According to the most recent analysis by Emergen Research, the global market for smart spaces had a value of USD 13.19 billion in 2020 and is projected to grow at a rate of 17.9% over the forecast period. Urban population expansion and rising demand for green buildings are two factors anticipated to promote market revenue growth between 2021 and 2030.
Every industry and region of the world is being transformed by digital technologies including the Internet of Things (IoT), cloud computing, connected gadgets, and Artificial Intelligence (AI). These have altered factory and industry production processes, daily living in cities, and office workers’ daily routines. One of these essential technologies is smart space, which through fostering a connected and intelligent environment, is fostering innovation and transformation in a variety of industries. The market for smart spaces is expanding due to the proliferation of cutting-edge technologies like artificial intelligence (AI) and the internet of things (IoT).
Some of the application areas that have been transformed into smart environments include stores, parks, transportation networks, hospitals, stadiums, and dining establishments. The use of smart technology in these places is anticipated to grow with time and is a factor that is anticipated to fuel the global market for smart spaces’ revenue growth. However, one of the main elements anticipated to restrain market revenue growth to some level over the forecast period is high capital expenditure.
Some Key Highlights from the Report
During the projection period, the emergency management segment is anticipated to record a consistent revenue CAGR. In the near future, rising need for smart space solutions to efficiently manage emergencies will fuel revenue growth in this market.
Due to the increasing need for smart homes, green buildings, and smart indoor spaces, the smart indoor space segment is anticipated to have relatively robust revenue growth over the forecast period.
Because of the substantial presence of key market players in the area, including Huawei Technologies Co. Ltd. and Smarten Spaces, among others, Asia Pacific is anticipated to account for the biggest revenue share in the worldwide smart space market throughout the course of the projected year.
Some major companies in the market report include ABB Ltd., Cisco Systems Inc., Siemens AG, Huawei Technologies Co. Ltd., SmartSpace Software Plc, Hitachi Vantara Corp., Iconics Inc., Smarten Space, Softweb Solution Inc., and Ubisense Group Plc.
Emergen Research has segmented the global smart space market on the basis of type, component, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Smart Indoor Space
- Smart Outdoor Space
Component Outlook (Revenue, USD Billion; 2018–2030)
Application Outlook (Revenue, USD Billion; 2018–2030)
- Energy Management and Optimization
- Emergency Management
- Security Management
- Layout and Space Management
End-Use Outlook (Revenue, USD Billion; 2018–2030)
- Transportation & Logistic
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/smart-space-market
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