Global Smart Office Market Revenue 2019 | Remarkable Growth Factors with Industry Size & Share, New Innovations of Leading Players & Forecast till 2024

(The Express Wire via Comtex)

Smart Office Market report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.

The “Smart Office Market” report 2019 delivers detailed profiles of key players with latest investigation and highlights the rising opportunities and difficulties looked by Smart Office market. The report examines the market status depending up on its CAGR, latest trends, market dynamics, growth rate, opportunities and forecast details. Smart Office market research study is significant for manufacturers in the Smart Office market, including industry stakeholders, distributors, suppliers, and investors, and it can also help them understand applicable strategies to grow in the Smart Office market.

Smart Office Market Report Covers the Manufacturers:

  • Johnson Controls International PLC
  • Cisco Systems Inc.
  • United Technologies Corp.
  • Siemens AG
  • Schneider Electric SE
  • Koninklijke Philips NV
  • Honeywell International Inc.
  • ABB Ltd.
  • Lutron Electronics Co. Inc.
  • Crestron Electronics Inc.

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Market Overview:

  • The smart office market is expected to register a CAGR of over 13.6% during the forecast period, 2019 - 2024. From smart lighting, heating, and cooling systems that are a part of the Internet of Things, to connected and intelligent camera systems designed to closely monitor workers and modern offices, the office of the future is significantly reshaped. The market studied is primarily being driven by factors, such as the rise in demand for intelligent office solutions, sensor networks for energy efficiency, favorable government regulations for the same, advancement of IoT in smart office offerings, and growing need for safety and security systems at the workplace.
  • Improving economic conditions, globally, is one of the driving factors for the growth of the smart offices market. With growing economic conditions and improving FDI, the businesses are experiencing high growth. Increasing awareness about technology in these markets is making international companies explore for potential growth opportunities.
  • With increasing investments and globalization, particularly in developing countries, many companies are investing in these regions to establish their markets. Regional companies operating in developing economies are quickly growing in their respective markets. This is resulting in the establishment of new infrastructure and expansion of office spaces.
  • Companies are investing in these regions to establish office spaces. Improving real estate in these regions is also supporting the growth of the new building establishment. With many companies investing heavily in this segment, companies are focusing on adopting smart technologies for their offices. This is driving the growth of the smart offices market in developing nations. Many companies entering these regions are establishing new infrastructure.
  • Security concerns over the deployment of smart office systems are one of the primary factors restraining the growth of the smart office market. Like any other connected technologies, smart office systems also depend on networks for data transmissions, and are thus vulnerable to breaching.
  • Growing cyber security concerns across the world are resulting in skepticism among consumers regarding the safety of these systems. The recent attack on San Francisco Rail System has compromised the hardware infrastructure of the rail network, resulting in downtime of several kiosk systems. In 2016, large swathes of the internet became unavailable across Europe and North America. Amazon, PayPal, Slack, Twitter, and Visa were amongst the big names that experienced disruption.
  • Thus, smart office systems stand vulnerable to growing cyber security threats. Many of the large companies becoming the primary target for hackers is raising concerns over the deployment of smart office systems. Thus, growing security concerns across the world are restraining the growth of the smart office system market.

Scope of the Report:

  • The smart office systems deploy automated systems, sensors, and advanced communication infrastructure and networks, which assist in providing centralized control and wireless data transfer for monitoring and data analysis. Advanced HVAC systems and automated lighting systems help the commercial places to manage energy in a better and systematic way, owing to the various benefits associated with the deploying of smart office infrastructure. Therefore, the demand for smart devices for office and other commercial building spaces is projected to increase.

Reasons for Buying Smart Office Market Report:

  • This report provides pin-point analysis for changing competitive dynamics
  • It provides a forward looking perspective on different factors driving or restraining market growth
  • It provides a five-year forecast assessed on the basis of how the market is predicted to grow
  • It helps in understanding the key product segments and their future
  • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
  • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

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Smart Office Market Report Provides Comprehensive Analysis of:

  • Functional market industry outline
  • Up and downstream industry examination
  • Channels and propositions believability
  • Market challenge by key players
  • Enhancement suggestions examination

Key Market Trends:

Energy Management System Expected to Hold Largest Share

The demand for this product is expected to be driven by the growing adoption in the office spaces of large scale organizations. Solutions in this include automated smart plugs, load control switches, utility billing management (smart meters), personal energy management, data analysis and visualization, and auditing.

The rising cognizance regarding a building's growing role in climate change is shifting investors’ and owners’ preferences, thus urging them to improve the performance of their buildings to stay competitive, specifically, in the commercial office segment. For instance, buildings in the United States consume nearly three-quarters of the country’s electricity, and are responsible for 39% of all greenhouse gas emissions.

Organizations are increasingly adopting EMS for optimization of energy consumption, utilization of dynamic pricing tariffs, and demand control, thus reducing overall costs. The large-scale companies require energy in various forms to perform diverse operations, including powering telecom network, modern computer equipment, data equipment, and optical transport networks.

The government initiative to decrease energy emission from old and public buildings is also aiding the market. For instance, the US General Services Administration has made a contract with IBM to install advanced and smart building technology in 50 of the federal government’s highest energy-consuming buildings.

United States to Hold Significant Share

The United States is one of the early adopters of emerging technology across the world, including the internet of things (IoT), which is incorporated in several industries, including smart offices. The technological advancement in the IoT field, particularly for offices, coupled with the rising need for security and safety system, is expected to propel the market growth in the United States.

Additionally, the growing savvy businesses are integrating internet of things (IoT) in the United States to enhance the office environment by reducing workload and saving on overhead money.
The Americans, primarily from the United States, spend 90% of their lives in buildings, including retail, public service facility, office, and homes. This has increased the investment from the government in office buildings to make them employee-friendly, which is likely to foster market growth over the next six years.

Notably, the government regulations associated with the integration of smart technologies are in favor of the office segment, which is one of the accelerating factors for smart buildings.
Moreover, according to the Consumer Technology Association, the penetration of smartphone IoT consumer device is increasing, which is ascending the scope for smart offices in the United States.

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Detailed TOC of Smart Office Market Report 2019-2024:

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Focus on Energy Efficiency in Office Spaces
4.3.2 Increasing Business Infrastructure
4.4 Market Restraints
4.4.1 Security Concerns Related to IoT and Smart Devices
4.4.2 Higher Costs of Refurbishment of Old Buildings
4.5 Industry Attractiveness Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Smart Office Lighting
5.1.2 Security and Access Control System
5.1.3 Energy Management System
5.1.4 Smart HVAC Control System
5.1.5 Audio-Video Conferencing System
5.1.6 Fire and Safety Control System
5.1.7 Other Products
5.2 By Building Type
5.2.1 Retrofit
5.2.2 New Building
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Nordics
5.3.2.5 Switzerland
5.3.2.6 Benelux
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Australia
5.3.3.4 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 South Africa
5.3.5.4 Rest of Middle East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson Controls International PLC
6.1.2 Cisco Systems Inc.
6.1.3 United Technologies Corp.
6.1.4 Siemens AG
6.1.5 Schneider Electric SE
6.1.6 Koninklijke Philips NV
6.1.7 Honeywell International Inc.
6.1.8 ABB Ltd.
6.1.9 Lutron Electronics Co. Inc.
6.1.10 Crestron Electronics Inc.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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