Smart Office Market Outlook – 2030
The global smart office market size was valued at $31.37 billion in 2020, and is projected to reach $90.63 billion by 2030, registering a CAGR of 11.1% from 2021 to 2030. Smart office is a work environment where innovation empowers individuals to work better, quicker, and smarter. Sensors, electronic gadget, and versatile applications assist employees to perform tedious task quicker and better so they have sufficient opportunity to do other creative work in organizations.
The growth of the global smart office market is anticipated to be driven by factors such as rising need for safety & security systems at the workplace, advancement of IoT in smart office offerings, and surging demand for sensor-based networks for energy efficiency. In addition, favorable government regulations in several countries boost the overall market growth. However, complexity in upgrading and replacing the existing system acts as a major restraint of the global smart office industry. On the contrary, evolving cloud-based environment of IoT platforms is expected to create lucrative opportunities for the smart office industry.
Segment Overview
The global smart office market is segmented into offering, product type, connectivity technology, end user, and region. By offering, the market is classified into hardware, software, and service. Depending on product type, it is categorized into smart lighting, intelligent security systems, energy management systems, network management systems, audio–video conferencing systems, and others. The connectivity technologies covered in the study include wireless technologies and wired technologies. On the basis of end user, the market is fragmented into commercial, residential, and industrial.
By Offering
Software segment will grow at a highest CAGR of 12.3% during the forecast period
Region-wise, the smart office market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Europe dominated the smart office market in 2020, and is projected to register significant growth rate during the forecast period, owing to growth of the retail & hospitality sector. However, Asia-Pacific is expected to witness significant growth rate by the end of the forecast period, followed by Europe.
Leading smart office market manufacturers, such as Honeywell International Inc., Cisco Systems, Inc., and Siemens AG, are focusing on their investment on technologically advanced, cost-effective, and more secure products & solutions for various applications.
By Product Type
Smart Lighting segment will generate the highest revenue during 2021 - 2030
Top Impacting Factors
The prominent factors that impact the smart office market growth are increasing need for energy efficiency and supportive industry standards & regulations. In addition, growth of the IoT market and its application drives the smart office market. However, high initial investment restricts the market growth. On the contrary, the evolving market for smart cities is expected to create lucrative opportunities for the market.
By Connectivity Technology
Wireless segment will dominate the market with a highest CAGR of 11.5% during 2021 - 2030
Competitive Analysis
Competitive analysis and profiles of the major smart office market players, such as ABB Ltd., Cisco Systems Inc., Harvatek Corporation, Honeywell International Inc., Johnson Controls International Plc, Legrand SA, Lutron Electronics Co. Inc., Philips Lighting Holding B.V. (Signify Holding), Schneider Electric S.E., and Siemens AG, have been covered in the report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
By End User
Commercial segment will maintain the lead throughout the forecast period
COVID-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain close in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufacturers to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.
Asian and European countries under lockdowns have suffered major loss of business and revenue due to shutdown of manufacturing units. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the market.
In addition, the COVID-19 pandemic has impacted the electronics sector, as production facilities have stalled, which, in turn, boosted the demand for electronics and semiconductor products in industries. Its major impact includes large manufacturing interruption across Europe and interruption in Chinese parts exports, which may hinder the market growth.
By Region
Asia-Pacific region would exhibit the highest CAGR of 13.2% during 2021 - 2030
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global smart office market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall smart office market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current smart office market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the smart office market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Smart Office Market Key Market Segments
By Offering
- Hardware
- Software
- Service
By Product Type
- Smart Lighting
- Smart Bulbs
- Fixtures
- Lighting Controls
- Led Drivers & Ballasts
- Sensors
- Switches
- Others
- Intelligent Security Systems
- Energy Management Systems
- Network Management Systems
- Audio-Video Conferencing Systems
- Others
By Connectivity Technology
- Wireless Technologies
- Wi-Fi
- ZigBee
- Bluetooth/BLE
- Others
- Wired Technologies
- Digital Addressable Lighting Interface (DALI)
- Power Line Communication (PLC)
- Others
By End User
- Commercial
- Residential
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ABB Ltd.
- Cisco Systems Inc.
- Harvatek Corporation
- Honeywell International Inc.
- Johnson Controls International Plc
- Legrand SA
- Lutron Electronics Co. Inc.
- Philips Lighting Holding B.V. (Signify Holding)
- Schneider Electric S.E.
- Siemens AG
Smart Office Market Report Highlights
| Aspects | Details |
 By Offering |
|
 By Product Type |
|
 By Connectivity Technology |
|
 By End User |
|
 By Region |
|
 Key Market Players | Schneider Electric S.E., Cisco Systems Inc., Johnson Controls International Plc, Lutron Electronics Co. Inc., Siemens AG, Harvatek Corporation, Honeywell International Inc., Philips Lighting Holding B.V. (Signify Holding), ABB Ltd., Legrand SA |
Analyst Review
The global smart office market is flourishing at a rapid pace. However, high initial investment is still a concern for new entrants. Market players are generously investing in R&D activities to develop improved components to reduce overall costs of smart office products. According to industry experts, it is essential to optimize affordable prices for smart office products for long-term growth.
The growth of the global smart office market is anticipated to be driven by factors such as rising need for safety & security systems at the workplace, advancement of IoT in smart office offerings, and surging demand for sensor-based networks for energy efficiency. In addition, favorable government regulations in several countries boost the overall market growth. However, complexity in upgrading and replacing the existing system acts as a major restraint of the global smart office industry. On the contrary, evolving cloud-based environment of IoT platforms is expected to create lucrative opportunities for the smart office industry.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Business expansion and product launch are expected to be the prominent strategies adopted by the market players. Europe accounted for a major share of the market in 2020, owing to the presence of major players in the region. However, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of smart office in a variety of fields.
The Smart Office Market is estimated to grow at a CAGR of 11.1% from 2021 to 2030.
The Smart Office Market is projected to reach $90.63 billion by 2030.
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Increasing need for energy efficiency, and supportive industry standards & regulations etc. boost the Smart Office market growth.
The key players profiled in the report include ABB Ltd., Cisco Systems Inc., Harvatek Corporation, Honeywell International Inc., and many more.
On the basis of top growing big corporations, we select top 10 players.
The Smart Office Market is segmented on the basis of offering, product type, connectivity technology, end user, and region.
The key growth strategies of Smart Office market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Asia-Pacific region would grow at a highest CAGR of 13.2% during the forecast period.
Smart Lighting segment will dominate the market by the end of 2030.
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