Global Smart Space Market is Anticipated to Reach USD 19.26 Billion and Growing at a CAGR of 10.82% During Forecast Period 2021 – 2027

(Heraldkeepers via Comtex)

The global smart spaces market is projected to reach USD 19.26 billion by 2027 from USD 10.4 billion in 2021, growing at a CAGR of 10.82% over the forecast period of 2021-2027.

Infinium Global Research's recent report on the "Smart Space market (by Component (Solutions, Services), By Application (Energy Management & Optimization, Emergency Management, Security Management, and Others), and By End Users Channel (Commercial, Residential and Others)) Global Industry Analysis, Trends, Market Size & Forecasts to 2027" provides a comprehensive outline of the factors responsible for the growth of the market. The global smart spaces market is projected to reach USD 19.26 billion by 2027 from USD 10.4 billion in 2021, growing at a CAGR of 10.82% over the forecast period of 2021-2027.

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Smart spaces, also known as connected places are physical locations equipped with networked sensors that give the owner better information about the conditions for that particular location and how they're used. Smart Space is majorly being used in hospitals, grocery stores, airports, and apartment buildings as is it helpful in improving productivity, safety, and convenience. Smart spaces reduce energy costs through real-time adjustments of heating, and cooling, reducing carbon footprints while saving money. Smart spaces also provide convenience through sensor alerts.

The outbreak of novel coronavirus across the globe affected almost every possible industry across the globe, including the smart space market. As the ecosystem is expected to experience a distinguished impact. Majorly the office was following the work from home concept the smart space market experienced a decrease in the demand for smart space and smart building solutions.

Commercial Segment to Dominate the Smart Space Market in the Forecasting Years

Companies these days are adopting new innovative and advanced technologies. The company is trying to make their offices space active so that the employees are more connected giving good productivity, in turn, helping the company to generate good revenues. Healthcare, Education, Retail, manufacturing, and Government are dominating sectors in this. The emerging trends of automation and digitization are catalyzing are increasing the demand for smart space in the commercial segment allowing them to share information between people, machines, and sensors seamlessly. Devices like smart cameras can now keep an eye on the remote corners 24*7 that improving the security aspect of the provided facility in commercial spaces.

The Smart Space Market Region to be Expected as the Fastest-Growing Region in the Smart Space Market

In terms of region, North America generated the largest revenue in the global smart space market in 2020 and is expected to remain the leading market over the forecast years. Several market players in this region are providing smart space solutions in most of the residential and commercial parts of this region. This region adopts new technologies at a faster rate like IoT things, AI which makes this dominate. Moreover, the Asia Pacific region is expected to grow at a faster rate in the forecasting years. The countries in this region are undergoing changing and adapting to new innovative and advanced technologies in the market. China is one of the major countries in the Asia Pacific region having a broad range of customer bases and changing buying preferences of end-users in this region.

Key Players Focusing to Increase the Production Capacity by Collaborating with other Companies

The smart space market is intensely competitive with the presence of several multinational and local players. The major player's Cisco Systems, Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), Siemens AG, SmartSpace Software Plc, Spacewell, Ubisense Limited, Coor Service Management AB and several others are constantly focusing on developing new flavors and products to gain a competitive edge in the market. These companies are adopting numerous market strategies including new product launches, collaboration, and mergers & acquisitions with numerous companies at the country level. For instance, in June 2020, Wipro Lighting launches Mapiq's Office Shifts, a smart office technology in India. Infinium Global Research's recent report on the global smart space market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the smart space market and also estimates the impact of recent developments in the global market.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Smart Spaces Market Highlights

2.2. Smart Spaces Market Projection

2.3. Smart Spaces Market Regional Highlights

Chapter 3. Global Smart Spaces Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.3. Analysis of COVID-19 impact on the Smart Spaces Market

3.4. Porter’s Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.6. Value Chain Analysis of Smart Spaces Market

Chapter 4. Smart Spaces Market Macro Indicator Analysis

Chapter 5. Global Smart Spaces Market by Component

5.1. Solutions

5.2. Services

Chapter 6. Global Smart Spaces Market by Application

6.1. Energy Management & Optimization

6.2. Emergency Management

6.3. Security Management

Chapter 7. Global Smart Spaces Market by End Users Channel

7.1. Commercial

7.2. Residential

Chapter 8. Global Smart Spaces Market by Region 2021-2027

8.1. North America

8.2. Europe

8.3. Asia-Pacific

8.4. RoW

Chapter 9. Company Profiles and Competitive Landscape

9.1. Competitive Landscape in the Global Smart Spaces Market

9.2. Companies Profiles

9.2.1. Cisco Systems, Inc.

9.2.2. Eutech Cybernetic Pte. Ltd

9.2.3. Hitachi Vantara Corporation

9.2.4. Huawei Technologies Co.

9.2.5. International Business Machines Corporation (IBM)

9.2.6. Siemens AG

9.2.7. SmartSpace Software Plc

9.2.8. Spacewell

9.2.9. Ubisense Limited

9.2.10. Coor Service Management AB

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the smart spaces.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.

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