), personal energy management, data analysis and visualization, and auditing.
The rising cognizance regarding a building's growing role in climate change is shifting investors’ and owners’ preferences, thus urging them to improve the performance of their buildings to stay competitive, specifically, in the commercial office segment. For instance, buildings in the United States consume nearly three-quarters of the country’s electricity, and are responsible for 39% of all greenhouse gas emissions.
Organizations are increasingly adopting EMS for optimization of energy consumption, utilization of dynamic pricing tariffs, and demand control, thus reducing overall costs. The large-scale companies require energy in various forms to perform diverse operations, including powering telecom network, modern computer equipment, data equipment, and optical transport networks.
The government initiative to decrease energy emission from old and public buildings is also aiding the market. For instance, the US General Services Administration has made a contract with IBM to install advanced and smart building technology in 50 of the federal government’s highest energy-consuming buildings.
United States to Hold Significant Share
The United States is one of the early adopters of emerging technology across the world, including the internet of things (IoT), which is incorporated in several industries, including smart offices. The technological advancement in the IoT field, particularly for offices, coupled with the rising need for security and safety system, is expected to propel the market growth in the United States.
Additionally, the growing savvy businesses are integrating internet of things (IoT) in the United States to enhance the office environment by reducing workload and saving on overhead money.
The Americans, primarily from the United States, spend 90% of their lives in buildings, including retail, public service facility, office, and homes. This has increased the investment from the government in office buildings to make them employee-friendly, which is likely to foster market growth over the next six years.
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Competitive Landscape:
The smart market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries.
These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on smart office technologies to strengthen their product capabilities.
Table of Content:
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET DYNAMICS
Chapter Five: MARKET SEGMENTATION
Chapter Six: COMPETITIVE LANDSCAPE
Chapter Seven: INVESTMENT ANALYSIS
Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS
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Website: http://www.arcognizance.com/report/smart-office-market-growth-trends-and-forecast-2019-2024
Source: MarketersMedia
Release ID: 519911
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