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: Hardware Software Services
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 Others
Breakup by End User: Residential Commercial Utility Transportation and Logistic Healthcare Education Retail Manufacturing Government Others
Breakup by Region: North America United States Canada Asia-Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others 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?
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