Smart Office Market Analysis
Market
Research Future (MRFR) projects the global smart
office market
to reach USD 46.99 billion at a CAGR of 12.16% from 2020 to 2027 (forecast
period).
COVID-19
to have Little Impact on the Smart Office Market
The
breakout of COVID-19 will have a short-term impact on the production of smart
office equipment since the construction of buildings and other office spaces
are impacted in significant areas around the world. Companies, on the other
hand, have made no significant changes to their production capacities. In
Cisco's supply chain, for example, no production sites are currently closed.
Furthermore, as more businesses adopt a work-from-home culture, smart home
vendors can use voice and other smart home technologies to improve day-to-day
routines within a home and secure and automate home deliveries.
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Key
Players
The
prominent players in the global smart office market are Siemens AG (Germany),
Schneider Electric SA (France), Johnson Controls International PLC (US),
Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc.
(US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US),
Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands)
among others.
Developing
Cloud-Based Environment of IoT Platforms
The
Internet of Things (IoT) is a technology that stores, manages, and analyses
data in real-time. Cloud platforms provide a cost-effective and easily
deployable alternative to developing on-premises data centers. While IoT is all
about linked devices that generate a vast amount of data, the cloud platform
allows analytics to extract value from the data. Cloud computing technologies
enable smart office solution vendors to connect workplace management systems
placed in the control center to IoT-enabled devices. This functionality will
enable end-users to quickly and affordably develop an IoT-based sense and
respond system. The cloud platform is a secure platform for the storing and
computation of massive amounts of data. Furthermore, the cloud can provide a
unified platform for managing the service life cycle and organizing deployment.
The introduction of IoT Platform as a Service (PaaS) has enhanced the
deployment prospects for IoT solutions across the workplace infrastructure. The
cloud platform can aid in the deployment of a variety of applications that
provide workplace management authorities with new methods of integrating
traditional information systems to IoT-enabled devices.
Government
Initiatives Towards Green Buildings and Stringent Policies for Environment
Protection
Because of government initiatives for green
buildings and severe environmental rules, companies have implemented smart
offices to monitor and reduce overall energy consumption. This reason is
prompting companies to use smart energy management systems, automated lighting
systems, and smart HVAC systems in order to reduce overall energy consumption.
Industry
News
In
September 2019, Lutron Electronics Co. Inc. (US) extended its business by
opening a new commercial experience center in Manhattan, New York.
In May
2019, Johnson Controls Inc. (US) collaborated with Evoteq (UAE) to introduce an
end-to-end integrated AI platform for smart buildings and districts by
combining their capabilities
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Difficulty
in Replacing or Upgrading the Existing System
A smart
office solution is an integration of various technical elements such as
hardware (proximity sensors, smart meters, smart thermostats, relays, network
switches and gateways, and actuators), software, and network elements that can
be difficult to configure over legacy system infrastructure. As a result of
protocol difficulties, legacy systems are unable to integrate efficiently with
new generation smart devices. The hurdles of integration are projected to
stymie market expansion in the future years. Furthermore, IT and network security
constraints to limit privacy intrusion and data breaches are expected to be a
major impediment to the growth of smart office projects.
Market
Segmentation
The
global smart office market has been segmented based on components and office
type.
Based on
the component, the global smart office market is segmented into hardware,
software, and service.
Based on
office type, the global smart office market is bifurcated into retrofit offices
and new construction offices.
Regional
Analysis
North
America to Dominate the Global Market
North
America is dominating the smart office market owing to increasing security
concerns among organizations and the availability of better technological
infrastructure in this region. The United States is one of the world's early
adopters of developing technologies, such as the internet of things (IoT),
which is used in a variety of industries, including smart offices. The
advancement of technology in the IoT industry, particularly for offices,
combined with the growing demand for security and safety systems, is likely to
drive market expansion in the United States.
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