Smart spaces involve physical environments, which include people, processes, services and things, to merge together to create a more integrated and automated experience for people. The different types of environments, such as homes, offices, factories and even cities, could be designed as various types of smart spaces. With continuous technological advancements and growing adoption across the world, smart technologies will enable these environments to connect in distinctive and evolving ways. The seamless integration across different environments is expected to create a safer, healthier, more efficient and more sustainable environment on a much larger scale.
Smart space technologies are used for a variety of applications, such as energy management and optimization, emergency and disaster management, and security management, across residential, commercial and other premises. Over the forecast period, the commercial segment is estimated to account for the highest share of the global smart space market. The commercial spaces for the applications of smart technologies include professional offices, hospitals and clinics, restaurants, airports, shopping complexes, and fitness centers.