Global Smart Space Market Report and Forecast 2024-2032

Global Smart Space Market Outlook

The global smart space market size reached a value of approximately USD 25.92 billion in 2023. The market is further projected to grow at a CAGR of 13.2% between 2024 and 2032, reaching a value of USD 79.13 billion by 2032.

Key Trends in the Market

Smart space is a digital space that utilises communication methods such as networked sensors to collect data and provide it to the owners, managers, and occupants for better insight. Some of the smart space technologies include smart metering, ambient controls, intelligent lighting, and smart ventilation, among others.

• The adoption of smart devices and technologies by enterprises is increasing, to make the most of the available space and provide healthy and comfortable workspace to the employees, ensuring better productivity. This has resulted in increased demand for smart space solutions for workspace optimisation and cost savings.

• Rising disposable incomes and growing trend of home automation have encouraged people to optimise their homes through the Internet of Things and smart home technologies to improve their quality of life, resulting in the growth of the smart space market.

• Increasing environmental concerns and penetration of technology in everyday life have fuelled energy efficient building initiatives, which are majorly focussed on reducing energy  consumption by using smart technologies for effective management.

Market Analysis

Based on component, the market is segmented into hardware, software, and services. On the basis of space type, the market is divided into smart indoor space and smart outdoor space. By application, the market is categorised into energy management and optimisation, layout and space management, emergency and disaster management, and security management, among others.

On the basis of end use, the smart space market is segmented into residential and commercial. Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Cisco Systems, Inc.

• Siemens AG

• Adappt Intelligence Inc.

• ABB Ltd.

• Eutech Engineering Pte. Ltd.

• Microsoft Corporation

• Hitachi, Ltd.

• Huawei Technologies Co., Ltd.

• IBM Corporation

• Schneider Electric SE

• Others

Market Share by Application

The emergency and disaster management segment is anticipated to account for a large share in the smart space market over the forecast period. With the right amount of time and information, the smart devices make it possible to act fast, which minimises or helps avoid the disaster or damage completely. Integration of smart cameras with high quality image sensors enables 24*7 monitoring, which improves the security aspect of any location. Location tracking systems among other smart devices is considered a perfect way to gather related information and predict possible hazards or problems such as fire or theft. Similarly, space-based technologies are capable of contributing to the prevention, preparedness, response, early warning, and reconstruction in case of disaster.

Market Share by Region

The smart space market in the Asia Pacific is expected to observe a significant growth during the forecast period owing to the growing adoption of advanced and innovative business-related technologies and increasing home automation. Presence of large consumer base and changing preferences of end users in countries such as China is further enhancing the growth of the market. Further, a surge in demand is expected due to increase in government-led infrastructure projects and proliferation of connected systems, owing to the ongoing trend of smart offices and homes in the region.

Competitive Landscape

Cisco Systems, Inc. was founded in 1984 and is headquartered in California, United States. The company provides information technology products and related services for various industries.

Siemens AG is an automation company that was founded in 1847. The company is headquartered in Munich, Germany and is known for power generation and distribution along with intelligent infrastructure for buildings and distributed energy systems.

Adappt Intelligence Inc. was established in 2016 and has its headquarters located in Massachusetts, United States. The IT services and consulting company specialises in energy management, sensor technology, and workspace management software, among others.

Other major players in the smart space market include ABB Ltd., Eutech Engineering Pte. Ltd., Microsoft Corporation, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation, and Schneider Electric SE, among others.

Key Highlights of the Report

Smart Space Market Report Snapshots

Smart Space Market Size

Smart Space Market Share

Smart Space Market Analysis

Smart Space Companies