As per the latest study by Market Research Future Reports (MRFR), the global smart workplace market is estimated to value USD 47 billion, thriving at a CAGR of 13% by the end of 2023. The increasing demand for smart office solutions is the major factor driving the global Smart Workplace Market 2020. The increasing demand for safety and security at the workplace is anticipated to be another significant factor driving the global smart workplace market. Besides, there has been rapid technological development in the sector, which is augmenting the market at a fast pace. Moreover, there has been a rising inclination towards improving the infrastructure, which helps in allowing higher penetration of devices and gives better connectivity. Furthermore, the advent of smart cities is further likely to augment the market at a global level.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
The established market competitors of the global smart workplace market are Philips Lighting Holding B.V. (Netherlands), Schneider Electric S.A. (France), Siemens AG (Germany), Johnson Controls International PLC (Ireland), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), United Technologies Corporation (U.S.), Crestron Electronics, Inc. (U.S.), and others.
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The worldwide smart workplace market can be segregated on the grounds of product, component, communication technology, office type, and region.
Based on the product, the worldwide smart workplace can be segmented into Smart Lighting, Lighting Controls, Smart Bulbs, and Fixtures.
Based on the component, the worldwide smart workplace can be segmented into Software and Services.
Based on communication technology, the worldwide smart workplace can be segmented into Wired and Wireless. The wired segment can further be classified into Wi-Fi, Enocean, Bluetooth, ZigBee, and others. The wireless segment can further be classified into LonWorks, Power Over Ethernet (POE), KNX, Building Automation & Control Network, Digital Addressable Lighting Interface (DALI), and others.
Based on office type, the global smart workplace can be segmented into Retrofit Offices and New Construction Offices.
Based on the region, the worldwide smart workplace can be segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The regional evaluation of Asia Pacific, North America, Europe, and the Rest of the World (RoW) has been performed. As per the analysis by MRFR, the market is dominated by North America. North America is estimated to acquire the largest market share during the forecast period. The U.S. and Canada are estimated to make the maximum contribution to expanding the market. Besides, the region has a developed infrastructure, which makes it easier to implement advanced technologies.
Moreover, the rising concept of BYOD has further propelled the market. In addition, the region consists of the well-established players who play a significant role in augmenting the regional market.
On the other hand, the Asia-Pacific region is projected to be the fastest-growing region during the forecast period. A smart workplace in Asia-Pacific is estimated to generate significant revenue due to the increasing demand for safety and security at the workplace. Countries like India, Japan, China, and South Korea are estimated to make the most significant contributions in expanding the market. The APAC region is estimated to experience a faster adoption as compared to the other regions.
The outbreak of COVID-19 is likely to change the market dynamics of several regions. Several regions have been affected due to the observation of nationwide lockdown in various countries.
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