The Smart Workplace Market will reach a high CAGR of 14.20 % and USD 47 Billion in the forecast period 2023 to 2027. The market is showing enhancing growth due to the presence of major growth factors and opportunities. These are driving the market to reach its estimated in the future days.
Growth Factors of The Smart Workplace Market
The changing lifestyle in workplaces and the inclination toward urban life and advanced technologies is a major growth factor of the market. The implementation of the technologies such as Artificial Intelligence and the Internet of things in modern corporates and multinational companies is chiefly driving the market. The smart workplace is the next-generation experience that offers the corporate sector efficiency.
The Smart Workplace Market is experiencing massive growth due to the advanced solutions provided to customers. The market offers quick communication systems, efficient energy management, smart lights, security faculties, centralized advanced heating and temperature control, etc. The presence of these advantages is driving the market at the global level. The market comprises the latest developments in computer science, technology, and advanced solutions.
Competitive Landscape Of The Smart Workplace Market
The North American region has top players in the market. Most of the players are in the US and Canada. The usage of Artificial Intelligence (AI), the internet of things (IoT), Augmented Reality (AR), and Robotic Process Automation (RPA) is enhancing the player’s development activities. The major players in the Smart Workplace Market are IBM (US), Siemens (Germany), Atos (France), Accenture (Ireland), Zensar (India), Schneider Electric (France), Honeywell International (US), Phillips Lighting Holding (Netherlands), ABB Ltd (Switzerland), Cisco Systems (US) and Infosys (India).
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COVID-19 Pandemic Report Of The Smart Workplace Market
The COVID-19 pandemic has moderately impacted the Smart Workplace Market growth. Due to the lockdown, people stayed at home, which has led to the usage of the advanced technologies cloud technologies in the workplaces. These places adopted these technologies to continue their operational activities virtually. This has shown a positive impact on the market. The market was also negatively impacted when the pandemic resulted in an economic crisis. The market faced economic loss due to a lack of investors. But in the future days, the market will result in good growth due to the higher demand for smart technologies.
Segmentation Analysis Of The Smart Workplace Market
The Smart Workplace Market is segregated into software services, lighting products, security systems, energy management, temperature control, office type, and technology.
The software services of the market are comprised of Managed software services, Consulting software services, and Installation and Support services.
The lighting products segment has Sensors, LED, Switches, Gateways, and Others.
The security systems segment is categorized into Access control, Surveillance, Fire, Break-in, and Safety controls.
The energy management of the market is classified into Smart Thermostats, In-house displays, Smart plugs, and Others.
The temperature control segment consists of Temperature sensors, Humidity sensors, Occupancy sensors, and others.
The office type segment is divided into Retro offices and new buildings
The technology segment comprises Wired (i.e., Wi-Fi, Bluetooth, ZigBee, etc.) and Wireless (i.e., POE, LonWorks, PLC, DALI, etc.).
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