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Global Smart Space Market: Introduction

A smart space is an environment equipped with audio visual sensing systems that can react and recognize people without them having to wear any special equipment. This improves personal and professional productivity, simplifies complex processes, and increases the efficient use of energy.

Smart homes are one of the prominent examples of smart space which enhances safety, convenience, entertainment, and productivity. Offices and communal workspaces; apartment communities, hotels, malls, grocery stores, and shopping centers; hospitals and healthcare providers; public places such as libraries and schools; and transportation portals such as airports and train stations could all be designed as varied types of smart spaces.

smart space market

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Global Smart Space Market - Dynamics

Increasing Adoption of Smart Homes and Smart Devices Driving Smart Space Market

In the current scenario, adoption of smart devices and smart equipment has greatly increased. Adoption of equipment and devices such as smartphones, smart watches, smart wearable, and many other devices has increased exponentially in the past three years. The reason for this huge growth is due to the fact that they enhance the lifestyle of individuals, make them more productive, and enable the efficient use of energy. Thus, demand for smart spaces is increasing due to multiple advantages related to it.

Increasing Penetration of Smart Technologies in Public Spaces

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. Adoption of smart technologies within these places is driving the growth of the smart spaces market.

Large Initial Capital Outlay Hampering Growth of the Smart Space Market

The initial capital outlay for the deployment of smart technologies in public spaces is very high. For instance, the average price of a single kiosk deployed at a bus stop or railway station could cost US$ 7,000, which can rise up to US$ 25,000 for high-end models. The initial high capital outlay is thus hampering the growth of the market.

North America Expected to Dominate the Global Smart Space Market

In terms of region, the global smart space market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the smart space market compared to other regions.

smart space market 1

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Global Smart Space Market - Competitive Landscape

  • In June 2019, a simulated smart office set up featuring the latest Pro AV technology was launched by Sharp Imaging and Information Company of America (SIICA) at InfoComm 2019
  • In February 2019, The Posiflex Group announced plans to showcase its product portfolio which will include smart and connected retail solutions with fully-integrated middleware, RMS (Remote Monitoring System), and hardware to the European market at EuroCIS 2019.

Sharp Corporation

Established in 1912, Sharp Corporation is highly focused on manufacturing and selling telecommunication equipment, electric and electronic application equipment, and electronic components. The company sells its products in four business segments i.e. Smart Homes, Smart Business Solutions, IoT Electronics Devices, and Advance Display Systems.

Fabcon Inc.

Established in 1977, Fabcon, Inc. is a precision sheet metal fabricator and contract manufacturer and offers solutions across retail, entertainment, food service, hospitality, aerospace, medical, telecom, electronics, automotive, government, and finance industries.

The company’s product and service portfolio includes creative products (Digiboo Kiosk, Entertainment Kiosk, Bike Rental Kiosk, Casino Kiosk, Movie Kiosk, Wall-mount Kiosk, etc.), precision products (Aerospace Seat Brackets, Wedge Bonder, Telecom Assembly, Medical Test Equipment, Payment Kiosk, Chassis, etc. ).

Global Smart Space Market: Segmentation

The global smart space market can be segmented based on:

  • Space Size
  • Industry
  • Region

Global Smart Space Market, by Space Size

Based on space size, the global smart space market can be divided into:

  • Small Space
  • Medium Space
  • Large Enterprise

Global Smart Space Market, by Industry

Based on industry, the global smart space market can be segregated into:

  • Banking, Financial Services and Insurance (BFSI)
  • Retail & E-Commerce
  • Government
  • Media & Entertainment
  • Food & Beverages
  • IT & ITES
  • Telecom
  • Healthcare
  • Automotive
  • Manufacturing
  • Others (Aerospace, Transportation)

Regional analysis of the global smart space market:

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America
smart space market 2


This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Smart Space Market