Global smart workplace market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 13% during the forecast period.
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Global smart workplace market Definition
A smart workplace is a concept or term that uses advanced technologies to engage and connect employees or workforces with their work environment. It is enabled by a connection of IoT technologies, software, sensors, and networked platforms. A smart workplace is the most important factor for an improved customer-employee experience.
Global smart workplace market Dynamics
Growing advancements in technologies, ever-changing work environment, and increasing adoption of various business solutions by organizations are major driving factors behind the growth of the market. Growing adoption of smart automation system in offices, demand for smarter technologies for office design, the increasing requirement for security and safety systems at the workplace, the advancement of AI and IoT technologies in smart office offerings, growing smart city projects across the globe and growing adoption of smart windows smart lighting and smart security system are expected to improve the growth of the market during the forecast period. The smart workplace provides some benefits such as improved productivity, improved communication, time saving and improved work environment, which are ultimately propelling the growth of the market.
However, high complexity and high cost required to replace or upgrade the existing system are major restraining factors that could hamper the growth of the market.
Global Smart Workplace Market: Segmentation Analysis
By product, the smart lighting/lighting control segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during the forecast period. The growing adoption of indoor and outdoor smart lighting technology in various workplaces for efficient use of energy is attributed to the growth of the market. Integration of lighting solutions with smart appliances, the growing adoption of lighting control systems in offices, rising use energy efficient LED lights and increasing inclination towards energy-efficient lighting solutions are driving the growth of the market. Alternatively, the energy management system segment projected to witness fast growth at CAGR of XX% during the forecast period. The Energy management system provides business-related solutions to control energy use.
By communication technology, the wireless segment is projected to witness fast growth at CAGR of XX% during the forecast period. Increasing adoption of IoT based devices in offices and rising demand to control smart appliances such as smart lightings remotely is driving the growth of the market. Increasing trends and greater adoption of voice assistance kits such as Cortana, Alexa, Siri, and more to control smart lights whit the help of users’ voice is expected to improve the growth of the market during the forecast period. According to research, ~62% of organisations are expecting to have virtual voice assistants in their business processes in the coming years to automate simple admin tasks.
Global Smart Workplace Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The US and Canada are major contributors to the growth of the market in the region. The growth is attributed to the growing adoption of smart workplace new construction offices and increasing change in the work environment to improve the productivity of the business. Rising awareness about safety education and prevention solutions for the offices is driving the growth of the market in the NA region.
Increased adoption of smart automation technologies such as smart lighting, smart windows, and smart intercom in residential and commercial areas such as in homes, buildings, and offices is further impelling the growth of the market in the region.
The objective of the report is to present a comprehensive analysis of the Global Smart Workplace Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Smart Workplace Market dynamics, structure by analyzing the market segments and projects the Global Smart Workplace Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Smart Workplace Market make the report investor’s guide.
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