Smart Space Market: Global Industry Analysis and Forecast 2023 – 2029

Smart Space Market was valued at US$ 11.85 Bn. in 2022 and is expected to reach US$ 26.71 Bn. by 2029, at a CAGR of 12.3% during a forecast period.
Smart Space Market Overview:
Smart Space is a natural and simple approach to have access to essential data related to meeting and event management, as well as to help with revenue optimization. A smart space is a simple environment with audio and visual sensing technologies that can detect and respond to humans. Humans and technology-enabled systems are implemented with monitors and sensors in a smart area, which is a combination of the digital and physical environments. For providing various residential and commercial services to customers, emerging organizations are integrating the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learnings (ML). Many businesses are focused on R&D in order to generate more creative smart technologies that will likely move the market forward.To know about the Research Methodology :- Request Free Sample Report
COVID-19 Impact on Smart Space Market:
The COVID-19 pandemic has an impact on every business in the world, including the smart space market. Because the smart space market ecology is heterogeneous, the entire ecosystem will have different impacts. The outbreak will have a favorable impact on a few sectors of this ecosystem, while others may experience a decline. For example, following COVID-19, many businesses have adopted the work-from-home model, necessitating better residential space utilization. Business continuity is one of the key concerns for organizations during the pandemic, which has resulted in significant growth in supporting and connected services.
Smart Space Market Dynamics:
Green building initiatives and environmental concerns: There has been a rise in the adoption rate of sustainable green building efforts as a result of environmental concerns and the penetration of technology into our daily lives. Green buildings are those that have a strong emphasis on the building's efficiency, effective lifetime, and overall performance. These structures rely on smart technology that is incorporated into the entire system to improve the building's performance and functionalities.

These technologies not only store significant data but also evaluate it and offer the necessary inputs to the appropriate personnel. Energy consumption is contained and the environment is better protected when it is incorporated into building operations and throughout its life duration. A more comfortable built environment can be developed while minimizing a site's carbon impact through smart design. Self-sustaining buildings will be the most cost-effective way to fulfill rising technological and energy demands, as well as many countries' declared goals of becoming carbon-free.

Lack of resources and infrastructure in developing countries: Many western countries, notably the United Kingdom, the United States, France, Germany, Sweden, and parts of Southeast Asia, dominate the smart space market. This dispersion is due to a scarcity of possible markets and related sectors in the surrounding area. However, most corporations are now selling their services in other nations as a result of FDI and the ease with which they can enter these markets. Smart technology implementation and adoption are also big challenges in developing countries. Investing a large amount of money in human resource training is something that firms attempt to avoid at all costs; instead, they prefer to hire professionals who have already completed their training.

High initial capital expenditure: Smart space solutions and services are relatively new to the industry, and many companies are attempting to break into it with cutting-edge products and services. As a result, early adopters are paying a hefty fee to have this technology installed. Furthermore, governments are putting greater effort into making public areas smarter with emerging technologies. It's simple to see how, even if governments have the need, vision, and clarity for such reforms, a lack of budgetary allocations for large-scale implementations slows the transformation process down, either directly or indirectly.
Smart Space Market segment analysis:
Based on application, the Emergency Management segment held the largest market share of xx% in 2022. With the appropriate information and enough time on their hands, residents can move quickly to limit or completely avert damage. Smart cameras with enhanced image sensors can now keep an eye on remote corners 24 hours a day, seven days a week to increase the security element of any building. In research labs, power plants, and other highly secured environments, ultrasonic location tracking systems can quickly identify occupants' movements, locations, and orientations. The systems provide a storage feature that allows users to save data for a set period of time, which can be utilised for future reference.

