Global Smart Workplace Market to Reach US$63.1 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Smart Workplace estimated at US$28.1 Billion in the year 2020, is projected to reach a revised size of US$63.1 Billion by 2027, growing at a CAGR of 12.3% over the period 2020-2027.Software, one of the segments analyzed in the report, is projected to grow at a 11.1% CAGR to reach US$35.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 13.9% CAGR for the next 7-year period. This segment currently accounts for a 39.7% share of the global Smart Workplace market.
The U.S. Accounts for Over 29.5% of Global Market Size in 2020, While China is Forecast to Grow at a 11.8% CAGR for the Period of 2020-2027
The Smart Workplace market in the U.S. is estimated at US$8.3 Billion in the year 2020. The country currently accounts for a 29.5% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$11.1 Billion in the year 2027 trailing a CAGR of 11.9% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.8% and 10.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while Rest of European market (as defined in the study) will reach US$11.1 Billion by the year 2027.We bring years of research experience to this 8th edition of our report. The 225-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- ABB Group
- Cisco Systems, Inc.
- Crestron Electronics, Inc.
- Honeywell International, Inc.
- Johnson Controls International PLC
- Lutron Electronics Co., Inc.
- Schneider Electric SA
- Siemens AG
- Signify Holding
- United Technologies Corporation (UTC)