GVR Report cover Smart Office Market Size Report By Component (Hardware, Software, Service), By Office Type (Retrofit, New Construction), By Region (North America, Europe, Asia Pacific, South America, MEA), And Segment Forecasts, 2018 - 2025Report

Smart Office Market Size Report By Component (Hardware, Software, Service), By Office Type (Retrofit, New Construction), By Region (North America, Europe, Asia Pacific, South America, MEA), And Segment Forecasts, 2018 - 2025

  • Report ID: GVR-2-68038-302-7
  • Number of Pages: 87
  • Format: Electronic (PDF)
  • Historical Range: 2014 - 2015
  • Industry: Technology

Report Overview

The global smart office market size was valued at USD 18.46 billion in 2016 and is expected to grow significantly over the forecast period, owing to rising need for effective and optimal utilization of IT resources and infrastructure. Furthermore, increasing need for incorporating security devices, such as cameras and electronic locks, in offices has opened doors for numerous growth opportunities in the market.

China smart office market

Smart office technology delivers notable results in terms of efficiency, as it enables digitization and automation of systems and products. For instance, with the help of beacons, an employee can be automatically detected and clock-in and clock-out timings can be registered in a time and attendance system when employees enter or leave office premises, respectively.

The working environment in an office is expected to improve in terms of occupant comfort and efficient use of energy due to increasing adoption of smart office. Smart features, such as continuous monitoring and controlling of temperature, humidity, and light, facilitate improved management of smart devices and offer a connected experience to employers, which is expected to drive employee satisfaction.

Moreover, employers have an opportunity to optimize their operation and focus more on employee health and productivity, owing to better connectivity and the amount of data generated by IoT-enabled offices. Advancement of Internet accessibility and growing adoption of connected devices are all propelling the growth of IoT-enabled offices.

Component Insights

Based on component, the market has been segmented into hardware, software, and service. The hardware segment dominated the smart office market in 2016 and is anticipated to continue its lead from 2017 to 2025, owing to continuous technological advancements in the field. The segment is further categorized into security systems and controls, smart lighting and controls, energy management systems, HVAC control systems, and audio-video conferencing systems. The service segment is expected to witness a notable shift in its growth with a CAGR of 15% over the forecast period. This can be attributed to increasing deployment of cloud-based solutions and need for domain expertise and quality services.

Energy Management Systems (EMSs) are being increasingly adopted as they provide numerous advantages such as convenience and improved focus. EMSs can be used to track energy usage, which allows organizations to control energy losses, thus, leading to increase in profit margins. They also enable employers and employees to enhance productivity, efficiency, and comfort.

The emergence of audio-video conferencing systems, such as telepresence, which connects geographically distant individuals, is further expected to propel market growth. Need to travel, for being physically present at a given location, is also eliminated and hence, expenditure on travel is reduced drastically.

Office Type Insights

Based on office type, the market has been segmented into retrofit and new construction. The retrofit segment is anticipated to generate the highest revenue by 2025. Growth of the segment can be attributed to rising need to adopt energy-saving technologies in retrofit offices.

Global smart office market

The new construction segment is anticipated to witness significant growth over the forecast period. A retrofit office may pose limitations for modifications or new system implementations. However, new construction provides ample flexibility to implement new systems.

Regional Insights

The North American region is expected to dominate the market over the next eight years, owing to the presence of a large customer base and well-established manufacturers. The region generated the highest revenue in 2016 and is expected to exhibit a CAGR of more than 10% from 2017 to 2025.

The Asia Pacific region is anticipated to witness a notable shift in its growth, recording a CAGR of above 19% over the forecast period, owing to the presence of growing economies such as China and India. Growth of the service sector in these economies is anticipated to lead to an increase in number of offices in the region and this is expected to create the need for the establishment of smart offices over the forecast period.

The South American market is also expected to witness significant growth over the forecast period. Various factors such as increasing penetration of Internet and wireless networks are anticipated to drive the regional market for smart offices.

Key Companies & Market Share Insights

Key industry participants in the market include ABB Ltd. (Switzerland); Cisco Systems, Inc. (U.S.); Crestron Electronics, Inc. (U.S.); Honeywell International, Inc. (U.S.); Johnson Controls (U.S.); Lutron Electronics Co., Inc. (U.S.); Philips Lighting Holding B.V. (Netherlands); Schneider Electric (France); Siemens AG (Germany); and United Technologies Corporation (U.S.).

These companies are engaged in adopting strategic initiatives such as new product development and acquisition, which are intended to augment growth, expand businesses through introduction of new technologies and products, and enhance geographical reach. For instance, in September 2017, Carrier Corporation introduced new digital solutions for commercial HVAC systems. The solutions include a new equipment dashboard and mobile application that help customers gain visibility into their systems’ performances.

Smart Office Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 31.7 billion

Revenue forecast in 2025

USD 57.0 billion

Growth Rate

CAGR of 13.2% from 2017 to 2025

Base year for estimation

2016

Historical data

2014 - 2015

Forecast period

2017 - 2025

Quantitative units

Revenue in USD billion and CAGR from 2017 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, office type, and region.

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Mexico; U.K.; Germany; China; India; Japan; Brazil

Key companies profiled

ABB Ltd.; Cisco Systems, Inc.; Crestron Electronics, Inc.; Honeywell International, Inc.; Johnson Controls; Lutron Electronics Co., Inc.; Philips Lighting Holding B.V.; Schneider Electric; and Siemens AG.

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report provides forecasts for revenue growth at the global, regional, and country levels and analyses of the latest industry trends and opportunities in each sub-segment from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the smart office market report based on component, office type, and region:

  • Component Outlook (Revenue, USD Million, 2014 - 2025)

    • Hardware

      • Security Systems & Controls

      • Smart Lighting & Controls

      • Energy Management Systems

      • HVAC Control Systems

      • Audio-Video Conferencing Systems

    • Software

    • Service

  • Office Type Outlook (Revenue, USD Million, 2014 - 2025)

    • Retrofit

    • New Construction

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • The U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • MEA

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.