Smart Office Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Smart Lighting, Smart Security Systems, HVAC Control), By Type Of Building (Newly Constructed, Retrofit), By End-User Industry (Healthcare, Retail, BFSI, Media And Entertainment, Government, Others), And By Geography - Forecasts From 2021 To 2026

Published:  Oct 2021 Report Code: KSI061610552 Pages: 126

The smart office market is expected to grow at a compound annual growth rate of 13.58% over the forecast period to reach a market size of US$61.744 billion in 2026 from US$25.321 billion in 2019.

A smart office is a smart workplace that typically merges a number of data-driven and digitally-enabled services and solutions to other things to improve employee experience and efficiency, achieve cost and energy savings, and add value to the office (building) via applications for various stakeholders.

The rise in the demand for sensor networks for energy efficiency and the development of IoT in smart office solutions are two major factors predicted to drive the growth of the smart office market during the forecast period. Furthermore, the rise in demand for workplace safety and security solutions is expected to fuel the expansion of the smart office market. Various government restrictions in multiple countries are expected to cushion the expansion of the smart office market. The effort to update or replace the existing system, on the other hand, is expected to hinder the growth of the smart office market.

Additionally, the expanding cloud-based environment of IoT platforms will present further prospects for smart office market growth in the subsequent years. The incorporation of real-time streaming analytics capabilities into smart solutions, on the other hand, may provide a further barrier to the growth of the smart office market in the near future.

Growth Factors:

  • Demand for smart office solutions and sensor networks for energy efficiency is increasing:

With rising global concerns regarding energy-efficient technologies to minimize electricity bills and overhead expenses, there is a growing demand for smart offices. Smart office solutions play an essential role in optimizing energy use and, thus, lowering power bills. Lighting and HVAC systems are two of the most energy-intensive components in office buildings. Workspace automation can assist automate the HVAC and lighting systems, saving 5–30% of the office's total energy use. Furthermore, smart office solutions aid in the early detection of operational issues linked with different equipment. This reduces maintenance costs and helps to avoid losses due to unexpected breakdowns.

Restrains:

  • Challenges in replacing or updating an existing system:

A smart office solution combines different technical aspects such as hardware (proximity sensors, smart metres, smart thermostats, relays, network switches and gateways, and actuators), software, and network elements, which can be challenging to deploy over older system frameworks. Due to protocol problems, outdated systems are unable to integrate efficiently with next-generation smart devices. The challenges of integration are anticipated to hinder market expansion in the coming years. Furthermore, IT and network security constraints to prevent privacy incursion and data breaches are expected to be a key impediment to the growth of smart office projects.

Impact of Covid-19:

The COVID-19 outbreak is anticipated to have a detrimental influence on the growth of the smart office market since the pandemic affected distribution networks and industrial operations all over the world. As a result, manufacturing production and supply of smart offices would be reduced, which is projected to impede the market growth.

Competitive Insight:

  • September 2021 - Huawei introduced IdeaHub Board Edu, a new model in its Intelligent Collaboration product line, to boost the smart classroom and smart workplace experience.
  • September 2021 - With the launch of Honeykomb, BHIVE entered the managed office market.

Smart Office Market Scope:

Report Metric Details
 Market size value in 2019  US$25.321 billion
 Market size value in 2026  US$61.744 billion
 Growth Rate  CAGR of 13.58% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Billion
 Segments covered  Product, Type of Building, End-User Industry, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Schneider Electric SA, Koninklijke Philips N.V., Crestron Electronics, Honeywell Internarnational, Inc., Johnson Controls, Inc., Siemens AG, Cisco Systems, Inc., Smart Office Solution, Inc., Sony Mobile Communications, Inc., Secure Smart Office, Inc.
 Customization scope  Free report customization with purchase

 

Market Segmentation

  • By Product
    • Smart Lighting
    • Smart Security Systems
    • HVAC Control
  • By Type of Building
    • Newly Constructed
    • Retrofit
  • By End-User Industry
    • Healthcare
    • Retail
    • BFSI
    • Media and Entertainment
    • Government
    • Others
  • By Geography 
    • North America 
      • United States
      • Canada
      • Mexico
    • South America 
      • Brazil
      • Argentina
      • Others
    • Europe 
      • UK
      • Germany
      • Italy
      • Spain
      • Others
    • Middle East and Africa 
      • Israel
      • Saudi Arabia
      • Others
    • Asia Pacific 
      • China
      • Japan
      • India
      • Australia
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Others

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the smart office market?
A1. The global smart office market is expected to grow at a CAGR of 13.58% over the forecast period.


Q2. What will be the smart office market size by 2026?
A2. The smart office market is expected to reach a total market size of US$61.744 billion in 2026.


Q3. What is the size of the global smart office market?
A3. Smart Office Market was valued at US$25.321 billion in 2019.


Q4. How is the global smart office market segmented?
A4. The global smart office market has been segmented by product, type of building, end-user industry, and geography.


Q5. What factors are anticipated to drive the smart office market growth?
A5. The need for integrated security and safety systems in enterprises is contributing to the growth of the smart office market.

1. Introduction
1.1. Market Definition
1.2. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function 
4.4. Function Value Chain Analysis

5. Smart Office Market Analysis, By Product
5.1. Introduction
5.2. Smart Lighting
5.3. Smart Security Systems
5.4. HVAC Control

6. Smart Office Market Analysis, By Type of Building
6.1. Introduction
6.2. Newly Constructed
6.3. Retrofit

7. Smart Office Market Analysis, By End-User Industry
7.1. Introduction
7.2. Healthcare
7.3. Retail
7.4. BFSI
7.5. Media and Entertainment
7.6. Government
7.7. Others

8. Smart Office Market Analysis, By Geography  
8.1. Introduction
8.2. North America  
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America  
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe  
8.4.1. UK
8.4.2. Germany
8.4.3. Italy
8.4.4. Spain
8.4.5. Others
8.5. Middle East and Africa  
8.5.1. Israel 
8.5.2. Saudi Arabia
8.5.3. Others
8.6. Asia Pacific  
8.6.1. China
8.6.2. Japan
8.6.3. India
8.6.4. Australia
8.6.5. South Korea
8.6.6. Taiwan
8.6.7. Thailand
8.6.8. Indonesia
8.6.9. Others

9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. Company Profiles.
10.1. Schneider Electric SA
10.2. Koninklijke Philips N.V.
10.3. Crestron Electronics
10.4. Honeywell Internarnational, Inc. 
10.5. Johnson Controls, Inc.
10.6. Siemens AG
10.7. Cisco Systems, Inc.
10.8. Smart Office Solution, Inc.
10.9. Sony Mobile Communications, Inc.
10.10. Secure Smart Office, Inc.

Schneider Electric SA

Koninklijke Philips N.V.

Crestron Electronics

Honeywell Internarnational, Inc.

Johnson Controls, Inc.

Siemens AG

Cisco Systems, Inc.

Smart Office Solution, Inc.

Sony Mobile Communications, Inc.

Secure Smart Office, Inc.

Pricing

Explore Custom Options available with this study:

  •  Request customization
  •  Buy sections of the study
  •  Buy country specific report
  •  Request excel, Historical data
  •  Subscription inquiry
  •  Request special pricing

Our Value Proposition

Analyst Support

All our studies come with 2 months of analyst support.


Confidentiality

We are in compliance with the global privacy laws.

Connect With Us