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More and more Internet of Things (IoT) devices are being used to connect and smarten businesses. This is a big market trend that is growing quickly. Some of these tools are smart lights, climate control systems, motion monitors, and other internet-connected things that save energy and make better use of office space. Smart office tools that make work easier and more comfortable are becoming more common thanks to the Internet of Things (IoT).
The smart office market is being driven in large part by the rise of open and fast-paced workplaces. More and more people work from home or other places, so companies want smart office solutions that can adapt to their workers' needs. So that teams that are spread out can better connect and work together, technology-based features have been added to make it easier for them to do so. These include hot desking, room booking systems, and teamwork tools. Because of how work is changing, the smart office market is responding by giving workers more choices that help them be more flexible, get more done, and stay healthy.
Smart office solutions are also becoming more focused on being eco-friendly and saving energy, which is an interesting trend. Businesses are becoming more aware of how important it is to have less of an effect on the world. Having smart office tools is a big part of getting there. HVAC systems that use less energy, smart lighting systems that change based on natural light, and smart monitors that track and improve energy use are all becoming important parts of office spaces that are good for the environment.
In the smart office business, AI and ML technologies are also being used more and more. People in the office use these technologies to look at data sent from their phones and other smart devices. This data helps us make smart decisions about how to use space, share resources, and meet the needs of all employees.
Putting in smart security systems is another big trend in the smart office market. Businesses are using cutting edge technologies like biometric access control, video analytics, and smart monitoring systems to make their security systems smarter. This is because protect data and privacy is becoming more important.
Smart Office Market Highlights:
Global Smart Office Market Overview:
Smart Office Market Size was valued at USD 52.91 Billion in 2023. The Smart Office industry is projected to grow from USD 58.94 Billion in 2024 to USD 125.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.91% during the forecast period (2024 - 2032). The growing demand for workplace safety and security solutions, the technical improvement of IoT in smart office offerings are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Office Market Trends
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Technical improvements and the introduction of IoT is driving the market growth
One of the primary reasons contributing to the growing potential growth of the Smart Office Market is technical improvements and the introduction of IoT. Smart solutions such as smart lighting technologies, smart security and surveillance systems, and others are used in the smart office business. The worldwide smart office market has also seen an increase in the adoption of such IoT-enabled devices due to the benefits it offers, such as improved time management, connecting with employees, office activities, and analyzing their employees' job efficiency. According to the European Commission's 5G Readiness Index projection, Finland will be the world's most 5G network-ready country by 2021. Because 5G technology augments the capabilities of IoT technology and improves device connection, the expansion of the 5G network is linked to the growth of IoT. The global smart office industry is growing because nations are improving their technological infrastructure to accommodate 5G networks. Because of the increased use of smart offices, the working environment in an office is predicted to improve in terms of occupant comfort and energy efficiency. Smart features, such as continuous temperature, humidity, and light monitoring and control, improve smart device management and provide businesses with a connected experience, predicted to increase employee happiness. Furthermore, because of improved connection and the volume of data created by IoT-enabled offices, companies may optimize their operations and focus more on staff health and productivity. The advancement of Internet accessibility and the increasing usage of connected devices are all driving the expansion of IoT-enabled offices. Aside from that, businesses are always evolving due to shifting workforce demographics and current employee and employer technology expectations. As a result, smart workplaces are gaining popularity across the world. Furthermore, leading companies are implementing cutting-edge technology, such as the Internet of Things (IoT), into smart workplaces to allow physical equipment to communicate through sensors, actuators, network connectivity, and software. These technology improvements also allow firms to boost employee productivity and workplace flexibility.
Smart cities have a promising future in the energy, waste, and infrastructure sectors because of the Internet of Things. There are numerous benefits of establishing a smart house, which is a critical component of a smart city. Several active smart city initiatives and programs should be finished by 2025. There are around 30 smart cities globally, with half in North America and Europe. These efforts are backed up by global investments, which the OECD estimates will reach USD 1.8 trillion between 2010 and 2030 (for all urban infrastructure projects. Thus, driving the Smart Office market revenue.
Smart Office Market Segment Insights:
Smart Office Component Insights
The Smart Office Market segmentation, based on components, includes hardware, software and services. The software segment dominated the market, accounting for 35% of market revenue. The smart office design requires video monitoring software, fire spatial analysis software, video analytics software, fire techniques and statistics software, and home energy management system software. Users may use this smart office software to control smart devices and appliances installed in their offices. Smartphones, tablets, desktops, laptops, and hubs are possible with lighting control, security and data management, and HVAC control. Advanced smart offices comprise hardware devices linked to software and analytics that aid energy conservation.
