The Smart Space Global Market Report 2023, provides comprehensive information on the smart space market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Smart Space Global Market Report 2023, the market size is expected to grow from $17.1 billion in 2022 to $19.57 billion in 2023 at a compound annual growth rate (CAGR) of 14.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the smart space is expected to grow to $31.35 billion in 2027 at a CAGR of 12.5%.
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Technological advancement is a key trend gaining popularity in the smart space market. Companies operating in the smart space market are utilizing IoT and digital twin technology for gathering insights and data in order to improve building efficiency and improve the well-being of the people inside. For instance, In December 2020, Avnet, a US-based electronics company operating in the smart space market, expanded its product line for rapid Internet of Things (IoT) development with the launch of the AVT9152 module, which packs LTE-M/NB-IoT, GPS, and BLE wireless connectivity in a tiny module for use in a wide range of IoT applications.
The smart space market is segmented:
1) By Component: Hardware, Software, Services
2) By Space Type: Smart Indoor Space, Smart Outdoor Space
3) By Application: Energy Management and Optimization, Layout and Space management, Emergency & Disaster Management, Security Management, Other Applications
4) By Industry: Banking, Financial Services and Insurance (BFSI), Retail and E-Commerce, Government, Media and Entertainment, Food and Beverages, Healthcare, Automotive, Other Industries
North America was the largest region in the smart space market in 2022.
The table of contents in TBRC’s smart space market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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