The
global Smart Office Market size is expected to reach USD
57.05 billion by 2025, according to a new report by Grand View Research, Inc.,
registering a CAGR of 13.2% over the forecast period. Organizations are
constantly evolving due to changing workforce demographics and technological
expectations of modern employees and employers. As a result, a large number of
organizations across the globe are anticipated to shift toward smart offices.
Rising concerns regarding energy consumption are also likely to augment the
market.
Growing
adoption of Internet of Things (IoT) is estimated to stoke the growth of the
market as IoT enables inter-networking of physical devices through actuators,
sensors, network connectivity, and software. Employers are able to improve
employee productivity while increasing flexibility of work environment with
better connectivity. However, concerns associated with privacyandmalicious
attacks are poised to inhibit the growth of the market.
Energy
management systems (EMS) offer advantages such as measuring energy efficiency
improvements, analyzing energy data for better decision-making, and
optimization of energy consumption. Audio-video conferencing systems help
reduce travelling time and costs by providing a platform to share and
collaborate ideas from remote locations. Surging demand for these hardware
systems is projected to provide a fillip to the overall market.
Rising
popularity of smart office technology is motivating manufacturers to invest in
research and development activities for creating cost-effective, reliable, and
improved products. Manufacturers are pouring substantial funds into development
of new products for providing better user experience, which is expected to
trigger the growth of the market.
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Smart Office Market Report Highlights
- Smart office
technology enhances experience of employees in terms of integration,
intelligence, and intuitiveness
- By
component, the service segment is likely to post the highest CAGR of 15.0%
over the forecast period
- The retrofit
segment dominated the market in 2016, with a valuation of USD 14.30
billion. The segment will retain its lead position through 2025
- The North
American region accounted for the largest share of just over 55 % in 2016
- Key industry
participants include ABB Ltd. (Switzerland); Honeywell International, Inc.
(U.S.); Johnson Controls (U.S.); Schneider Electric (France); and Siemens
AG (Germany).
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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