Smart offices are modern workplaces which rely on latest technologies for assisting employees in their daily tasks. The need for collaboration and unity for achieving targets in a deadline-driven environment can warrant the need for desk applications. The trend of bring-your-own-devices (BYOD) can usher in a new age of energy efficiency and more useful utilization of time and resources. The global smart office market report by Market Research Future (MRFR) looks at changing attitudes of employees and employers, impact of digitization, and other trends to look for the period of 2018 to 2023 (forecast period). The implications of the COVID-19 pandemic on the industry are analyzed in the report.
The global market for smart offices is expected to grow from USD 23.60 billion in 2017 to USD 46.99 billion by 2023, at a compound annual growth rate (CAGR) of 12.16% during the forecast period.
The integration of latest security systems in offices to amp up the defense of offices can favor the market. Initiatives with employing green technologies for saving on energy costs and using devices for monitoring energy consumption can be viable for countries. The centralization of office resources and use of the Internet to offer a comfortable work environment for employees can boost their morale and bolster the demand for smart offices during the forecast period. Emergence of various IT parks and encouragement for new small and medium enterprises owing to government schemes can favor the market growth. The trend of agile working and the large millennial workforce can provide plethora of opportunities to the global Smart Office Market in the coming years.
But complexities with replacing legacy systems can pose a challenge to the market.
The need for integrated security and safety systems in enterprises leads to the smart office industry's growth. In addition, as a result of government initiatives on green buildings and strict environmental conservation policies, companies have deployed smart offices to track and regulate total energy use. This factor encourages offices to deploy smart energy management systems, automated lighting systems, and smart HVAC systems to reduce overall energy usage. However, the difficulty of replacing and updating existing systems is likely to impede the growth of the smart office industry. Increased adoption of IoT and cloud-based platforms is expected to generate potential growth opportunities for this market during the forecast period. Companies including Siemens AG, Schneider Electric SA, Johnson Controls International PLC, Honeywell International Inc., ABB Ltd., Cisco Systems, Inc. B.V. Philips Lighting Holding, among others, continue to concentrate on expanding their product ranges and pursue inorganic strategies, like mergers and acquisitions, to extend their global reach and widen their customer base.
The global market for Smart Office Market has been segmented based on component and office type.
By the component, the smart office market has been segmented into hardware, software, and service. The hardware segment is further divided into smart lighting, security systems, energy management system, smart HVAC system, and audio-video conferencing systems. The smart lighting segment is further divided into smart bulbs, fixtures, and lighting controls. The lighting controls segment is further divided into led drivers and ballasts, switches, relay units, and gateways. The security systems segment is further segregated into access controls, surveillance cameras/video surveillance, and fire & safety controls. The access control segment is further divided into biometric systems/biometric readers, card-based systems/card-based readers, and electronic locks. The energy management systems segment includes in-house displays, smart thermostats, load control switches, and smart plugs. The smart HVAC control system is further divided into sensors, control valves, heating & cooling coils, dampers, pumps & fans, smart vents, actuators, VAV & FCU controllers. The sensors segment is further divided into temperature sensors, humidity sensors, occupancy sensors, pressure sensors, flow sensors, and others. Audio-video conferencing systems segment is divided into audio, volume, multi-media room controls, video conferencing systems, and touch screens & keypads. The services segment is further segregated into advisory & consulting services, installation & support services, and managed services.
Based on office type, the smart office market is bifurcated into retrofit offices and new construction offices
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The geographical analysis of smart office market is done for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is dominating the smart office market owing to increasing security concerns among organizations and availability of better technological infrastructure in this region. The use of hot desking applications for booking conference rooms for meetings and saving on time can drive the market demand. The surge in productivity and retention of talented employees can act as an incentive for companies to adopt the software.
APAC is expected to be the fastest growing region due to rapid adoption of modern technologies to improve energy consumption. New design ideas deemed to provide a mixture of comfort and safety as well support internet of things (IoT) can bolster the demand in the global smart office market.
Notable players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Honeywell International Inc. (US), Johnson Controls International PLC (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), Crestron Electronics, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Philips Lighting Holding B.V (Netherlands) among others.
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