Smart Office-type Insights
Based on office type, the Smart Office Market segmentation includes retrofit and new construction. The retrofit category generated the most income (70.4%). To prevent unneeded building expenditures and the increasing acceptance of modern technology in previously manufactured workplaces. Since the emergence of IoT, businesses have begun to include solutions in their commercial offices to improve their performance while incurring minimal expenditures. According to a Commercial Buildings Energy Consumption Survey (CBECS) projection issued in December 2020, the United States reported a 6% increase in commercial space sales in 2018, with around 5.8 million already sold. It suggests that corporations consider retrofit offices a better option than new build offices.
Figure 1: Smart Office Market, by Office type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Office Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Smart Office market will dominate this market; because of improved technology infrastructure, the worldwide market for smart workplaces has expanded. As a result, the smart office business in North America's industrialized nations is expected to grow rapidly in the next years. Network monitoring is becoming increasingly popular in the region, with various marketplace vendors offering security and entry control solutions based on networking monitoring and security data.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Smart Office Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe has the second-largest market share for Smart Office. Growth in the service sector in these nations is predicted to contribute to a growth in the number of offices in the area, necessitating the creation of smart offices throughout the projection period. Furthermore, the German Smart Office market dominated, while the UK Smart Office market grew fastest in Europe.
From 2024 to 2032, the Asia-Pacific Smart Office Market will develop at the quickest CAGR. Smart Because of technological improvements in the computing industry, particularly for workplaces, the rise in demand for security and safety systems would fuel the expansion of the smart office market in the area throughout the projection period. Furthermore, China's Smart Office market had the highest market share, while India's Smart Office market was the fastest expanding in the Asia-Pacific region.
Smart Office Key Market Players & Competitive Insights
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Smart Office market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Smart Office industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Smart Office industry to serve clients and expand the market sector. The Smart Office industry has provided some of the most important benefits recently. Major players in the Smart Office market, including TD SYNNEX, Huawei and others, are attempting to increase market demand by investing in research and development operations.
Huawei is a global leader in infrastructure and smart devices for information and communications technology (ICT). They are devoted to delivering digital to every person, house, and organization through integrated solutions in four important domains: telecom networks, IT, smart devices, and cloud services. Huawei's product, solution, and service portfolio is competitive and secure. They generate enduring value for their clients via open cooperation with ecosystem partners, striving to empower people, improve home life, and inspire innovation in organizations of all sizes. In April 2022, Huawei introduced Smart Office with five unique products: the HarmonyOS MatePad 10.4, the PixLab X1 printer, the all-in-one MateBook D15, a new mobile speaker called Sound Joy, and the Mesh 3 Wi-Fi network. With this announcement, Huawei takes another important step towards realizing its goal of intelligent offices in Malaysia.
TD SYNNEX is a prominent IT distributor and solutions aggregator. They are 22,000 of the best and brightest in the IT business, united in our steadfast commitment to providing compelling technology products, services, and solutions to the globe. They are a forward-thinking partner who assists their customers in maximizing the value of their IT investments, demonstrating business outcomes, and unlocking growth potential. They are, at our heart, a caring organization. They care about their partners, coworkers, investors, and the environment. And they are dedicated to being a diverse, inclusive, and responsible corporate citizen. In September 2022, TD SYNNEX announced the release of IAconnects MobiusFlow Click-to-Run on Azure, simplifying the arduous process of establishing a smart building system that combines hardware, applications, and infrastructure.
Key Companies in the Smart Office market include
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Siemens AG (Germany)
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Schneider Electric SA (France)
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Johnson Controls International PLC (US)
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Honeywell International Inc. (US)
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ABB Ltd. (Switzerland)
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Cisco Systems, Inc. (US)
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United Technologies Corporation (US)
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Lutron Electronics Co. Inc. (US)
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Crestron Electronics, Inc. (US)
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Philips Lighting Holding B.V (Netherlands).
Smart Office Industry Developments
July 2022: Logitech and Tencent Meeting held a launch event to present their one-stop "full-scenario, multi-category, and cross-domain" intelligent office technology to meet Chinese organizations' growing mixed office demands. The entire smart office solution targets various application areas, including personal interaction and conference rooms of various sizes. It lets organizations and individuals hold high-definition sound and visual Internet video conferences.
June 2022: With the aid of Huawei, Omantel displayed its intelligent office solutions at COMEX. Omantel exhibited a variety of Smart Office scenarios that improve user engagement, performance, and meeting efficiency. One is a multi-screen collaboration with seamless communication across the intelligent whiteboard, laptop, and tablets.
Smart Office Market Segmentation:
Smart Office Type Outlook
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Hardware
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Software
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Services
Smart Office Office type Outlook
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Retrofit
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New Construction
Smart Office Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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