The global smart space market size is projected to grow from USD 9.4 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The increasing green building initiatives and environmental concerns to drive market growth.
By component, the service segment to register the highest growth rate during the forecast period
Services form an integral part of the software deployment and execution lifecycle. Services, including consulting, product support, updates, and maintenance, are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get better ROI. Smart space is changing the way designers and engineers create new product designs and modifications. As smart space has eased the manufacturing of complex products with complex geometries, the application of software has increased across automotive, industrial manufacturing, and aerospace and defense verticals. Moreover, the use of smart space software for designing of building plans and large construction projects is expected to grow rapidly in building, architecture, and construction industries.
Based on application, the emergency management to grow at the highest CAGR during the forecast period
With a right set of information and adequate amount of time in hand, occupants can act fast to minimize or to avoid the damage entirely. Devices such as smart cameras with improved image sensor can now keep a watch on the remote corners 24*7 to improve the security aspect of the any facility. Similarly, ultrasonic location tracking system in research labs, power plants, and other highly secured areas can easily detect the movements, locations, and orientation of the occupants.
The systems come with a storage option for saving the data for a specified amount of time, which can be used for future reference as well. Smart floor is another technology which is currently offered in entertainment center and kitchen area, to track the location and identify the residents when they fall along with reporting it to the emergency services. In the UK, British Telecom (BT), Everything Everywhere (EE), and HCT have developed a new system which can turn on the Global Navigation Satellite System (GNSS) and Wi-Fi and is termed as Advanced Mobile Location (AML). Once the emergency number has dialed, the system would automatically share the exact location details to the emergency service provider, and it is 4,000 times more accurate the current system in the use.
Asia Pacific to register the highest growth rate during the forecast period
APAC is expected to witness significant growth over the next 5 years. The region is growing fastest in the global smart space market. APAC is undergoing dynamic changes in terms of the adoption of innovative and advanced business-related technologies along with home automation. China, India, Australia, and Singapore have witnessed significant growth in the smart space market already. China is the largest market in APAC, because of its broad customer base and changing buying preferences of end users. In March 2016, the Singapore government announced its intentions to become a smart nation, which makes the country a market with many opportunities.
- By Company Type: Tier 1 – 10%, Tier 2 – 25%, and Tier 3 – 65%
- By Designation: C-level – 25%, D-level – 50%, and Others – 25%
- By Region: North America – 40%, Europe – 30%, Asia Pacific – 20%, RoW – 10%
Key and innovative vendors in the smart space market include ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei Technologies (China), IBM (US), Schneider Electric (France), Smartspace Software (UK), Hitachi Vantara (US), ICONICS (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Softweb Solutions (US), Eutech Cybernetic (Singapore), Adappt (US), IMEC (Belgium), Nexus (Sweden), Smart Spaces (UK), reelyActive (Canada), Telit (UK), AllGoVision Technologies (India), Energyly (India), Frugal Labs (Inbdia), and Aira Tech Corp (US).
The market study covers the smart space market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, application, premises type, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the revenue numbers’ closest approximations for the overall smart space market and its sub-segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.