A smart space includes digital as well as physical environment where humans and technology can interact with each other.
The smart space technology bridges the gap between humans and technology with connected devices and networks that further enhances connectedness and coordination therefore reduces extra human efforts and provides efficiency. Moreover, smart space solutions in numerous industries creates more engaging, flexible, and creative environment which results in overall production improvement of the industries. The smart spaces leverage technologies such as IoT connected devices, smart lighting equipment’s, surveillance cameras, sensors, and HVAC systems. These devices and systems thus combined create connected environment across smart spaces.
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Factors such as proliferation of advanced technologies such as internet of things (IoT) and artificial intelligence (AI) are driving the growth of smart spaces market. In addition, rising greenfield projects and increasing environmental concerns across the globe is also expected to boost the market growth.
However, high initial capital expenditure required for connected devices & other hardware, and growing privacy concerns pertaining to information manipulation are expected to impede the market growth during the forecast period. Furthermore, growing smart city initiatives across all the regions and emergence of 5G technology are expected to provide major growth opportunities for smart space market in upcoming years.
The global smart spaces market is segmented based on component, space type, application, end user, industry vertical, and region. Based on component, the market is bifurcated into hardware, software, and services. Based on space type, the market is divided into smart indoor spaces and smart outdoor spaces. Based on application, the market is classified into energy management and optimization, layout & space management, emergency & disaster management, and security management, and others. Depending on end user, the market is segmented into residential and commercial.
The commercial segment is further bifurcated into energy & utility, transportation & logistic, healthcare, education, retail, manufacturing, government, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the market. These include Cisco Systems, Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, SmartSpace Software Plc, Spacewell, and others.
• The report provides an in-depth analysis of the global smart space market, outlining current trends, key driving factors, and potential areas for product investments.
• Key players are analyzed with respect to their primary offerings, recent investments, and future development strategies.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of the global smart space market from 2018 to 2026 is provided to determine the market potential.
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KEY MARKET SEGMENTS
BY SPACE TYPE
• Smart Indoor Space
• Smart Outdoor Space
• Energy Management and Optimization
• Layout & Space management
• Emergency & Disaster Management
• Security Management
BY END USER
o Transportation & Logistic
• North America
o Rest of Europe
o Rest of Europe
o Latin America
o Middle East
KEY MARKET PLAYERS PROFILED IN THE REPORT
• Cisco Systems, Inc.
• Eutech Cybernetic Pte. Ltd.
• Hitachi Vantara Corporation
• Huawei Technologies Co., Ltd.
• International Business Machines Corporation (IBM)
• Schneider Electric SE
• Siemens AG
• SmartSpace Software Plc