Smart Spaces Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Smart Spaces Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • December 2021 •
  • 145 pages •
  • Report ID: 6197517 •
  • Format: PDF
The global smart spaces market exhibited strong growth during 2015-2020.

Looking forward, the analyst expects the market to grow at a CAGR of around 17% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Smart spaces, also known as connected places, are physical environments equipped with advanced technologies, such as network temperature and motion sensors, to enhance the connection between people, processes, and services. They reduce energy costs through adjustments of heating, cooling, and lighting in real-time based on changes in weather and building occupancy. They can be monitored and adjusted remotely, which minimizes carbon footprints. Moreover, they are incorporated with surveillance and security systems to improve the experience of occupants and provide a safe, protected place to live and work. Nowadays, locations like retail, cities, manufacturing, campuses, and transportation are becoming smart spaces worldwide to improve health, safety, operations, and customer experience.

Smart Spaces Market Trends:
Due to the coronavirus disease (COVID-19) outbreak, enterprises across the globe are focusing on creating a safe, digital workplace with a high standard of security. This represents one of the significant factors influencing the adoption of smart spaces to provide contactless access to individuals and protect against cybersecurity attacks. Apart from this, these organizations are recreating their existing physical infrastructure with an overlay of digital technologies to transform individual experiences, create a collaborative culture, and become sustainable. In addition, the emerging trends of automation and digitization are catalyzing the demand for smart spaces to modify manufacturing facilities into connected factories that allow seamless sharing of information between people, machines, and sensors. Moreover, the growing demand for smart homes on account of inflating per capita incomes and changing lifestyles is contributing to the market growth. Furthermore, governing agencies of various countries are investing in the construction of smart city spaces, which is creating a positive outlook for the market.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global smart spaces market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on component, space type, application and end user.

Breakup by Component:

Breakup by Space Type:
Smart Indoor Space
Smart Outdoor Space

Breakup by Application:
Energy Management and Optimization
Layout and Space Management
Emergency and Disaster Management
Security Management

Breakup by End User:
Transportation and Logistic

Breakup by Region:
North America
United States
South Korea
United Kingdom
Latin America
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Cisco Systems Inc., Coor Service Management AB, Eutech Cybernetic Pte. Ltd, Hitachi Vantara LLC (Hitachi Ltd.), International Business Machines Corporation, Microsoft Corporation, Schneider Electric, Siemens AG, SmartSpace Software PLC and Ubisense Limited. Key Questions Answered in This Report:
How has the global smart spaces market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart spaces market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the space type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart spaces market and who are the key players?
What is the degree of competition in the industry?