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Smart Workplace Market Recent Study Segments, Future Growth, Business Prospects
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In this rapidly changing world of technology, smart workplace market is projected to show major growth prospects during the forecast period. Major factor driving the smart workplace market is the increasing demand for smart office solutions. Growing demand for smart networks for energy efficiency is another major factor fueling the growth of smart workplace market.
The global smart workplace market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the smart workplace market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart workplace market. This is owing to the presence of large number of established key players like Honeywell and Cisco Systems in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing emergence of smart cities is expected to be another major factor responsible for driving the growth of smart workplace market.
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The prominent players in smart workplace market are – 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) among others.
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.
Smart Workplace Market Segmentation
The smart workplace market has been segmented on the basis of component, product, office type and communication technology. The communication technology segment is bifurcated into wired and wireless. Out of which, the wireless communication technology sub segment holds the largest market share of the smart workplace market. This is owing to the technological advancements and growing demand for wireless technology applications.
The regional analysis of smart workplace market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in smart workplace market in North America is attributed to technical advancements and increasing demand for smart workplaces across various industry verticals in that region.
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Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in smart workplace market in North America is attributed to technological advancements and increasing demand for smart cities in that region. Increasing need for safety and security at workplace is another major factor responsible for fueling the growth of smart workplace market.
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