Smart Workplace Market

• Artificial intelligence adoption in smart workplaces is driving market growth.

Market CAGR for the smart workplace is driven by the environment that integrates technology with solutions to help people work more effectively, quickly, and intelligently is known as a "smart workplace.". Beacons, sensors, and mobile apps make it easier for staff members to complete routine tasks more quickly and effectively, giving them more time to concentrate on expanding their companies and developing new ideas. Technology also improves communication in a smart workplace.

For example, sensors can determine whether someone is present in the building, where exactly they are at any given time, and even whether a particular conference room is reserved and for how long. Smart workplaces have the following benefits: they draw in and keep employees, foster collaboration, improve customer service, unite the workforce, capture business intellectual property, enhance customer privacy, reduce costs, and eliminate data silos.

The market for smart workplaces is expanding due to using artificial intelligence, machine learning, and data analytics in smart offices. The growth of the smart workplace market is, however, being hampered by the difficulty of replacing or upgrading the current system. On the other hand, in the years to come, the market for smart workplaces is anticipated to benefit from various opportunities brought on by the development of cloud-based environments and the adoption of Internet of Things technology in organizations.

Monitoring the people on the premises helps businesses increase their security. A smart office system makes it simple to differentiate between guests and staff. The cornerstone of office security is the implementation of ID trackers and facial recognition software. Moreover, regardless of whether an employee works in an office or remotely, technology can assist in tracking the time spent doing actual work.

The Global Smart Workplace Market Industry is propelled by rapid technological advancements that enhance workplace efficiency. Innovations in artificial intelligence, Internet of Things, and automation tools facilitate seamless communication and collaboration among employees. For instance, smart sensors can monitor energy usage, optimizing resource allocation. As organizations increasingly adopt these technologies, the market is projected to reach 190.5 USD Billion in 2024, indicating a growing reliance on smart solutions to improve productivity and employee satisfaction. This trend suggests that businesses are likely to invest heavily in smart workplace technologies to remain competitive in an evolving landscape.

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American smart workplace market area will dominate this market, with significant technological advancements, the global market for smart workplaces. Additionally, the market is growing due to rising R&D investments and demand for smart infrastructure. The size of the smart workplace market is increased by the expanding automation and digitization across industries, which calls for more functionality and flexibility. Additionally, the value of the smart workplace market is rising due to the growing need to enhance consumer experiences.

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 Workplace Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s smart workplace market accounts for the second-largest market share. Market share growth in the region is accelerated by the widespread availability and expanding use of smart workplace solutions. Market revenues are being driven by small and medium-sized businesses' growing adoption of smart workplace tools. During the current decade, the European smart workplace market has the potential to generate sizable profits. Further, the German smart workplace market held the largest market share, and the UK was the fastest-growing market in the European region.

The Asia-Pacific Smart Workplace Market is expected to grow at the fastest CAGR from 2023 to 2032. The growing adoption of remote and hybrid working across various businesses and industry verticals is a major factor fueling market expansion. Due to the swift industrial growth in the region, India, China, and Japan hold significant market shares. By the end of the anticipated period, the APAC smart workplace market is expected to expand significantly. Moreover, China’s smart workplace market held the largest market share, and the Indian smart workplace market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the smart workplace market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the smart workplace industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global smart workplace industry to benefit clients and increase the market sector. The smart workplace industry has offered some of the most significant advantages in recent years. Major players in the smart workplace market, including IBM (US), Siemens (Germany), Atos (France), Accenture (Ireland), Zensar (India), Schneider Electric (France), Honeywell International (US), Phillips Lighting Holding (Netherlands), ABB Ltd (Switzerland), Cisco Systems (US), Infosys (India) and others, are attempting to increase market demand by investing in research and development operations.

Cisco Systems (US), Networking giant Cisco Systems, Inc., more commonly known as Cisco, is an American multinational digital communications technology conglomerate corporation headquartered in San Jose, California. In addition to other high-tech services and goods, Cisco develops, produces, and markets networking hardware, software, telecommunications equipment, and other items. With cutting-edge products like Webex, OpenDNS, Jabber, Duo Security, and Jasper, Cisco is a leader in specialized tech markets like the Internet of Things (IoT), domain security, videoconferencing, and energy management.

With over $51 billion in annual revenue and close to 80,000 employees, Cisco is one of the biggest technology companies in the world, coming in at number 74 on the Fortune 100.

ABB Corporation is a multinational corporation headquartered in Zurich, Switzerland. It is a leading technology company specializing in the development and manufacture of robotics, energy and automation solutions for a variety of industries, including utilities, transportation and manufacturing. The company was established in 1988 as a result of the merger between the Swedish company ASEA, and the Swiss company Brown, Boveri & Cie. ABB operates in more than 100 countries and has approximately 110,000 employees worldwide.

ABB's products include a range of industrial robots, such as the IRB 360 FlexPicker, for high-speed picking and packaging applications in the food, pharmaceutical and consumer goods industries. The company also manufactures power systems such as transformers and switchgear and offers a range of automation solutions, including control systems and software. In addition to focusing on technology, ABB is committed to sustainability and has set ambitious goals to reduce its environmental impact and increase the use of renewable energy in its operations. The company was also recognized for its efforts to promote diversity and inclusion in the workplace.