The global smart and connected offices market is poised for high growth owing to the increased need for controlling and automating homes, offices, schools, hospitals, and hotels. Smart and connected offices are technologically integrated offices where all the organization’s tasks are made simpler and flexible with the use of network-based devices. Products that are a part of the smart office market help in promoting the use of available resources and faster decision making. The efficient use of available resources generates more revenues and reduces power consumption, which helps in achieving more customer satisfaction.
The major drivers for the smart and connected offices market are the explosion of low-cost and smart wireless sensor networks, increase demand for Bring Your Device (BYOD), the emergence of IPV6, explosive demand for mobile connected devices, the work-on-the-go culture and emergence of the hurdle rooms. Redesigning the existing business models and the need for shared infrastructure are some of the major challenges that the smart and connected offices industry faces.
Factors such as security risks in the hand-held devices, leaving them vulnerable to interception by unauthorized users are expected to drive the smart and connected office markets. A low return on financial investments is expected to restrain the growth of the smart office market over the forecast period.
The smart and connected offices market can be segmented on the basis of building types and product types. Building types can be bifurcated into new buildings and retrofit buildings. On the basis of products, the smart and connected office market can be classified into energy management systems, smart lighting systems, audio & video conferencing systems, and security & access control systems. The smart and connected offices energy management systems include smart appliances and smart meters. Smart lighting systems comprise transmitters, controllable breakers, actuators, relays, and occupancy sensors and receivers. Audio and video conferencing is categorized into multimedia room controllers, keypads, and touch screens and home theatre systems. Security and access based control systems are segmented into intrusion alarm systems, biometric systems, card-based systems, and surveillance cameras.
Key industry participants providing smart and connected office solutions include Johnson Controls Inc., Honeywell International Inc., Koninklijke Philips N.V., Crestron Electronics, Siemens AG, and Cisco Systems Inc, ABB Ltd, Schneider Electric SA, and United Technologies Corporation.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.