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Report Scope & Overview:

Smart and Connected Office Market size was valued at USD 3.15 billion in 2022 and is expected to grow to USD 7.63 billion by 2030 and grow at a CAGR of 11.7% over the forecast period of 2023-2030

A smart office is a cutting-edge workplace where technology enables staff to work more efficiently, effectively, and quickly. Modern technology tools like beacons, sensors, and mobile apps are available in "smart" offices, which enable staff to complete duties more quickly and effectively. Employees are able to devote more time to business planning and strategy because of this. The main goal of a smart office is to comprehend and acquire insight into the issues and challenges faced by employees so that a solution may be designed to help create a better work environment. The main driver of the market's growth is the rapid uptake of the Internet of Things (loT), which includes the use of IoT sensors and devices as well as cloud computing services and analytics. The market for smart offices worldwide is anticipated to expand significantly between 2019 and 2026. The market expansion is primarily driven to the growing use of smart offices for various energy management and savings applications. For instance, lighting with IoT capabilities use less energy by turning off when not in use. Additionally, according to Coherent Market Insights report, the significant progress in loT technology is a major driver of the growth of the smart offices market. For instance, CMI data shows that there were 25.8 billion connected loT devices in 2021 and that this number is anticipated to increase significantly over the course of the forecast period.

Smart and Connected Office Market Revenue Analysis

KEY DRIVERS: 

  • Growing need for energy-efficient smart office systems and sensor networks

With growing global concerns about energy-efficient technologies to lower power bills and overhead costs, the demand for smart offices is expanding. Energy efficiency and, eventually, cost reduction are essential goals of smart office systems. In office buildings, the HVAC and lighting systems are among the biggest energy consumers. Workplace automation can assist in automating the HVAC and lighting systems, reducing workplace energy use by 5 to 30%. Additionally, smart office solutions aid in the early diagnosis of operational issues related to various pieces of equipment.

  • Increasing use of cloud-based technologies and IoT

RESTRAIN:

  • The difficulty of altering or modernizing the current system

The implementation of a smart office solution involves the fusion of numerous technological components, including hardware (proximity sensors, smart meters, smart thermostats, relays, network switches and gateways, and actuators), software, and network components, some of which can be challenging to configure when used with legacy system infrastructure. Due to protocol problems, outdated systems cannot effectively interface with new generation smart devices. In the upcoming years, market expansion is anticipated to be hampered by the integration challenges. Additionally, constraints on IT and network security to minimize privacy incursion and data breaches are anticipated to be a major barrier to the growth of smart office.

OPPORTUNITY:

  • Developing cloud-based loT platform environment

As a technology, loT involves real-time data archiving, management, and analysis. Building on-premises data centers is no longer necessary thanks to cloud platforms, which are inexpensive and simple to deploy. While the Internet of Things is all about interconnected gadgets that generate a lot of data, cloud platforms allow analytics to extract value from the data. Vendors of smart office solutions now have a method to link loT-enabled devices to workplace management systems placed at the control center thanks to cloud computing technology. End users will be able to quickly and affordably construct a loT-based sense and response system thanks to these capabilities. The cloud platform is a safe platform for the computing and storage of a lot of data.

  • Enterprises must have integrated security and safety systems

CHALLENGES:

  • Integration of real-time streaming analytics capabilities into intelligent solutions

The smart office market is changing as a of data analytics. Numerous proximity sensors, smart meters, smart thermostats, relays, network switches and gateways, and actuators in smart office buildings produce enormous amounts of data. The main issue for providers of smart office solutions is to generate and acquire relevant data insights from such enormous data to give real-time streaming analytics solution. The solution providers must develop superior data analysis methods and precise prediction analysis models in order to obtain a competitive edge.

IMPACT ANALYSIS

IMPACT OF RUSSIAN UKRAINE WAR

The conflict between Russia and Ukraine is the most cutting-edge conflict humanity has experienced too far. There is no doubt that war and everything connected to it have changed and developed. The nature of war, however, that compels individuals and nations to engage in conflict, does not change. Even while new sectors of combat and technologies have emerged, the overarching objective of dominating others and defending your sovereignty remains the same. The military is anticipated to undergo significant modifications and reforms after the war. Today, every state that cares about its national security gathers data via a variety of techniques, including Al. This database will act as a guide for future defense and security advancement when the battle is done. The condition of warfare has changed to one that is more technologically advanced, with new interdependencies that go beyond only weapon systems. Military strategists, commanders, and even field operators must adapt to this change with the appropriate tools and novel tactics. In a short-war scenario, global ICT spending will increase by 4.1% annually in 2022, which is a decrease from IDC's February prediction (4.8%). According to this scenario, Russian ICT spending will decline by 25% in 2022–2021 while rising 3.4% annually in the rest of Europe. In 2022, the rest of the world's ICT market will expand by 4.8%.

IMPACT OF ONGOING RECESSION

Germany, long hailed as Europe's economic engine and the fourth largest economy in the world, entered recession in the first quarter of 2023 as its GDP decreased by 0.3%. This comes after a drop of 0.5% in the fourth quarter of the previous year, which essentially put the nation into a recession. German Economy Minister Robert Habeck attributed the current economic crisis on the nation's historic high reliance on Russian gas. On Thursday, Habeck remarked at a gathering in Berlin, "We're fighting our way out of this crisis." Among the G7 countries, Germany has the poorest economic performance. According to experts, the country's huge inflation has stifled the expansion of consumption, which when combined with the ongoing energy crisis portends economic doom for the nation. In the first quarter of 2023, household final consumption spending fell by 1.2%, the report continued. Additionally, the nation has failed to sustainably meet the energy needs of its industrial sector, which is only able to operate to its full potential when supplied with Russian fuel. Despite the fact that Russian politics and industry have been unable to adapt to new difficulties.

