Smart Space Market Size and Growth Rate - (2019 - 2024)
Smart space market is growing at the fastest rate from 2019 and it is expected that the market will reach 19.9 billion by 2024 and to grow at a CAGR of 18.5% in the following period. Smart space is a place where the environment is equipped with visual and audio sensing systems. These systems sense to the human activities and reacts accordingly in which they perform different tasks specified. The equipment arranged in this environment react to the people without wearing any equipment.
- Growing demand for green buildings in order to follow environmental safety measures is a major driving factor for the market to grow. The rise in the revenue of many countries is accelerating the demand of the market additionally.
- However, stringent rules and regulations by the government are slightly to impede the demand of the market. For installation and maintenance of these systems need huge amounts which are considered to be a challenging factor for the market growth.
- Increasing prevalence for the internet of things and the launch of various technologies is bolstering the demand of the market. Smart space technology offers many benefits by making complex things easy and simple to handle which is commonly surging growth opportunities for the market.
Energy utilization and optimization segment is gaining more attention comparative with the other segments
Based on the application, the market is segmented into energy utilization and optimization, emergency management, security management, and others. Energy utilization and optimization are witnessed to lead the highest shares of the market among all. The growing number of research institutes with the support from the government is ascribed to outshine the demand of the market.
By regional analysis, the market is led by North America from the past decade
Regionally, the market is segmented into North America, Europe, Asia Pacific and Middle East & Africa. North America is holding the highest shares of the market by owing to the rise in the launch of various features for the systems and also growing demand from the electronics and electrical engineering industry. Europe and the Asia Pacific are next to North America is dominating the largest shares of the market. Increasing the speed of the internet and rise in the disposable income in the urban areas are magnifying the demand of the market. The Middle East & Africa is escalated to have huge growth opportunities in the near future with the growing investments in the development of new technology by private organizations.
Some of the major players in the smart space market are IBM (US), ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei (China), Schneider Electric (France), Smartspace Software PLC (UK), Hitachi Vantara (US), Iconics (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore), and Adappt (US).
Companies dominating the Global Smart Space Market profiled in the report are:
- Schneider Electric
- Smartspace Software
- Hitachi Vantara
- +5 More
This research report includes following segmentation for the Global Smart Space Market size and forecast until 2024.
Smart Space Market Analysis - By Application:
- Energy Management and Optimization
- Emergency Management
- Security Management
Smart Space Market Analysis - By Component
Smart Space Market Analysis - By Premises Type
Smart Space Market Analysis - By Region
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
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