Overview and Scope
Smart spaces are facilities or public spaces that have sensors installed to collect data that may be used to provide insights into the environment, services provided, and how occupants interact with their surroundings. These smart space insights can be acquired in real-time or from historical data, and then used to improve safety, operations, or the user experience. Smart spaces are used to collect data and generate insights about environmental conditions.
Sizing and Forecast
The smart space market size has grown rapidly in recent years. It will grow from $18.78 billion in 2023 to $21.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to wireless connectivity advances, automation and efficiency, urbanization and smart cities, occupancy analytics for space optimization, smart infrastructure investments..
The smart space market size is expected to see rapid growth in the next few years. It will grow to $33.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to enhanced cybersecurity measures, health and safety prioritization, human-centric design, smart retail innovations, economic incentives and policies, data privacy and ethical considerations.. Major trends in the forecast period include sensor proliferation for environmental monitoring, smart lighting systems for energy efficiency, smart cities and urban planning, edge computing for real-time processing, collaboration spaces in smart offices, smart retail spaces and customer engagement, blockchain for security and trust..
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/smart-space-global-market-report
Segmentation & Regional Insights
The smart space market covered in this report 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 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart space market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6586&type=smp
Major Driver Impacting Market Growth
Green building initiatives and environmental concerns are expected to propel the growth of the smart space market going forward. A green or sustainable building is a building that maintains or improves the quality of life of the environment in which it is located. These buildings rely on smart technology that is incorporated into the entire system to improve the building’s performance and functionalities. These technologies not only store data but also analyze it and deliver relevant results. For instance, according to Financial Express, an India-based newspaper, by 2022, India’s green building market will have doubled, reaching 10 billion square feet with a value of USD 35–50 billion. Therefore, green building initiatives and environmental concerns are driving the smart space market growth.
Key Industry Players
Major companies operating in the smart space market report are Cisco Systems Inc., Microsoft Corporation, Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, SmartSpace Software PLC., Spacewell, ABB Ltd., Adappt Intelligence Inc., Ubisense Limited, Smarten Spaces INC, Avnet Inc. (Softweb Solutions Inc. ), ICONICS Inc., Metrikus Ltd., Capmo GmbH, Honeywell International Inc., Johnson Controls International plc, Legrand SA, Coor Service Management Oy, Silvan Innovation Labs Pvt. Ltd., Noknox Sense Labs Inc., Igloohome Pte. Ltd., SpaceOS Limited, Spaceflow, Mitsubishi Electric Corporation, Hewlett Packard Enterprise Development LP, Juniper Networks Inc.
The smart space market report table of contents includes:
1. Executive Summary
2.Smart Space Market Characteristics
3.Smart Space Market Trends And Strategies
4. Smart Space market analysis
5. Smart Space Market Size And Growth
6.Smart Space Segmentation
7.Smart Space Regional And Country Analysis
.
.
.
27.Smart Space Competitive Landscape And Company Profiles
28.Smart Space Key Mergers And Acquisitions
29.Smart Space Future Outlook and Potential Analysis
Explore the trending research reports from TBRC:
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
