SEATTLE, Feb. 13, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global smart office market is projected to exhibit an impressive CAGR of 12.2% over the forecast period (2018 – 2026).
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Increasing usage and adoption of connected devices through Internet of Things (IoT) and growing construction industry are some of the major factors driving growth of the smart office market. Furthermore, application of the internet of things (IoT) in the smart office helps enterprises to manage temperature or lightening of the office premises through mobile devices, which in turn simplifies overall workplace management processes. For instance, according to CMI Analysis, the number of IoT connected devices was 25 billion in 2017, and is expected to witness an increase in the number of around 45 million in 2020 across the globe.
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Emergence of security issues and lack of skilled labor are some of the major factors restraining growth of the market. Each type of device used as a part of smart office system is vulnerable to different kinds of attack such as data breaches and malicious activities. Also, the security capabilities vary for each device, which may affect growth of the smart office market.
The global smart office market is segmented on the basis of component, product type, office, and region. Among component, hardware segment held the dominant position in the market in 2017, owing to high adoption of hardware devices connected through internet of things IoT.
Among product type, security systems segment held the dominant position in the market in 2017, and is expected to retain its position throughout the forecast period. This is owing to increasing concern regarding security and protocols for safety purposes. Although the business IT solutions are evolving significantly, the security of such solutions are complicated and challenging. Also, adoption of smart IoT devices in corporate business is increasing, which is very rarely secured. There are many software, solutions, and hardware such as device management, continuous monitoring, periodic vulnerability assessment, compliance, email encryption, email archiving and backup, laptop encryption, internal PKI certificates, firewalls, intrusion detection systems, intrusion prevention systems, antivirus & anti-malware protection and email spam filtering that requires security in a smart office.
North America held the dominant position in the global smart office market in 2017, and is projected to maintain its dominance during the forecast period, owing to increasing number of smart offices in the region. For instance, North America has most of the smart buildings across the world, which are among the top listed smart buildings such as DPR Construction in San Francisco (California), The Bullitt Center in Seattle (Washington), Clover Network in Sunnyvale (California), and National Renewable Energy Laboratory (NREL) at Colorado (U.S.)
Increasing solar power energy generation, smart construction for reducing construction costs by use of new materials, reduction of wastage, and promotion of clean environment in the buildings are key factors driving growth of the smart office market in Asia Pacific. For instance, China’s CCTV headquarters in Beijing is one of the smart constructions in the country.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 12.2% during the forecast period (2018–2026), owing to increasing adoption of IoT devices and awareness regarding energy management of corporate buildings
- A modern and efficient infrastructure such as IoT enabled smart systems is a key driver of productivity in terms of simplifying business processes. Moreover, various smart structure initiatives by government are expected to create lucrative opportunities for the market vendor in the global market. For instance, Malaysian government implemented a Green Project, which will focus on the enabling policy environment by providing better support to the maximum adoption and implementation of the National Sustainable Consumption and Production Blueprint. It also focusses on assisting Malaysia in achieving its 11th Malaysia Plan target of 20% of selected groups of products and services in government procurement to be green procurement by the 2020. This is expected to propel demand for smart infrastructure, in turn creating lucrative opportunities for players in the smart office market.
- Some of the key players operating in the global smart office market include ABB Ltd., Cisco Systems, Inc., Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls International PLC, Lutron Electronics Co. Inc., Philips Lighting Holding B.V., Miracle Group Inc., Siemens AG, Schneider Electric SA, Sensorsuite Inc., and United Technologies Corporation.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.