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Smart Office Market estimated to be $46.11 Billion by 2023

 



(IT-NEWSWIRE.COM, August 08, 2019 ) According to a new market research report "Smart Office Market by Product (Smart Lighting/Lighting Controls, Security Systems, Energy Management Systems, HVAC Control Systems, Audio–Video Conferencing Systems), Software & Service, Office Type, and Geography - Global Forecast to 2023", the smart office market was valued at USD 22.21 Billion in 2017 and is expected to reach USD 46.11 Billion by 2023, at a CAGR of 12.94% between 2017 and 2023. Factors such as increase in demand for smart office solutions and sensor networks for energy efficiency, advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favorable government regulations in several countries are driving the growth of the smart office market.



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The smart office market has been segmented on the basis of product into smart lighting/lighting controls, security systems, energy management systems (EMSs), HVAC control systems, and audio–video conferencing systems. The market for EMS is expected to grow at the highest CAGR during the forecast period. EMS provides a framework for commercial facilities to manage on-going energy use as well as identify opportunities to adopt energy-saving technologies, including those that do not necessarily require capital investment.



The smart office market has been segmented into software and service. Furthermore, the service segment is divided into advisory and consulting services, installation and support services, and managed services. The demand for services is expected to grow in the future owing to the benefits such as achieving critical targets and developing a skillset for improving the internal planning and control processes. Moreover, services help in remotely managing customer's infrastructure and/or end-user systems.



The smart office market, on the basis of office type, has been segmented into retrofit offices and new construction offices. The market for the new construction offices segment is expected to grow at a high rate between 2017 and 2023. New construction offices provide the ability to construct the new building with inbuilt smart office systems. Also, it helps in achieving eco-friendly operations due to economical use of the available resources resulting into the high demand for new construction office.



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The market for the services segment is expected to grow at the highest rate during the forecast period. The growth in the services segment is mainly governed by the complexity of operations and growing deployment of smart office solutions across various end users. Further, the services enhance the efficiency and help in achieving the desired level of expertise at the end-user level to effectively manage the infrastructure and reduce resource losses while deploying smart office solutions.APAC is expected to be the fastest-growing region for the smart office market, followed by Europe during the forecast period. The market in APAC is expected to grow at the highest rate during the forecast period due to the adoption of energy management solution to reduce the associated cost and the implementation of security and lighting management solution in workplaces, ultimately leading to the growth of the smart office market in APAC.



The integration of real-time streaming analytics capabilities into smart solutions to hinders the market growth in the coming years. In addition, IT and network security restrictions to reduce privacy intrusion and data breaches are projected as one of the major restraint for the development of smart office projects.



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Key players in this market such as ABB, Cisco Systems, Crestron Electronics, Honeywell, Johnson Controls, Philips Lighting, Lutron Electronics, Schneider Electric, Siemens, and United Technologies Corporation focus on new product developments, strategic partnerships, acquisitions, and agreements to increase their revenues. For instance, in August 2016, Johnson Control released Metasys 8.0, the latest software in building automation enhancements for ease of use, faster troubleshooting, short operation time, reduced risk, and easier integration. Similarly, in 2016, Honeywell launched mobile software application named Honeywell Vector Occupant App that enables workplace occupants to tap into IoT capabilities to address common workplace issues including temperature settings and access control.



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