Smart Space Market was valued at USD 10.8 billion in 2021 and is forecast to touch USD 22.0 billion in 2029, and the market is expected to grow at a CAGR of 9.3% from 2022-2029.

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Key Drivers

With the growing environmental concerns and increasing emphasis on the reducing the greenhouse gas emissions, the construction of green buildings has increased, driving the smart space market. Smart spaces help in reducing costs through adjustments of heating, cooling, and lighting in real-time depending upon the changing weather and building occupancy, which is projected to expand the market growth. Increasing adoption of Artificial Intelligence and Internet of Things and growing emphasis on research and development to produce advanced technologies have augmented the market growth. For instance, in 2018, Microsoft launched Azure Digital Twins that allows the user to create digital replicas of spaces and infrastructure with the assistance of the cloud, AI, and IoT. Increasing urbanization, coupled with the advent of new technologies, like 5G, have bolstered the market growth. Additionally, a significant increase in the adoption of smart space technologies owing their ability to reduce operational costs, 24/7 data accessibility, ease of application, scalability, and improved IT security are impacting the market growth positively. Rising venture capital funding and growing investments in smart space technology have proliferated the market growth. However, the high initial capital investment and insufficient resources and technology across the emerging nations might impede the market growth.

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Component Segment Analysis

Solutions are projected to lead the market over the forecast period, due to their growing adoption to improve efficiency, reduce operational costs, minimize carbon footprint, and improve control of the internal environment. Increasing adoption of smart space solutions for a more comfortable, digitally effective and connected workforce and employees, a safe and reliable environment, will expand the market growth. Increasing adoption of smart devices in smart buildings and homes has strengthened the smart space market size.

Premises Segment Analysis

Commercial Segment is estimated to dominate the market over the forecast period, as smart space solutions help the premises to develop business plans, monitor costs and revenue, and redefine financial goals. Adappt, an Indian smart space solution company, has redefined the way organizations are adapting their workplace assets by using an integrated systems approach and provides analytics, control, applications, and optimization to tailor each organization workplace according to its unique personality. Growing emphasis of companies to expand their business footprint across different geographical region will offer enormous opportunities to the market. For instance, in May 2019, Mitsubishi Electric Corporation announced a complete takeover of ICONICS Inc. This would allow Mitsubishi to strengthen its software portfolio and technology.

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Regional Analysis

North America is expected to lead the market over the forecast period, due to the presence of various leading players. Other factors fueling the smart space market growth includes rising number IoT devices, and growing government funding for innovative and smart technologies. Furthermore, the growing emphasis of government on encouraging private companies to deploy smart space solutions for more effective work settings and environments, has strengthened the market growth. European smart space market is projected to grow at a faster CAGR over the forecast period, as these solutions of smart lighting in small-size municipalities.

Top Market Players

Various notable players operating in the market, include ABB, Cisco, Siemens, Huawei, IBM, Schneider Electric, Smartspace Software PLC, Hitachi Vantara, Iconics, Coor, Ubisense, Smarten Spaces.

Segments covered in the Report:

The Global Smart Space Market has been segmented based on application, component, premises, and key geographies. Based on application the market comprises of Energy Management & optimization, Emergency Management, Security Management, Others. The research report “Global Smart Space Market” provides in-depth analysis of Global Smart Space Market based on application, component, premises, and major geographies for the forecast period from 2018 to 2025. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the Global Smart Space Market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

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Key questions answered in this research report:

• • At what pace is Global Smart Space Market is growing? What will be growth trend in future?
  • What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Smart Space Market?
  • What are the various application, component, premises, areas and how they are poised to grow?

Report Coverage	Details
Market Revenues (2021)	USD 10.8 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Premises, By Component, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ABB, Cisco, Siemens, Huawei, IBM, Schneider Electric, Smartspace Software PLC, Hitachi Vantara, Iconics, Coor, Ubisense, Smarten Spaces., among others; a total of 12 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Space Market by Application

• • Energy Management & optimization
  • Emergency Management
  • Security Management
  • Others

Global Smart Space Market by Components

• • Solutions
  • Services
  • Professional Services
  • Managed Services
  • Consultation
  • Deployment & Intergradations

Global Smart Space Market by Premises

• • Commercial
  • Residential
  • Others

Global Smart Space Market by Region

• • North America Global Smart Space Market (Option 1: As a part of the free 25% customization)
    • By Application
    • By Components
    • By Premises
    • US Market All-Up
    • Canada Market All-Up
  • Europe Global Smart Space Market (Option 2: As a part of the free 25% customization)
    • By Application
    • By Components
    • By Premises
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Global Smart Space Market (Option 3: As a part of the free 25% customization)
    • By Application
    • By Components
    • By Premises
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Global Smart Space Market (Option 4: As a part of the free 25% customization)
    • By Application
    • By Components
    • By Premises
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Market Players

• • ABB
  • Cisco
  • Siemens
  • Huawei
  • IBM
  • Schneider Electric
  • Smartspace Software PLC
  • Hitachi Vantara
  • Iconics
  • Coor
  • Ubisense
  • Smarten Spaces