The global smart space market is expected to reach USD 12.04 billion in 2024 and USD 28.74 billion by 2029, growing at a CAGR of 19% during the forecast period.
A smart space is an environment that integrates audiovisual detection systems, which can identify and react without the use of special equipment. This improves personal and professional productivity, simplifies complex processes, and increases the efficient use of energy.
Smart homes are one of the most important examples of smart spaces that improve safety, comfort, entertainment, and productivity. Community offices and workspaces, apartment communities, hotels, shopping malls, supermarkets and shopping centers, hospitals, and healthcare providers, public places like libraries and schools, and transportation portals, such as airports and train stations, could also be designed as various types of smart spaces.
Growing demand for IoT and rising environmental concerns are some of the factors contributing to the growth of the global smart space market during the forecast period. For example, in September 2018, Microsoft published the launch of its Azure Digital Twins, which will enable users to generate digital replicas of spaces and infrastructure with the aid of cloud, AI, and IoT.
Benefits such as flexibility and scalability are at the core of vendors' smart space solutions, which are supposed to drive the growth of the smart space market during the outlook period. The rapid increase in urbanization, associated with the advent of new technologies such as 5G, should accelerate the growth of the global smart space market during the envisioned period.
The commercial segment includes offices, hotels, hospitals, shopping centers, shopping complexes, and restaurants, among others. The enterprises implementing smart space solutions can track overall costs and revenues, generate business plans, and restructure the existing financial goals. For instance, an Indian smart space solutions company, Adappt, implemented a service that can redefine the organization's way of adapting assets with the help of an integrated systems approach. The Adappt Cognitive Premise solution provides analytics, control, applications, and optimization to tailor each organization's workplace to its unique personality. Companies are eager to expand their commercial presence in different geographic regions, which is likely to contribute to the expansion of the global smart space market during the conjecture period.
The smart indoor space segment generated the highest revenue for global smart space, which will increase the tendency to make homes, smarter buildings, and interior spaces, driving market growth in this segment. The increasing security concerns are also prominent aspects that promote the call for security cameras, which is supporting the development of more hardware in smart spaces. On the other hand, the high initial setup costs can act as a limitation for extending the worldwide smart space market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
19% |
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Segments Covered |
By Component, Application, Space, End User, Vertical, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
IBM (United States), ABB (Switzerland), Cisco (United States), Siemens (Germany), Huawei (China), Schneider Electric (France), Smart Space Software PLC (UK), Hitachi Vantara (USA), Iconics (USA), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore) and Adappt (States -United) and Others. |
Depending on the component, the global smart space market is divided into solutions and services.
Based on the type of space, the worldwide market is bifurcated into smart indoor spaces and smart outdoor spaces. The smart indoor space segment accounted for a substantial portion of the global market revenue in 2018 and is determined to continue its dominion throughout the envisioned period.
The global market is divided by application into energy management and optimization, space design and management, emergency and disaster management, and security management.
Depending on the end-user, the market is divided into residential and commercial. The commercial segment is estimated to have the largest share in the coming years.
The industry is further developed in verticals like energy and utilities, transportation and logistics, healthcare, education, retail, manufacturing, government, etc.
Depending on the region, the smart space market is analyzed in North America, Europe, Asia-Pacific, and LAMEA.
Europe should retain a significant market share in the foreseen years. The North West Europe region faces a major challenge due to a transition to a low carbon footprint economy. Municipalities play a fundamental role, as they represent 70% of the NWE's energy consumption and CO2 emissions. Above all, standard public lighting represents around 30% of the total electricity consumption of municipalities.
The intelligent space solution aims to promote the use of intelligent lighting in small and medium-sized municipalities and sensors connected to light poles. This arrangement can improve energy efficiency, reduce CO2 emissions, and adjust public lighting as needed, which could increase the growth of the smart space market in the region.
The global smart space market includes the main solution providers such as IBM (United States), ABB (Switzerland), Cisco (United States), Siemens (Germany), Huawei (China), Schneider Electric (France), Smart Space Software PLC (UK), Hitachi Vantara (USA), Iconics (USA), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore) and Adappt (States -United).
In May 2019, Spacewell introduced a new service app, Work Assistant for Cleaning, a mobile touch point for its Cobundu smart build platform. Work Assistant helps service providers deliver activity-based services based on live IoT data. Work orders can be developed with the assistance of sensor triggers, feedback, support tickets, and service planning.
In April 2019, DVI Communications has partnered with Spacewell to deliver advanced intelligent construction services to the US market. This long-term partnership will allow DVI to offer Spacewell's smart building solutions to a growing number of American companies.
In April 2019, ABB reinforced its collaboration by signing a new memorandum of understanding with Ericsson. The memorandum states their agreement to support their strong research collaboration, improve manufacturing and automation processes, and explore new business opportunities for the company.
By Component
By Application
By Space Type
By End-User
By Vertical
By Region
Frequently Asked Questions
Advancements in IoT and AI technologies are enabling the development of more sophisticated and interconnected smart spaces, facilitating real-time data analysis, predictive maintenance, personalized experiences, and improved operational efficiency across various sectors.
Government initiatives and policies, such as smart city projects, incentives for sustainable development, regulations promoting energy efficiency, and investments in digital infrastructure, significantly influence the adoption and deployment of smart space solutions on a global scale.
Advancements in sensor technologies, including miniaturization, increased accuracy, and reduced costs, are enabling the development of more responsive and intelligent smart space solutions capable of capturing and analyzing diverse data streams for enhanced decision-making and automation.
Emerging trends include the convergence of IoT, AI, and edge computing technologies, the proliferation of connected devices and sensors, the rise of digital twins for predictive modeling, the integration of blockchain for data security, and the growing emphasis on user-centric design and experience in smart space deployments.
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