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Smart Office Market Size, Gross Margin, Trend, Future Demand and Forecast till 2027
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Market Research Future (MRFR) projects the global smart office market to reach USD 46.99 billion at a CAGR of 12.16% from 2020 to 2027 (forecast period).
Because of government initiatives for green buildings and severe environmental rules, companies have implemented smart offices to monitor and reduce overall energy consumption. This reason is prompting companies to use smart energy management systems, automated lighting systems, and smart HVAC systems in order to reduce overall energy consumption.
The global smart office market has been segmented based on components and office type.
Based on the component, the global smart office market is segmented into hardware, software, and service.
Based on office type, the global smart office market is bifurcated into retrofit offices and new construction offices.
North America to Dominate the Global Market
North America is dominating the smart office market owing to increasing security concerns among organizations and the availability of better technological infrastructure in this region. The United States is one of the world's early adopters of developing technologies, such as the internet of things (IoT), which is used in a variety of industries, including smart offices. The advancement of technology in the IoT industry, particularly for offices, combined with the growing demand for security and safety systems, is likely to drive market expansion in the United States.
Top Key Players
The prominent players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding BV (Netherlands) among others.
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