Global Smart Office Market is Estimated to Grow at a 9.91% CAGR during the Forecast Period from 2024 to 2032

Pune, India, November 2018/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Smart Office Market.

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 52.91 billion in 2023 to USD 125.5 billion by 2032, at a compound annual growth rate (CAGR) of 9.91% during the forecast period.

Key Players

The prominent players in the 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.

Regional Analysis

The global market for smart office is estimated to grow at a significant rate during the forecast period from 2024 to 2032. The geographical analysis of smart office market is done for North America, Europe, Asia-Pacific, and the rest of the world.  

Asia-Pacific is expected to be the fastest growing region owing to growing industrialization and urbanization in countries such as India, Japan, and China. Furthermore, improved standard of living in countries like India is encouraging offices to renovate and modernize the traditional infrastructure. Moreover, most of the organizations in this region are focusing on implementing IoT in their workplaces. North America is dominating the market as most of the companies in countries like the US have invested heavily in establishing a connected work environment, to maintain seamless flow of operations. Additionally, increasing penetration of the Internet and wireless networks is fueling the growth of this market.