Market Highlights
Smart office refers to high-tech offices that leverage advanced technology to make the physical work environment intelligent and automate routine tasks. By incorporating Internet of things, machine learning, interconnectivity & control systems, and other technologies, companies can reduce their energy consumption, improve employee morale, and increase the efficiency of business operations. Deployment of smart office system in the organization can also enable better connectivity among various infrastructure systems, improves employees’ productivity, and streamlines business processes. According to MRFR analysis, by 2019, artificial intelligence would drive voice-enabled virtual assistant in enterprises, thereby automating everyday task and speeding up work processes. The growing adoption of web real-time communication (WebRTC) allows real-time conferencing and communication through the browser with high-quality video and audio streaming. This provides greater flexibility in scheduling video conferences. Certain government regulations including occupational safety and health administration (OSHA) and American National Standards Institute (ANSI) support worker safety and are encouraging organizations to adopt smart office systems, which is acting as a major driving factor for Smart Office Market.
Smart Office Market is expected to grow from USD 23.60 billion in 2017 to USD 46.99 billion by 2023, at a compound annual growth rate (CAGR) of 12.16% during the forecast period.
Competitive Outlook
Crestron Electronics, Inc., Siemens AG, Honeywell International Inc., Lutron Electronics Co. Inc., Cisco Systems, Inc., Johnson Controls International PLC, Philips Lighting Holding B.V, Schneider Electric SA, ABB Ltd., and United Technologies Corporation are major manufacturers of equipment and devices in the global smart office market.
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Segmentation
Based on the component, the smart office market is segmented into hardware, software, and service. The hardware segment is further segmented into security systems, audio–video conferencing systems, smart lighting, energy management system, and smart HVAC system. The smart lighting segment is further segmented into smart bulbs, fixtures, and lighting controls. Lighting controls segment is further segmented into relay units, LED drivers and ballasts, switches, and gateways. Security systems segment is further segmented into access controls, fire & safety controls, and surveillance cameras/video surveillance. Access control segment is further segmented into card-based systems/card-based readers, biometric systems/biometric readers, and electronic locks. Similarly, energy management systems comprise includes load control switches, in-house displays, smart thermostats, and smart plugs. Smart HVAC control system is further segmented into sensors, control valves, smart vents VAV & FCU controllers, heating & cooling coils, actuators, dampers, and pumps & fans. The sensors sub-segment is further segmented into flow sensors, temperature sensors, humidity sensors, pressure sensors, occupancy sensors, and others. Audio–video conferencing systems segment is further segmented into video conferencing systems, audio, volume, & multi-media room controls, and touch screens & keypads. Lastly, the services segment is further segmented into managed services, advisory & consulting services, and installation & support services.
On the basis of office type, the smart office market is bifurcated into retrofit offices and new construction offices.
Regional Analysis
The geographical analysis of smart office market is done for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is dominating the smart office market owing to increasing security concerns among organizations and availability of better technological infrastructure in this region. The use of hot desking applications for booking conference rooms for meetings and saving on time can drive the market demand. The surge in productivity and retention of talented employees can act as an incentive for companies to adopt the software.
APAC is expected to be the fastest growing region due to rapid adoption of modern technologies to improve energy consumption. New design ideas deemed to provide a mixture of comfort and safety as well support internet of things (IoT) can bolster the demand in the global smart office market.
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