Based on component, the solutions segment is leading the smart space market. Organizations can use smart space solutions to redefine financial goals, track expenditures and revenue, and establish business plans by seeing trends and anomalies early on. Modern mathematical methodologies and the emergence of Information Technology applications and infrastructure, such as big data and predictive analytics, have improved the possibilities of smart space solutions in terms of gaining real-time insights.
Smart Space Market Regional Insight:
North America region held the largest market share of xx% in 2022. This can be attributed to the existence of a number of well-known market companies that offer Smart space solutions to end-users in the region. The United States and Canada are key contributors to the growth of the smart space market due to their strong economic histories. North America is the most advanced region in terms of smart space development. The majority of countries in the region are early adopters of smart space solutions such as artificial intelligence, the internet of things, and machine learning.

APAC is the second dominant region and it held xx% of the share in 2022. Because of its diverse customer base and shifting end-user purchasing habits Singapore's government stated its plans to become a smart nation in March 2019, making the country a market with several prospects. The APAC area was one of the first to be hit by the COVID-19 pandemic. The rapid spread of the virus in nations including the Philippines, China, Japan, India, Singapore, Indonesia, Myanmar, and Bangladesh has caused panic and lockdown, causing major enterprises to halt operations. However, when governments loosen lockdown limitations in these nations, the usage of smart space solutions is projected to accelerate.
Partnerships, Collaborations, and Agreements:
MTS, the leading mobile network operator, teamed with Huawei in December 2022. In Moscow, they implemented the world's first commercial usage of Smart 8T8R as part of this collaboration. Software-defined antennas (SDAs), FDD dual-band 8T8R RRUs, and Huawei's unique algorithms comprised the Smart 8T8R solution.

Schneider teamed up with Planon, a computer software company, in November 2022. The goal of the partnership was to develop the next generation of OT/IT solutions for usage across the building life cycle. The companies collaborate to help businesses with their digital transformation of the building lifecycle, resulting in clear synergy and value.
Acquisition and Mergers:

Cisco has completed the acquisition of Modcam, a video analytics business, in July 2022. Following the acquisition, Cisco Meraki MV smart cameras combined micro-level motion detection and machine learning-based object detection to help many cameras provide a macro view of the actual world.

Cylon Controls Ltd., a multimillion-euro building management system firm, was acquired by ABB in March 2022. ABB Electrification's position in the commercial buildings segment has improved as a result of the acquisition.

The objective of the report is to present a comprehensive analysis of the Smart Space market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Smart Space market dynamics, structure by analyzing the market segments and projects the Smart Space market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Space market make the report investor’s guide.
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Smart Space Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 11.85 Bn.


Forecast Period 2023 to 2029 CAGR:
12.3 %
Market Size in 2029:
US $ 26.71 Bn.


 Segments Covered:
by Application
Energy Management and Optimization
Emergency Management
Security Management
Others


by Component
Solutions
Services
Managed Services
Professional Services


by Premises Type
Commercial
Residential
Others



Smart Space Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Space Market, Key Players are
1.ABB
2. Cisco
3. Siemens
4. Huawei
5. IBM
6. Schneider Electric
7. Smartspace Software
8. Hitachi Vantara
9. Iconics
10. Coor
11. Ubisense
12. Smarten Space
13. Spacewell
14. Softweb Solutions
15. Eutech Cybernetic
16. Adappt
17. IMEC
18. Nexus
19. reelyActive
20. Telit
21. AllGoVision Technologies
Frequently Asked Questions:
1. Which region has the largest share in Smart Space Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Smart Space Market?
Ans: The Smart Space Market is growing at a CAGR of 12.3 % during forecasting period 2023-2029.

3. What segments are covered in Smart Space market?
Ans: Smart Space Market is segmented into Application, component, premises type and region.

4. Who are the key players in Smart Space market?
Ans: The important key players in the Smart Space Market are – ABB, Cisco, Siemens, Huawei, IBM, Schneider Electric, Smartspace Software, Hitachi Vantara, Iconics, Coor, Ubisense, Smarten Space, Spacewell, Softweb Solutions, Eutech Cybernetic, Adappt.

5. What is the study period of this market?
Ans: The Smart Space Market is studied from 2022 to 2029.