Smart Office Market

Smart Office Market Outlook 2031

The global smart office market size was valued at USD 31.66 Billion in 2022 and is expected to reach USD 99.85 Billion by 2031 expand at a considerable CAGR 11.1% during the forecast period, 2023–2031. The growth of the market is attributed to the growing requirement for efficient and effective use of IT resources and infrastructure.

Smart office technology allows the integration of digitalization and automation of systems in office to produce significant gains in operation for any working environment setup. The establishment of efficient working environment in an office is a vital requirement for proper functioning of employees and improve the execution of their tasks by ensuring certain advantages in terms of comfort and energy efficiency.

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Additionally, several management processes of the office-related works such as clock-in and clock-out timings of employees can be easily recorded using the system as they enter or depart the office premises using beacons.

Moreover, technological innovations have played a significant part in assisting people in coping up with the situations caused by the huge workload and deadlines during the COVID-19 pandemic. The pandemic has ushered in a slew of new ideas and ways for the smart office industry, as well as the target audience, which is widely dispersed across the globe.

Smart Office Market Trends, Drivers, Restraints, and Opportunities

• Advancements in connectivity technology, wide access to the Internet, and increasing use of internet-linked smart devices are key factors expected to drive the market growth during the forecast period.
• Rapid utilization of Internet of Things (IoT) and cloud-based platforms to a greater extent by targeted audience is driving the market expansion.
• Better management of smart devices to provide connected and comfort experience to employee in the office presents a key factor boosting the market growth.
• High expense of redeveloping a retrofit office both in terms of the original expenditure and the ongoing costs are major challenges, which can hamper the market growth during the targeted timeline.
• Growing need for security devices in offices such as cameras and electronic locks are creating lucrative growth opportunities for the market.

Scope of Smart Office Market Report

The report on the global smart office market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Smart Office Market Segment Insights

Retrofit segment to expand at a considerable CAGR

On the basis of types, the smart office market is bifurcated into new construction and retrofit. The retrofit segment is projected to expand at a considerable CAGR during the forecast period as in retrofitting offices, there is a growing demand to use energy-saving solutions. On the other hand, the new construction segment is anticipated to account for a major market share during the forecast period as it allows flexibility when it comes to implementing new systems.

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Hardware segment to hold a significant share of the market

In terms of components, the market is divided into service, software, and hardware. The hardware segment is further categorized as energy management systems, HVAC control systems, audio-video conferencing systems, security systems & controls, and smart lighting & controls. The hardware segment is expected to represent significant share of the market due to ongoing technological breakthroughs in the IT hardware sector.

However, the service segment, however, is anticipated to account for a large market share owing to the upsurge use of cloud-based solutions and the demand for domain expertise as well as high-quality services.

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North America is anticipated to constitute a key market share

In terms of regions, the smart office market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to the presence of large consumer base and well-established manufacturers.

However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to rising establishment of several new industries with many business offices in some major economies in the region such as China and India. The expansion of the service sector in these economies is projected to result in an increase in the number of offices in the region.

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Segments

The global smart office market has been segmented on the basis of

Types

• New Construction
• Retrofit

Components

• Service
• Software
• Hardware
• Energy Management Systems
• HVAC Control Systems
• Audio-video Conferencing Systems
• Security Systems & Controls
• Smart Lighting & Controls

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Honeywell International, Inc.
• Johnson Controls
• Lutron Electronics Co., Inc.
• Philips Lighting Holding B.V.
• Schneider Electric
• Siemens AG
• ABB Ltd.
• Cisco Systems, Inc.
• Crestron Electronics, Inc.

Competitive Landscape

Key players competing in the global smart office market are Honeywell International, Inc.; Johnson Controls; Lutron Electronics Co., Inc.; Philips Lighting Holding B.V.; Schneider Electric; Siemens AG; ABB Ltd.; Cisco Systems, Inc.; and Crestron Electronics, Inc.

These businesses are pursuing strategic initiatives such as new product development and acquisition in order to accelerate growth, extend their operations through the introduction of new technology and products, and broaden their geographic reach. Carrier Corporation, for example, released new digital solutions for commercial HVAC systems in September 2017.

The solution provided a new equipment dashboard and mobile application that aimed at assisting clients to obtain visibility into the performance of their systems.