DUBAI, United Arab Emirates, March 28, 2022 (GLOBE NEWSWIRE) -- According to the Smart Spaces Market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 16.2% from 2022-2032.
The report states that the market is expected to reach the valuation of US$ 53.6 Bn by the end of 2032. As per FMI, increase in adoption of smart homes, devices and growing adoption of IoT have created prospects for smart spaces.
These spaces are valuable for professional productivity, simplifying complex processes, and providing energy optimization. Smart spaces includes buildings and vehicles which reports locations, performance and maintenance needs.
| Attributes | Details | |
| 2022 Smart Spaces Market Value | US$ 11,900 Mn | |
| 2032 Smart Spaces Market Value | US$ 53,632 Mn | |
| CAGR% (2022-2032) | 16.2% | |
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A smart space is a digital ecosystem that includes humans, connected devices, and software systems that allow free flow of information inside a facility center, building, and in open public area. This integrated ecosystem operates as a connected, coordinated, and intelligent ecosystem that contributes to a smart space.
The increasing demand for reduction in energy costs has enabled the adoption of smart spaces which helps commercial spaces to optimize and conserve resources resulting in reduction in consumption, cost and carbon footprint as well. Self-sustaining buildings are expected be the finest solution for meeting the ever-growing energy and technological demands across the globe.
With the increasing adoption of wireless sensors and technologies, places such as home, factories, commercial spaces and even cities can be converted into smart spaces. This helps in increasing productivity, health, security, safety, energy and waste management coupled with reduced consumption of resources.
Key Takeaways: Smart Spaces Market
- By component, the hardware segment is anticipated to account for the leading share in the global demand for smart spaces during the forecast period. However, the software segment is estimated to grow at a robust CAGR of 18.1% through 2032.
- By application, energy management & optimization segment is anticipated to increase at a CAGR of 19.0 % between 2022 & 2032.
- By premises type, commercial smart spaces segment is estimated to witness high growth during the forecast period as reduction in energy cost with real time adjustments and sustainable monitoring of environment has become the need of the hour.
- North America is expected to lead the market followed by Asia in 2022. Latin America and Europe is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in Middle East and Africa is expected to progress at a CAGR of around 14.9% through 2032.
- In China, sales are expected to increase at a CAGR of close 18.8% over the next ten years.
“Increasing green building initiatives and environmental concerns are primary factors responsible for driving the smart spaces market” says FMI analyst.
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Scope of the Report
| Attribute | Details | |
| Market value in 2022 | US$ 11,900 Mn | |
| Market CAGR 2022 to 2032 | 16.2 | % |
| Share of top 5 players | More Than 55% | |
| Forecast Period | 2022-2032 | |
| Historical Data Available for | 2017-2021 | |
| Market Analysis | USD Million for Value | |
| Key Regions Covered | North America, Latin America, Europe, Asia, Middle East & Africa | |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, GCC Countries, Turkey, North Africa and South Africa | |
| Key Segments Covered | Product, Commercial Application and Region | |
| Key Companies Profiled | • Cisco Systems, Inc. • Huawei Technologies • Hitachi Vantara • EnOcean • IBM Corporation • Siemens AG • Schneider Electric • SmartSpace Software Plc • Eutech Cybernetic Pte. Ltd. • Spacewell • ABB • Iconics • Softweb Solutions • AllGoVision Technologies • Smarten Spaces • Pressac | |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
| Customization & Pricing | Available upon Request | |
Increasing Adoption of Smart Homes and Smart Devices
In present situation the importance and adoption of smart homes has gained immense popularity. Consumer awareness, change in needs of customers, adoption and implementation of advanced technologies and the rise of investments in the field are some for the increasing demand for the adoption. Factors such as remote monitoring, integration of smart devices, demand for high security for home and office premises also contribute for the adoption of smart homes and devices.
Furthermore, deployment of smart technologies has widely increased in public spaces across the globe. Some of the major attributes that convert a public space into a smart space includes smart kiosks at parks, transport stations, hospitals, stadiums, and restaurants.
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Growing adoption of IoT for Facility Management
Internet of things (IoT) has now become essential part of smart homes and devices. The adoption of technology enables in efficiently connecting and controlling of various devices for monitoring and controlling purpose. The technology enables convenience for controlling of devices and applications and personalization in the same allows the rise in demand for smart spaces market. The major benefit of incorporating infrastructure with IoT is to ensure safety and security by enabling authorized access using real-time data, which assists in the overall building security management and monitoring.
Explore FMI’s Extensive ongoing Coverage on Technology Domain
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Smart Solar Market - With the increase in urbanization and population worldwide, there is an increase in demand of resources. The depletion in natural resources is making organizations innovate in such a way that they can utilize alternative resources to extract the energy for the necessities in life.
Smart Water Management Market - Smart water management is the next big thing due to rising water paucity and rising need of water conservation around the world. Smart water management solution providers are proactively offering smart water technologies that can help users to productively manage chronic shortage of water.
Smart Stadium Market - From last couple of decades, stadiums have seen increasing demand from sports and entertainment sector. The increasing demand, in turn, increases the number of viewers in the stadium.
Smart Set-top Box and Dongle Market - Smart set top box is a part of Internet of Things (IoT). Smart set top box enables the users to access online videos, photos and apps that are specifically optimised for TV.
Smart Grid Home Area Network (HAN) Market - Electricity is the most widely used form of energy across the globe. Generation of electrical energy is the major source of carbon dioxide emission, as it relies on fossil fuels, followed by transportation, and is thus a significant contributor to climate change.
Smart Education and Learning Market - Smart education and learning is an electronic approach to learning and education with the help of learning applications and software. Smart education and learning provides universal learning to students using modern technology and offers a paradigm shift in the way student access education.
Smart Thermostat Market - Smart thermostat is the type of device used for controlling the heating and air conditioning in residential as well as commercial buildings. Smart thermostat allows user to control the temperature of the room throughout the day using a schedule, for example setting different temperature during the day time and night time.
Smart Sensor Market - The global smart sensor market reached around US$ 37.6 Billion in 2022. However, with growing adoption of smart sensors across diverse end-use verticals such as consumer electronics, automotive, security & defense and healthcare, the overall sales of smart sensors are projected to rise at a prolific CAGR of around 19.2% between 2022 and 2032.
Smart Personal Safety and Security Device Market - From 2022 to 2032, the global smart personal safety and security device market is expected to expand at a 7.4% CAGR.
About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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