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Smart Space Market by Component (Solutions and Services), Application (Energy Optimization and Management, Emergency Management, and Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2024

Smart Space Market by Component (Solutions and Services), Application (Energy Optimization and Management, Emergency Management, and Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2024

Growing adoption rate in green building initiatives and environmental concerns to drive the growth of the market
MarketsandMarkets estimates the global smart space market to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. With increase in sustainable green building due to environmental concerns and penetration of technology in our day to day life, there is an increase in growth of adoption rate. Green buildings are the buildingsthat majorly focus on efficiency, effective lifecycle, and performance of the buildings. However, the need of high initial capital would limit the growth of the market.

Increase in adoption of IoT, AI, and ML to drive the smart space market in coming future
Companies providing smart space solutions across the world are adopting Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) to offer varied services to the customers in commercial and residential segments. As companies are putting more efforts in Research and Development (R&D), smart technologies are getting more intelligent. Smart spaces can now sense the people in the premise and store their movements across the space, enabling it to tune itself to contextualize and adapt to occupant’s need. Smart space platform services include telepresence, location and traffic sensing, interactive walls, and even digital assistants.

Rapid implementation, reduced operational cost, 24×7 data accessibility, scalability, and ease of use to drive the adoption of cloud-based smart space solutions
The smart space software can be deployed on-premises as well as on cloud, as per the business requirement. Cloud-based deployment benefits organizations with increased scalability, speed, 24/7 services, and improved IT security. Cloud-based smart space solutions presents a cost-effective and efficient way to handle all analytics requirements of smart solution providers. In the cloud deployment model, the smart space solution is offered as Software-as-a-Service (SaaS), and all the data and analytics workloads are cloud-based.

Smart space market in APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is an emerging region in terms of adopting smart space software and services, and China, India, Japan, and Australia are the major economies contributing to the exponential growth of the smart space market in this region. Companies in APAC continue to focus on improving their customer service to drive the competitive differentiation and revenue growth. Opportunities for smaller analytics vendors to introduce innovative analytics solutions for many verticals have also increased.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart space market.

By Company: Tier 1-10%, Tier 2-20%, and Tier 3-70%
By Designation: C-Level- 25%, Director Level- 50%, and Others-25%
By Region: North America-40%, Europe-30%, APAC-20%, and RoW-10%

The smart space market comprises major solution providers, such as IBM (US), ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei (China), Schneider Electric (France), Smartspace Software PLC (UK), Hitachi Vantara (US), Iconics (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore), and Adappt (US). The study includes an in-depth competitive analysis of these key players in the smart space market with their company profiles, recent developments, and key market strategies.

Research coverage
The smart space market revenue is primarily classified into revenues from solutions and services. The solutions revenue is associated with software and platform offerings, while the services’ revenue is associated with managed and professional services. The professional services comprise support and maintenance, consulting, and deployment and integration. The market is also segmented based on software, service, organization size, deployment model, and region.

Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall smart space market and the subsegments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONS COVERED
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY CONSIDERED
      • Table UNITED STATES DOLLAR EXCHANGE RATE, 2016–2018
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET BREAKUP AND DATA TRIANGULATION
    • MARKET SIZE ESTIMATION
    • MARKET FORECAST
    • MICROQUADRANT RESEARCH METHODOLOGY
      • Table EVALUATION CRITERIA
      • VENDOR INCLUSION CRITERIA
    • ASSUMPTIONS FOR THE STUDY
    • LIMITATIONS OF THE STUDY
  • EXECUTIVE SUMMARY
    • Table SMART SPACE MARKET SIZE AND GROWTH RATE, 2017–2024 (USD MILLION, Y-O-Y %)
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE SMART SPACE MARKET
    • SMART SPACE MARKET: MARKET GROWTH ACROSS REGIONS
  • MARKET OVERVIEW AND INDUSTRY TRENDS
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • ECOSYSTEM
      • SMART SPACE MARKET ECOSYSTEM
    • SMART SPACE MARKET: USE CASES
      • USE CASE 1: IMPROVING WORKPLACE EFFICIENCY BY MAXIMIZING DESK AND MEETING SPACES UTILIZATION
      • USE CASE 2: OPTIMIZING ENERGY CONSUMPTION AND ENHANCING STAFF COMFORT AND EXPERIENCE
      • USE CASE 3: MAXIMIZING ENERGY EFFICIENCY AND SUSTAINABILITY OF OFFICE BUILDING
    • SMART SPACE MARKET: IMPACT OF IOT
  • SMART SPACE MARKET, BY APPLICATION
    • INTRODUCTION
      • Table SMART SPACE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
    • ENERGY MANAGEMENT AND OPTIMIZATION
      • INCREASING ENERGY NEEDS AND GROWING INTEREST IN GREEN BUILDINGS TO IMPACT SMART SPACE MARKET SIGNIFICANTLY
        • Table ENERGY MANAGEMENT AND OPTIMIZATION: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • EMERGENCY MANAGEMENT
      • EMERGENCY MANAGEMENT TO ASSIST ORGANIZATIONS IN UNDERSTANDING AND IDENTIFYING EARLY WARNING SIGNALS TO REDUCE IMPACT
        • Table EMERGENCY MANAGEMENT: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • SECURITY MANAGEMENT
      • GROWING CONCERNS OVER SECURITY AND SAFETY ACROSS REGIONS TO BOOST DEMAND FOR SECURITY MANAGEMENT
        • Table SECURITY MANAGEMENT: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • OTHERS
      • Table OTHERS: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • SMART SPACE MARKET, BY COMPONENT
    • INTRODUCTION
      • Table SMART SPACE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
    • SOLUTIONS
      • INCREASING NEED FOR BETTER HOME AND WORKPLACE AUTOMATION APPLICATIONS TO DRIVE ADOPTION OF NEW SOLUTIONS
    • SERVICES
      • Table SERVICES: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
      • Table SERVICES: SMART SPACE MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION)
      • MANAGED SERVICES
      • PROFESSIONAL SERVICES
        • Table PROFESSIONAL SERVICES: SMART SPACE MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION)
        • Table SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
        • Table DEPLOYMENT AND INTEGRATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
        • Table CONSULTING MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • SMART SPACE MARKET, BY PREMISES TYPE
    • INTRODUCTION
      • Table PREMISES TYPE: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • COMMERCIAL
      • EMERGENCE OF INDUSTRIAL AUTOMATION TO BOLSTER THE NEED FOR COMMERCIAL BUILDING TRANSFORMATION
        • Table COMMERCIAL: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • RESIDENTIAL
      • USE OF BIG DATA AND ANALYTICS TO DRIVE THE SMART RESIDENTIAL SPACE MARKET
        • Table RESIDENTIAL: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • OTHERS
      • Table OTHERS: SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • SMART SPACE MARKET, BY REGION
    • INTRODUCTION
      • Table SMART SPACE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • NORTH AMERICA
      • Table NORTH AMERICA: SMART SPACE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SMART SPACE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SMART SPACE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SMART SPACE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • UNITED STATES
      • CANADA
    • EUROPE
      • Table EUROPE: SMART SPACE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table EUROPE: SMART SPACE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table EUROPE: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017–2024 (USD MILLION)
      • Table EUROPE: SMART SPACE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table EUROPE: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017–2024 (USD MILLION)
      • Table EUROPE: SMART SPACE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • GERMANY
      • UNITED KINGDOM
      • FRANCE
      • SPAIN
      • REST OF EUROPE
    • ASIA PACIFIC
      • Table ASIA PACIFIC: SMART SPACE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: SMART SPACE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: SMART SPACE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: SMART SPACE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • JAPAN
      • SINGAPORE
      • CHINA
      • INDIA
      • REST OF ASIA PACIFIC
    • LATIN AMERICA
      • Table LATIN AMERICA: SMART SPACE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: SMART SPACE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: SMART SPACE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: SMART SPACE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • BRAZIL
      • MEXICO
      • REST OF LATIN AMERICA
    • MIDDLE EAST AND AFRICA
      • Table MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY SUB-REGION, 2017–2024 (USD MILLION)
      • MIDDLE EAST
      • AFRICA
  • COMPETITIVE LANDSCAPE
    • MICROQUADRANT OVERVIEW
      • VISIONARIES
      • INNOVATORS
      • DYNAMIC DIFFERENTIATORS
      • EMERGING COMPANIES
      • STRENGTH OF PRODUCT PORTFOLIO ADOPTED BY MAJOR PLAYERS IN THE SMART SPACE MARKET
      • BUSINESS STRATEGY EXCELLENCE ADOPTED BY MAJOR PLAYERS IN THE SMART SPACE MARKET
  • COMPANY PROFILES
    • INTRODUCTION
    • ABB
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • CISCO
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • SIEMENS
      • BUSINESS OVERVIEW
      • SOLUTIONS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS: SIEMENS
    • HUAWEI
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • IBM
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS: IBM
      • MNM VIEW
    • SCHNEIDER ELECTRIC
      • BUSINESS OVERVIEW
      • PRODUCTS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • SMARTSPACE SOFTWARE
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • HITACHI VANTARA
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • ICONICS
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • COOR
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • UBISENSE
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
    • SMARTEN SPACE
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
    • SPACEWELL
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
    • SOFTWEB SOLUTIONS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • EUTECH CYBERNETIC
    • ADAPPT
  • APPENDIX
    • KEY INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATION
    • RELATED REPORTS
    • AUTHOR DETAILS

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