Smart Office Market Size, Share, Growth & Forecast 2031

Segments - Smart Office Market by Types (New Construction and Retrofit), Components (Service, Software, and Hardware [Energy Management Systems, HVAC Control Systems, Audio-video Conferencing Systems, Security Systems & Controls, and Smart Lighting & Controls]), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

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.

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.

Attributes	Details
Report Title	Smart Office Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (New Construction and Retrofit), Components (Service, Software, and Hardware [Energy Management Systems, HVAC Control Systems, Audio-video Conferencing Systems, Security Systems & Controls, and Smart Lighting & Controls])
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	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.

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.

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.

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.

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.

Global Smart Office Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Office Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Smart Office Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Smart Office Market - Supply Chain
  4.5. Global Smart Office Market Forecast
     4.5.1. Smart Office Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Smart Office Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Smart Office Market Absolute $ Opportunity
5. Global Smart Office Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Smart Office Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Smart Office Demand Share Forecast, 2019-2026
6. North America Smart Office Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Smart Office Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Smart Office Demand Share Forecast, 2019-2026
7. Latin America Smart Office Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Smart Office Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Smart Office Demand Share Forecast, 2019-2026
8. Europe Smart Office Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Smart Office Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Smart Office Demand Share Forecast, 2019-2026
9. Asia Pacific Smart Office Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Smart Office Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Smart Office Demand Share Forecast, 2019-2026
10. Middle East & Africa Smart Office Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Smart Office Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Smart Office Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Smart Office Market: Market Share Analysis
  11.2. Smart Office Distributors and Customers
  11.3. Smart Office Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Honeywell International, Inc.
     11.4.2. Johnson Controls
     11.4.3. Lutron Electronics Co., Inc.
     11.4.4. Philips Lighting Holding B.V.
     11.4.5. Schneider Electric
     11.4.6. Siemens AG
     11.4.7. ABB Ltd.