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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Smart Space Market Size
The global smart space market 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.
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 2024.
The market is projected to grow at a CAGR of 13.2% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach about USD 79.13 billion by 2034.
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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