Dublin, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The "Smart Space Market by Component (Solutions and Services (professional & managed)), Application (Energy Optimization and Management, Emergency Management, & Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Space Market Size is Projected to Grow from USD 9.4 Billion in 2020 to USD 15.3 Billion by 2025, at a CAGR of 10.2%
By component, the service segment to register the highest growth rate during the forecast period
Services form an integral part of the software deployment and execution lifecycle. Services, including consulting, product support, updates, and maintenance, are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get better ROI. Smart space is changing the way designers and engineers create new product designs and modifications.
As smart space has eased the manufacturing of complex products with complex geometries, the application of software has increased across automotive, industrial manufacturing, and aerospace and defense verticals. Moreover, the use of smart space software for designing building plans and large construction projects is expected to grow rapidly in the building, architecture, and construction industries.
Based on application, the emergency management to grow at the highest CAGR during the forecast period
With the right set of information and an adequate amount of time in hand, occupants can act fast to minimize or to avoid the damage entirely. Devices such as smart cameras with improved image sensors can now keep a watch on the remote corners 24*7 to improve the security aspect of any facility.
Similarly, ultrasonic location tracking system in research labs, power plants, and other highly secured areas can easily detect the movements, locations, and orientation of the occupants. The systems come with a storage option for saving the data for a specified amount of time, which can be used for future reference as well. Smart floor is another technology which is currently offered in the entertainment center and kitchen area, to track the location and identify the residents when they fall along with reporting it to the emergency services.
In the UK, British Telecom (BT), Everything Everywhere (EE), and HCT have developed a new system which can turn on the Global Navigation Satellite System (GNSS) and Wi-Fi and is termed as Advanced Mobile Location (AML). Once the emergency number has dialed, the system would automatically share the exact location details to the emergency service provider, and it is 4,000 times more accurate than the current system in the use.
Asia Pacific to register the highest growth rate during the forecast period
APAC is expected to witness significant growth over the next 5 years. The region is growing fastest in the global smart space market. APAC is undergoing dynamic changes in terms of the adoption of innovative and advanced business-related technologies along with home automation. China, India, Australia, and Singapore have witnessed significant growth in the smart space market already.
China is the largest market in APAC, because of its broad customer base and changing buying preferences of end-users. In March 2016, the Singapore government announced its intentions to become a smart nation, which makes the country a market with many opportunities.
Market Dynamics
Drivers
- Proliferation of IoT
- Green Building Initiatives and Environmental Concerns
Restraints
- High Initial Capital Expenditure
Opportunities
- Government Initiatives for Smart Cities
- Emerging 5G Technology to Enhance Connectivity
- Rising Urban Population
Challenges
- Risks of Breach in Security and Privacy Due to Device Malfunctioning
- Lack of Resources and Infrastructure in Developing Countries
COVID-19-Driven Market Dynamics
- Drivers and Opportunities
- Restraints and Challenges
- Cumulative Growth Analysis
Ecosystem
- Smart Space Market Ecosystem
Market: Use Cases
- Use Case 1: Improving Workplace Efficiency by Maximizing Desk and Meeting Space Utilization
- Use Case 2: Optimizing Energy Consumption and Enhancing Staff Comfort and Experience
- Use Case 3: Maximizing Energy Efficiency and Sustainability of Office Building
Company Profiles
- ABB
- Adappt
- Aira Tech Corp
- Allgovision Technologies
- Cisco
- Coor
- Energyly
- Eutech Cybernetic
- Frugal Labs
- Hitachi Vantara
- Huawei
- IBM
- Iconics
- Imec
- Nexus Group
- Reelyactive
- Schneider Electric
- Siemens
- Smart Spaces Os
- Smarten Space
- Smartspace Software
- Softweb Solutions
- Spacewell
- Telit
- Ubisense
For more information about this report visit https://www.researchandmarkets.com/r/hgpb7n