PUBLISHER: The Business Research Company | PRODUCT CODE: 1392911
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392911
“Smart Workplace Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart workplace market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart workplace? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart workplace market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A smart workplace is characterized by its ability to facilitate new work styles and enhance employee efficiency through the digitalization of physical objects.
The primary product categories in the smart workplace market include smart lighting, security systems, energy management systems, heating, ventilation, and air conditioning (HVAC) control systems, and audio-video conferencing systems. Smart lights, a component of smart workplaces, are connected to the internet, enabling remote control, voice-assisted operation, and decision-making capabilities while following predefined schedules. Security systems encompass tools such as alarm systems, door access hardware, video cameras, and contact sensors to ensure workplace safety. Energy management systems are designed to deliver and manage energy requirements in a smart workplace, reducing wastage, consumption, and optimizing usage to cut costs. HVAC control systems regulate air conditioning, heating, and ventilation operations in a smart workplace. Audio-video conferencing systems facilitate video and audio calls in these environments. Smart workplaces can be found in both retrofit buildings and new construction offices. Solutions in this market are delivered through software, services, and managed services.
The smart workplace market research report is one of a series of new reports from The Business Research Company that provides smart workplace market statistics, including smart workplace industry global market size, regional shares, competitors with a smart workplace market share, detailed smart workplace market segments, market trends and opportunities, and any further data you may need to thrive in the smart workplace industry. This smart workplace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart workplace market size has grown rapidly in recent years. It will grow from $40. 91 billion in 2023 to $45. 34 billion in 2024 at a compound annual growth rate (CAGR) of 10. 8%. The growth observed in the historical period can be attributed to factors such as customization and personalization, the adoption of flexible and agile workspaces, the embrace of flexible work environments, and a heightened focus on energy efficiency and sustainability.
The smart workplace market size is expected to see rapid growth in the next few years. It will grow to $73. 03 billion in 2028 at a compound annual growth rate (CAGR) of 12. 7%. The anticipated growth in the forecast period can be attributed to a heightened focus on employee experience and wellness, the implementation of cognitive collaboration, an emphasis on data privacy and compliance, the adoption of the zero trust security model, and the utilization of employee analytics. Major trends expected in the forecast period include the increased adoption of IoT for workplace connectivity, the monitoring of occupancy and space utilization, the integration of voice-activated and gesture-controlled interfaces, enhanced security and access control measures, and the utilization of real-time collaboration tools and unified communications.
The anticipated growth in the smart workplace market is driven by the increasing prevalence of IoT-linked devices. IoT-linked devices, referring to nonstandard computing devices wirelessly connected to a network with data transmission capabilities, foster a highly interconnected workplace. This connectivity facilitates seamless communication and data sharing among devices and systems, ultimately enhancing workplace efficiency. An Ericsson report from November 2022 revealed that broadband IoT (4G/5G) connections, powering the majority of cellular IoT devices, reached 1. 3 billion in 2022. Projections indicate that nearly 60% of cellular IoT connections by the end of 2028 will be broadband IoT connections, with 4G being the predominant connection type. North East Asia is expected to lead in cellular IoT connections, surpassing 2 billion connections in 2023. Hence, the growth of IoT-linked devices is a significant factor propelling the smart workplace market.
The smart workplace market is further bolstered by the rise of remote and hybrid work models. Remote and hybrid work arrangements involve employees performing their job tasks outside the traditional workplace, often from home or other remote locations. The increasing adoption of these models underscores the demand for smart workplaces that provide essential tools and infrastructure, supporting a modern, flexible, and efficient work environment. A report from the United States Census Bureau in September 2022 highlighted that 48. 3% of the workforce in the District of Columbia engaged in remote work, marking the highest percentage of home-based workers among states and state equivalents in 2021. States with significant proportions of remote workers included Washington, Maryland, Colorado, and Massachusetts. The growing prevalence of remote and hybrid work models is a key driver of the smart workplace market.
Major companies in the smart workplace market are responding to market demands by developing smart workplace applications. These applications utilize data and automation to optimize office environments, enhance productivity, and improve the overall employee working experience. For example, Planon, a Netherlands-based provider of a smart workplace management platform, introduced the Planon Workplace App in March 2023. This application establishes a personalized, mobile-centric link between individuals and their workplace, services, and facilities. The app enhances the hybrid work experience by offering users a convenient and personalized mobile interface, allowing them to find and reserve desks and meeting rooms, submit service requests, and access information about colleagues.
Companies in the smart workplace market are focusing on advanced technologies, such as AI-powered workplace solutions, to cater to a broader customer base and increase revenue. AI-powered workplace solutions leverage artificial intelligence to optimize various aspects of the modern workplace. inspace, a US-based workspace solution provider, launched an AI-driven platform in June 2023, utilizing powerful AI and machine learning technologies to enhance space utilization and streamline office administration. This platform introduces a new level of intelligence, efficiency, and customization to office environments, contributing to a more streamlined and efficient workplace.
In July 2023, InVentry, a UK-based technology company, acquired Hipla Technologies for an undisclosed amount. This acquisition aims to enhance InVentry's product portfolio and add value to its existing customer base. Hipla Technologies, based in Singapore, is a provider of smart workplace solutions.
Major companies operating in the in the smart workplace market report are Carrier Corporate, Honeywell International Inc., Johnson Controls, Daikin Industries, General Electric Company, Philips Lumileds, Acuity Brands, LG Electronics, OSRAM Licht AG, RavenWindow, Schneider Electric SE, Research Frontiers, NICE Systems, SAGE Electrochromics, Bosch Security Systems, Cisco Systems Inc., Siemens AG, Kronos Incorporated, ATOSS Software AG, Teem Technologies, Crestron Electronics Inc., Axis Communications, Koninklijke Philips NV, United Technologies Corporation, Signify NV, Verizon Communications Inc., Martela Oyj, Microsoft Corporation, Google LLC, Amazon Web Services Inc., Oracle Corporation
North America was the largest region in the smart workplace market in 2023. Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the smart workplace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the smart workplace market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The smart workplace market consists of revenues earned by entities by providing technologies, services and solutions that connect and engages the employees with their workplace. A smart workplace uses technology and networking to enable people to work better, faster, and smarter and also helps improve productivity and collaboration between people. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.