Smart Workplace Market
Smart Workplace Market (System: Access Control, Video Conferencing System, and HVAC Control System; and Solution: Software and Services [Managed Services and Professional Services]) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Surge in Number of Smart Cities Worldwide to Aid Market Growth
Advancements in technology continue to drive innovations in a range of industrial sectors around the world. In recent years, government authorities in various countries of the world, along with the support from private companies have increasingly emphasized on the development of smart cities and townships. Over the past decade, a number of smart cities have gradually emerged worldwide following which smart workplaces have gained popularity. As several private companies continue to leverage the benefits of cutting-edge technologies, including networked platforms, sensors, and IoT to improve the overall communication and employee engagement, the demand for smart workplaces has witnessed considerable growth.
A number of smart cities and urban areas around the world is increasingly investing in the IoT technology to improve day-to-day operations and asset management. This factor is expected to propel the smart workplace market. The demand for smart workplaces is on the rise, especially in developed regions of the world such as Europe, North America, and highly developed cities in the Asia Pacific region, including Singapore and Dubai.
At the back of these factors, the global smart workplace market is expected to surpass market value of US$ 121 Bn by the end of 2030. In addition, some of the key trends that are likely to shape the growth of the global smart workplace market include BYOD, growing focus on cybersecurity, and automation. In addition, considerable efforts are being made around the world to improve workplace wellness, enhance data protection, and deploy biometric security solutions– another factor that is likely to propel the smart workplace market during the forecast period.
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Advancements in Access Control and HVAC Technology to Drive Global Market
Over the past decade, advancements in access control solutions and technologies have played an imperative role in augmenting the demand for the same across smart workplaces around the world. Some of the major benefits of access control include high security for employees at workplace and protection of physical assets. Some of the most deployed access control solutions around the world include Discretionary Access Control (DAC), Mandatory Access Control, and Role-based Access Control. In addition, as a number of top tier and other leading companies are increasingly becoming more aware of the various advantages of installing a cutting-edge access control solution, the demand is likely to further gain momentum in the upcoming years. Elevator access control safety and growing demand for card access systems are likely to drive the overall growth of the smart workplace market during the assessment period.
HVAC systems have evolved at a rapid pace over the past few years primarily driven by the progress of various equipment and systems. In addition, the awareness among end users of pertaining to new products and trends around the HVAC technology. Smart sensors & thermostats, heat pumps, and the advent of zoning systems are anticipated to redefine how HVAC systems are deployed in the upcoming years. The demand for smart HVAC products has witnessed considerable growth in recent years– a trend that is primarily driven by improved user experience and remote access to the various controls through a smartphone application. Furthermore, advancements in the sensor technology are expected to provide a considerable boost to the smart workplace market in the upcoming years.
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Supply Chain Disruptions to Hinder Market Growth in 2020
Although the growth prospects of the global smart workplace market look bright during the post-COVID-19 era, the market growth is likely to remain sluggish in 2020 due to major barriers put forward by stringent restrictions on cross-border trade, transportation, and movement of non-essential commodities. While spending on the development of smart workplaces is estimated to decrease during the COVID-19 pandemic due to uncertain economy, the demand is likely to gain momentum in the second half of the forecast period. However, the demand for video conferencing systems is likely to witness considerable growth in 2020, due to work-from-home policy or remote working regulations.
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The global smart workplace market is expected to expand at an impressive CAGR of ~17% during the forecast period. The market growth is primarily driven by advancements in technology, improvements in sensor technology, growing adoption of the IoT technology, and rise in the number of smart cities around the world. In addition, as various technologies continue to mature, development costs continue to decline. Market players should focus on leveraging various advancements in technology and implement the same at cost-effective prices to gain a considerable advantage in the smart workplace market landscape.
Smart Workplace Market: Overview
- The global smart workplace market is expected to register a CAGR of ~17% between 2020 and 2030
- Rising trend of smart workplaces with trending technologies such as digital transformation, IoT, machine learning, and artificial intelligence across enterprises is expected to boost the market in the near future
- The global smart workplace market is expected to cross US$ 121 Bn by 2030 from ~US$ 26 Bn in 2020
- North America holds major share of the smart workplace market in terms of revenue and is anticipated to dominate the market during the forecast period, followed by Europe and Asia Pacific
- North America remains the leading region of the smart workplace market with revenues in 2020 estimated at US$ 8,481.9 Mn
- The smart workplace market in Middle East & Africa and South America is also expected to witness moderate growth during the forecast period
- Asia Pacific smart workplace market is projected to expand significantly in terms of share during the forecast period. This is due to significant presence of a large number of small and medium enterprises in the region, particularly in India and China, operating in cloud-based applications propelling the demand for smart workplaces in the APAC region.
Smart Workplace Market Definition
- The market report provides analysis of the global smart workplace market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 - 2030 is the forecast period
- The study would help clients to understand the adoption analysis of smart workplaces in different countries
- A smart workplace exploits the use of technology and networking in the office. Smart workplaces enable employees to do their day-to-day work more efficiently with smart devices and better global collaboration.
- Furthermore, smart workplaces deploy automated systems, sensors, and advanced communication infrastructure & networks, which help in providing centralized control and wireless data transfer for monitoring and data analysis. Advanced HVAC systems help commercial places to manage energy in a better and systematic manner, owing to various benefits associated with deploying the smart workplace infrastructure.
- Moreover, adoption of smart technologies such as artificial intelligence, machine learning, and better Internet connectivity at workplace is also set to contribute to the growth of the smart workplace market
North America Smart Workplace Market Snapshot
- North America is a developed region and hence, innovation and new technologies are expected to be key trends in the region over the next few years. North America held a prominent share of the global smart workplace market in 2019. For the same reason, North America is projected to witness the highest opportunity addition in the market globally, with Europe and Asia Pacific being the next closest regions.
Smart Workplace Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global smart workplace market to accurately gauge its potential future development. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for the future growth of the smart workplace market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the smart workplace market will progress during the forecast period, 2020 - 2030.
The report offers intricate dynamics about different aspects of the smart workplace market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the smart workplace market during the forecast period. It also includes impact analysis of COVID-19 on the smart workplace market. The global smart workplace market report helps to estimate statistics related to the market progress in terms of value (US$ Mn) and volume (Thousand Units).
The study covers a detailed segmentation of the smart workplace market, along with key information and a competitive outlook. The report mentions company profiles of key players currently dominating the smart workplace market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Smart Workplace Market
The report provides detailed information about the smart workplace market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the smart workplace market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of the smart workplace?
- What will be the Y-o-Y growth of the smart workplace market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the smart workplace market?
- What are the major drivers and restraints of the market?
- What will be the size of the smart workplace market from 2020 to 2030?
- Which will be the fastest growing segment of the smart workplace market?
- Which are the leading companies in the smart workplace market?
- What are the strategies of companies operating in the market?
Research Methodology – Smart Workplace Market
The research methodology adopted by analysts to compile the smart workplace market report is based on a detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the smart workplace market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the smart workplace market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the smart workplace market.
Smart Workplace Market – Segmentation
TMR’s research study assesses the smart workplace market on the basis of system, solution, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the smart workplace market.