Market Research Future (MRFR) expects the global smart workplace market to touch a valuation of approximately USD 47 Billion by 2023. The market can also achieve a growth rate of 13% during the review period, which is from 2017 to 2023.
Primary Drivers and Key Barriers
With the emergence of advanced technologies as well as gadgets such as tablets, laptops, LED monitors along with improved internet connectivity, the traditional workplace has evolved significantly. There are no longer bulky monitors or paper works, which leads to better utilization of the space within organizations. With the prevalence of flexible working hours and the concept of work from home, employees are no longer needed to travel from distant places to their offices. They can instead work better from their home, which saves time and also enhances productivity.
Growing adoption of smart technologies like smart lighting at the workplace will also help offices save energy costs for the buildings. The global smart workplace market helps elevate the strategy & ownership, applications & cloud services, devices & mobility, collaborative services, user care and data & security, which boosts its demand across the globe. The market growth is also induced by the growing need to save energy at the workplace, demand for improved productivity with the use of modern technologies such as tools for data storing and communications.
Robust demand for flexibility at workplaces could also be another factor promoting the market growth. The requirement for more sustainable workplaces also stimulate growth of the smart workplaces market. For instance, Hewlett-Packard has turned its two working locations into a single space, which has led to substantial reduction in carbon dioxide emissions, which are toxic to the environment.
The primary markets for smart workplace are Europe, the Middle East and Africa (MEA), Asia Pacific (APAC) along with North America.
North America is anticipated to hold the top position in the global smart workplace market during the given timeframe. High adoption of Internet of Things has made way for the use of smart solutions in the region. Similarly, rising adoption of Bring Your Own Device (BYOD) concept in the corporate sector has also enhanced the growth of the smart workplace market in North America, since remote working devices require better security and connectivity solutions to facilitate seamless workflow.
APAC is likely to be the fastest growing regional market for smart workplace in the coming years, on account of the intense efforts being given to modernize the corporate industry along with the surging government efforts to ensure safety of corporate employees.
The adoption of smart workplace in the Middle East and Africa is relatively slow compared to other regions, but it can exhibit decent growth rate in the coming years.
Top Market Vendors
Top performers in the worldwide market for smart workplace market are Lutron Electronics Co. Inc., ABB Ltd., United Technologies Corporation, Siemens AG, Philips Lighting Holding BV, Crestron Electronics Inc., Honeywell International Inc., Schneider Electric SA., Cisco Systems Inc., Johnson Controls International PLC, to name a few.
The worldwide smart workplace market has been segmented with respect to component, product, office type and communication technology.
Considering the component segment, the global smart workplace market includes software and services. The services types are installation and support services, consulting services and managed services.
The product-wise market segments are security systems, smart lighting, heating, ventilation & air conditioning control systems (HVAC), audio-video conferencing systems and energy management systems. Between these, the energy management systems sub segment can form the largest market for smart workplace market. Energy management systems help manage on-going energy and also offer energy efficient solutions, in addition to bringing down the costs, requiring no capital investment.
The office types mentioned in the report include retrofit and new construction.
Communication technology-based segments in the market are wired and wireless.