smart space market
Proliferation of advanced technologies such as IoT and AI, increase in environmental concerns
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 29, 2024 /EINPresswire.com/ — Proliferation of advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) drives the growth of size. In addition, rise in Greenfield projects and increase in environmental concerns across the globe are also expected to boost the market growth. However, high initial capital expenditure required for connected devices & other hardware, and rise in privacy concerns pertaining to information manipulation are expected to impede the market growth during the forecast period. Furthermore, increase in 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 Space Market was valued at $30.53 billion in 2020, and is projected to reach $107.42 billion by 2030, registering a CAGR of 13.4%.
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Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fifths of the global smart space market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the increased adoption of smart devices in smart homes and buildings. Moreover, the services segment is projected to manifest the highest CAGR of 15.3% from 2021 to 2030.
Proliferation of advanced technologies such as IoT and AI, increase in environmental concerns, and rise in number of greenfield projects drive the growth of the global smart space market. However, high initial capital expenditure and growth in privacy concerns pertaining to information manipulation hinder the market growth. On the other hand, surge in smart cities initiatives and advent of 5G technology present new opportunities in the coming years.
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By space type, the smart indoor spaces segment dominated the growth in the smart space market in 2020, and is expected to maintain its dominance in the upcoming years. Increase in trend of making homes, buildings, and other indoor spaces smart is the major factor that drives the adoption of smart space platform in this segment. Moreover, a recent report published by the British Council for Offices (BCO) on “Improving Productivity in the Workplace” stated that indoor environments have a significant effect on an actual workplace productivity, which indicates that workplaces need to be smart and modern.
Based on end user, the commercial segment accounted for the largest share in 2020, contributing to more than three-fifths of the global smart space market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 12.0% from 2021 to 2030. This is because smart space platforms are helping commercial sector in automating their business and operations. For instance, smart spaces in hospitals, hotels, and malls sense people in the premise and store their movements, which helps in contextualizing and adapting with users need.
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Based on region, North America held the highest market share in terms of revenue 2020, accounting for two-fifths of the global smart space industry. This is attributed to several factors such as huge government funding on innovative as well as smart technologies, increased number of IoT devices, and a strong technical base. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 16.1% during the forecast period, owing to the proliferation of connected systems fueled by the ongoing trend of smart offices and homes in the region along with the government-driven infrastructural projects.
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By component, in 2020 the hardware dominated the smart space market size. However, the services segment is expected to exhibit significant growth during smart space market forecast period.
Depending on space type, the smart indoor space segment generated the highest revenue in 2020. However, the smart outdoor space segment is expected to exhibit significant growth during the forecast period.
Depending on application, the energy management and optimization segment generated the highest revenue in 2020.
However, the emergency and disaster management segment is expected to exhibit significant growth during the forecast period.
Region wise, the smart space industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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David Correa
Allied Market Research
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