The global market for smart spaces is estimated to project a CAGR of 16.12% during the estimated period, 2020-2028. Then growing number of internet users, increasing adoption of smart devices and IoT sensors, and the increasing smart city projects are the factors propelling market growth.
The growing number of smart city projects is one of the key drivers of the global smart spaces market growth. The smart city includes smart buildings, smart energy, smart infrastructure, smart mobility, smart governance, etc. There have been considerable investments in smart city projects, across the globe. In countries like India, there have been substantial investments for smart city initiatives. At the same time, in China, many cities have signed agreements with IT companies for smart-city construction.
Moreover, the application of IoT sensors based smart spaces has resulted in improving efficiency, cost reduction, thereby providing a considerable return on investments in industrial applications. Investments are being made for the 5G network. The network is estimated to augment the managing capacity of connected devices, along with covering more users and a wider area. This is set to result in lucrative growth opportunities for the global smart spaces market. Security and privacy concerns are anticipated to hinder the market growth. The education category among industrial verticals is witnessing an increasing growth in smart space technology adoption.
The global market for smart spaces is geographically analyzed through the market regions of Asia Pacific, Europe, North America, and the Rest of the World. In terms of revenue share, the North American market region dominated the market. This is due to the large presence of large market players. The Asia Pacific region is estimated to be the fastest-growing market region, during the forecast period. This is attributed to the surging initiatives of smart cities in developing countries like India and China in the region.
The market boasts the presence of several big players, which is beneficial for market growth. Some of them are, Cisco Systems, Inc., Coor, Hitachi Vantara, Eutech Cybernetics PTE, Ltd., IBM, etc.
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