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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Smart Space 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.
Global Smart Space 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.
Smart Space Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of approximately USD 25.92 billion in 2023.
The market is projected to grow at a CAGR of 13.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 79.13 billion by 2032.
The key drivers in the market are increasing focus on effective space management and associated cost reductions, growing penetration of advanced technologies, and rapid digitalisation.
The key trends of the market are increasing focus on energy management for buildings, growing popularity of home automation, and increasing adoption of smart devices.
The various components of smart space solutions are hardware, software, and services.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players in the smart space market are Cisco Systems, Inc., Siemens AG, Adappt Intelligence Inc., ABB Ltd., Eutech Engineering Pte. Ltd., Microsoft Corporation, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation, and Schneider Electric SE, among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124