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Title: Smart Offices Market Analysis | CMI


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com/
  • COVID-19 Impact Tracker

2
SMART OFFICES MARKET ANALYSIS
  • Smart Offices Market, by Component (Software,
    Hardware, and Service), by Product type (Smart
    lights, Security System, Energy Management
    System, and Audio-Video Conferencing System), by
    Office Type (Retrofit Office and New Construction
    Office ), and by Region (North America, Europe,
    Asia Pacific, and LAMEA) - Size, Share and Growth
    Analysis 2018-26
  • A smart office is an advanced workplace where
    technology aids employees to work faster, better,
    and smarter. Smart offices are enabled with
    modern technological equipments such as beacons,
    sensors, and mobile apps, which help employees to
    perform the tasks in efficient and faster manner.
    This allows employees to dedicate their time for
    strategizing and business planning. Smart office
    majorly focuses on understanding and gaining
    insights of the problems and challenges faced by
    employees and designing a solution, which will
    aid in providing better environment at workplace.

3
Market Drivers
  • Rapid adoption of Internet of Things (IoT) with
    implementation of IoT sensors and IoT devices,
    along with cloud computing services and analytics
    is the major factor boosting growth of the
    market. According to Coherent Market Insights
    analysis, Asia Pacific is expected to be the
    fastest growing region in the global smart office
    market during the forecast period, owing to
    promotion of clean environment in the buildings
    and power management and conservation.
  • Global smart office market is expected to witness
    significant growth during the forecast period
    (20182026). The market growth is majorly
    attributed to increasing adoption of smart
    offices for different applications in energy
    management and saving. For instance IoT enabled
    lights reduce energy usage by switching off the
    lights when not in use. Furthermore, as per
    Coherent Market Insights analysis, growth of the
    Smart Offices Market is propelled by the major
    advancement in IoT technology. For instance,
    according to CMI analysis, the number of IoT
    connected devices was 25 billion in 2017and is
    expected to witness high growth during the
    forecast period.

4
Figure 1. Global Smart Office Market Share (),
by Region (2017 2026)
5
Statistics
  • North America is expected to be the largest and
    fastest growing region in the smart office market
    during the forecast period, owing to increasing
    sales of smart devices such as smart lightings,
    IoT (Internet of Things) solutions, smart
    communication devices, and smart software in the
    region. As per Coherent Market Insights, the
    global sales of smart lighting was around US 49
    Billion in 2016, which increased to US 57
    Billion in 2017, which in turn is expected to aid
    in growth of the market.

6
Market Opportunities
  • Moreover, rapidly growing construction industry
    is expected to boost the number of building
    infrastructure in an innovative and cost
    effective way, in turn creating opportunities for
    the smart office solution providers. According to
    analysis by Coherent Market Insights, Asia
    Pacific commercial construction market was around
    US 1,341 billion in 2017, and is expected to
    reach US 2,489 billion by 2021. This is expected
    to create a lucrative market opportunity for
    smart office in India in the near future.
    However, there are still some restraints in smart
    office construction that limits growth of the
    market. Security is a major threat to smart
    offices, employee training in IT security is
    necessary in order to reduce the chance of
    attacks, which intend to gain access to the
    systems.
  • According to Cisco Canada, the Toronto office of
    Cisco enables modern work styles by connecting
    employees, processes, data, and things on a
    single data network, which have earned the title
    of 'smartest office building in the world.'

7
Figure 2. Global Smart Office Market Share (),
By Component (2017 2026)
8
  • Increasing need to upgrade office infrastructure
    of existing office buildings is boosting growth
    of the smart office market. The enterprises are
    undergoing this change, owing to massive increase
    in consumption of energy resources that has
    direct impact on the operational cost of the
    enterprise. Hence, smart office solutions are
    implemented to minimize concerns related to
    consumption of energy resources. According to
    Coherent Market Insights analysis, major energy
    consumption that is around 17 of total energy in
    North America is consumed by commercial
    buildings, wherein office buildings contribute to
    more consumption of energy resources.
  • For instance, among total energy consumption in
    office buildings HVAC system (cooling, heating,
    and ventilation) contribute to around 51 of
    total energy usage and lighting represents around
    25 of total usage, as these two parameters
    contributes three quarters of an office building
    energy use.

9
Key Players
  • Some of the key players operating in the global
    smart office market include ABB Ltd., Cisco
    Systems, Inc., Crestron Electronics, Inc.,
    Honeywell International Inc., Johnson Controls
    International PLC, Lutron Electronics Co. Inc.,
    Philips Lighting Holding B.V., Miracle Group
    Inc., Siemens AG, Schneider Electric SA,
    Sensorsuite Inc., United Technologies
    Corporation, and others.

10
  • Request Sample Report
  • Request Customization
  • Download PDF Brochure
  • Talk to Analyst
  • Reference https//www.coherentmarketinsights.com
    /market-insight/smart-offices-market-2481

11
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

12
Contact Us
  • Mr. Shah
  • Coherent Market Insights Pvt.Ltd.
  • Address 1001 4th Ave, 3200 Seattle, WA 98154,
    U.S.
  • Phone 1-206-701-6702
  • Email sales_at_coherentmarketinsights.com

13
  • Thank You!
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  • https//www.coherentmarketinsights.com/
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