Smart spaces refer to a digital ecosystem where the free flow of information is facilitated among the connected devices, humans, and software systems. The latest observation presented by Market Research Future (MRFR) unravels that the global smart spaces market is projected to value at USD 27,074 Mn by 2024 up from USD 8,302.5 Mn in 2017. The market, as per the report, is suggested to expand at a CAGR of 16.4% during the review period 2019 to 2024.
The integration of Internet of Things (IoT), coupled with efforts to modernize workspaces, is likely to boost the growth pattern of the global market over the next couple of years. Efficiency and optimum productivity are the two key advantages offered by the technology, which is anticipated to catalyze the expansion of smart spaces market in the forthcoming years.
Proliferating applications across different industry verticals is likely to reflect on the growth curve of the market in the upcoming years. Rapid urbanization in emerging economies such as China, India, and Brazil, among others is poised to open new growth avenues across the evaluation period. However, factors such as security concerns, high deployment cost, and lack of technical expertise can pose challenges to the market participants in the nearby future.
The two key segments of the global smart spaces market research, based on component, are solutions and services. Among these, the services segment has been further sub-segmented into managed services and professional services. The professional services segment has been sub-segmented into deployment and integration services, consulting services, and support and maintenance services.
On the basis of application, the smart spaces market has been segmented into emergency management, energy management and optimization, and security management.
The global smart spaces market, on the basis of premise type, has been segmented into residential areas, commercial areas, and others.
The geographical analysis of the global smart spaces market has been carried upon in this MRFR report on a country-level and regional basis. The major regions profiled in this report are - North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. North America dominated the market in 2018 and is expected to maintain its control over a substantial share of the smart spaces market in the forthcoming years. The presence of key players is expected to emerge as the driving factor of the smart spaces market in the region over the next few years. In addition, the presence of a skilled workforce is anticipated to further increase the growth rate of the regional market over the next few years.
ABB (Switzerland), ICONICS, Inc. (US), Cisco Systems Inc., (US), Coor (Sweden), FASEAS SPACEWELL (Belgium), Siemens AG (Germany), Eutech Cybernetic Pte. Ltd (Singapore), Schneider Electric (France), Smarten Spaces (Singapore), Huawei Technology Co Ltd (China), Smart Space Software Plc (UK), Ubisense (UK), Hitachi Vantara Corporation (US), and Adappt (US) are some of the major participants operating in the global smart spaces market. Technological innovations are the key area of research which is likely to attract massive investments over the next couple of years. This, in turn, is expected to boost the competition in the market in the upcoming years. Key players are supposed to opt for inorganic growth strategies such as mergers & acquisitions, agreements, collaborations, partnerships, etc., which is poised to support the expansion of the smart spaces market in the foreseeable future. The organic growth of the market leaders can be accredited to increasing product launches, product development, and integration of technologies such as digital twins, augmented reality (AR) artificial intelligence (AI), and virtual reality (VR).