Overview and Scope
A smart workplace is one that enables new work styles and improves employee efficiency by utilizing the digitalization of physical objects.
Sizing and Forecast
The smart workplace market size has grown rapidly in recent years. It will grow from $40.91 billion in 2023 to $45.34 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to customization and personalization, flexible and agile workspaces, flexible work environments, energy efficiency and sustainability, .
The smart workplace market size is expected to see rapid growth in the next few years. It will grow to $73.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to focus on employee experience and wellness, cognitive collaboration, data privacy and compliance, zero trust security model, employee analytics.. Major trends in the forecast period include adoption of iot for workplace connectivity, occupancy and space utilization monitoring, voice-activated and gesture-controlled interfaces, enhanced security and access control, real-time collaboration tools and unified communications..
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Segmentation & Regional Insights
The smart workplace market covered in this report is segmented –
1) By Product: Smart Light, Security Systems, Energy Management systems, HVAC Control Systems, Audio-Video Conferencing Systems
2) By Office Type: Retrofit Buildings, New Construction Offices
3) By Solution: Software, Services, Managed Services
North America was the largest region in the smart workplace market in 2023. Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the smart workplace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing number of IoT-linked devices is expected to boost the growth of the smart workplace market going forward. IoT-linked devices refer to nonstandard computing devices that connect wirelessly to a network and have the ability to transmit data. IoT devices create a highly interconnected workplace, enabling seamless communication and data sharing between devices and systems, leading to increased workplace efficiency. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunication company, broadband IoT (4G/5G), which connects the majority of cellular IoT devices, reached 1.3 billion connections in 2022. Nearly 60% of cellular IoT connections are anticipated to be broadband IoT connections by the end of 2028, with 4G connecting the bulk. In terms of cellular IoT connections, North East Asia is currently in the lead; in 2023, it is predicted to surpass 2 billion connections. Therefore, the increasing number of IoT-linked devices is driving the growth of the smart workplace market.
Key Industry Players
Major companies operating in the smart workplace market report are Carrier Corporate, Honeywell International Inc., Johnson Controls, Daikin Industries, General Electric Company, Philips Lumileds, Acuity Brands, LG Electronics, OSRAM Licht AG, RavenWindow, Schneider Electric SE, Research Frontiers, NICE Systems, SAGE Electrochromics, Bosch Security Systems, Cisco Systems Inc., Siemens AG, Kronos Incorporated, ATOSS Software AG, Teem Technologies, Crestron Electronics Inc., Axis Communications, Koninklijke Philips NV, United Technologies Corporation, Signify NV, Verizon Communications Inc., Martela Oyj, Microsoft Corporation, Google LLC, Amazon Web Services Inc., Oracle Corporation
The smart workplace market report table of contents includes:
1. Executive Summary
2.Smart Workplace Market Characteristics
3.Smart Workplace Market Trends And Strategies
4.Smart Workplace Impact Of COVID-19
5.Smart Workplace Market Size And Growth
6.Smart Workplace Segmentation
7.Smart Workplace Regional And Country Analysis
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27.Smart WorkplaceCompetitive Landscape And Company Profiles
28.Smart Workplace Key Mergers And Acquisitions
29.Smart Workplace Future Outlook and Potential Analysis
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