MARKET SEGMENTATION

By Type

  • Hardware

  • Software

  • Services

By Office Type

  • Retrofit

  • New Construction

 

Smart and Connected Office Market Segmentation Analysis

REGIONAL ANALYSIS

Due to rising sales of smart equipment such smart lighting, loT (Internet of Things) solutions, smart communication devices, and smart software in the region, North America is anticipated to have the largest and fastest expanding regional market for smart offices during the forecast period. According, the global sales of smart lighting were approximately US$ 59 billion in 2022, rising to US$ 61 billion in 2023, which is anticipated to support industry expansion.

Furthermore, it is anticipated that the innovative and cost-effective growth of the construction sector would increase the number of buildings and infrastructure, opening doors for suppliers of smart office solutions. The Asia Pacific commercial construction market was estimated to be worth US$ 1,341 billion in 2021 and is projected to grow to US$ 2,499 billion by 2022, according to analysis. In the near future, this is anticipated to open up a profitable market for smart offices in India. The market's expansion is, however, still constrained by various restrictions on the design of smart offices. Employee training in IT security is required to limit the likelihood of assaults that aim to access the systems, as security is a key danger to smart offices.

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

KEY PLAYERS

Some of key players of Smart and Connected Office Market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands)and other players are listed in a final report.

Siemens AG (Germany)-Company Financial Analysis

RECENT DEVELOPMENT

  • In order to address the expanding mixed office demands of Chinese enterprises, Logitech and Tencent Meeting hosted a launch event in July 2022 to introduce their one-stop "full-scenario, multi-category, and cross-domain" intelligent office technology. Personal interaction and conference rooms of varying sizes are two application areas that the entire smart office system is designed to address. It enables businesses and individuals to organize high-definition audio and video online conferences.

  • June 2022: Omantel presented its intelligent office solutions at COMEX with help from Huawei. A range of Smart Office scenarios from Omantel were on display; these scenarios enhance user engagement, performance, and meeting effectiveness. One is a multi-screen collaboration with seamless communication between the laptop, tablets, and intelligent whiteboard.   

    Smart and Connected Office Market Report Scope:
    Report Attributes Details

    Market Size in 2022

     US$ 3.15 billion 

    Market Size by 2030

     US$ 7.63 billion 

    CAGR 

     CAGR of 11.7%  From 2023 to 2030

    Base Year

    2022

    Forecast Period

     2023-2030

    Historical Data

     2019-2021

    Report Scope & Coverage

    Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook

    Key Segments

    By Type (Hardware, Software, Services), By Office Type (Retrofit, New Construction)

    Regional Analysis/Coverage

    North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

    Company Profiles

    Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands)

    Market opportunities

    •Enterprises must have integrated security and safety    systems                                                                            

    •Developing cloud-based loT platform environment

    Market challenges

      •Integration of real-time streaming analytics capabilities into intelligent solutions 

     

 

Frequently Asked Questions

Smart and Connected Office Market is anticipated to expand by 11.7% from 2023 to 2030.

 Smart and Connected Office Market size was valued at USD 3.15 billion in 2022

 North America is dominating the Smart and Connected Office Market.

The difficulty of altering or modernizing the current system.

 

 Growing need for energy-efficient smart office systems and sensor networks, increasing use of cloud-based technologies and IoT.

TABLE OF CONTENT

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Smart and Connected Office Market Segmentation, By Type 
8.1    Hardware
8.2    Software
8.3    Services

9.Smart and Connected Office Market Segmentation, By Office Type 
9.1 Retrofit
9.2    New Construction

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Smart and Connected Office Market by Country
10.2.2North America Smart and Connected Office Market by Type
10.2.3 North America Smart and Connected Office Market by Office Type
10.2.4 USA
10.2.4.1 USA Smart and Connected Office Market by Type
10.2.4.2 USA Smart and Connected Office Market by Office Type
10.2.5 Canada
10.2.5.1 Canada Smart and Connected Office Market by Type
10.2.5.2 Canada Smart and Connected Office Market by Office Type
10.2.6 Mexico
10.2.6.1 Mexico Smart and Connected Office Market by Type
10.2.6.2 Mexico Smart and Connected Office Market by Office Type
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Smart and Connected Office Market by Country
10.3.1.2 Eastern Europe Smart and Connected Office Market by Type
10.3.1.3 Eastern Europe Smart and Connected Office Market by Office Type
10.3.1.4 Poland
10.3.1.4.1 Poland Smart and Connected Office Market by Type
10.3.1.4.2 Poland Smart and Connected Office Market by Office Type
10.3.1.5 Romania
10.3.1.5.1 Romania Smart and Connected Office Market by Type
10.3.1.5.2 Romania Smart and Connected Office Market by Office Type
10.3.1.6 Hungary
10.3.1.6.1 Hungary Smart and Connected Office Market by Type
10.3.1.6.2 Hungary Smart and Connected Office Market by Office Type
10.3.1.7 Turkey
10.3.1.7.1 Turkey Smart and Connected Office Market by Type
10.3.1.7.2 Turkey Smart and Connected Office Market by Office Type
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Smart and Connected Office Market by Type
10.3.1.8.2 Rest of Eastern Europe Smart and Connected Office Market by Office Type
10.3.2 Western Europe
10.3.2.1 Western Europe Smart and Connected Office Market by Country
10.3.2.2 Western Europe Smart and Connected Office Market by Type
10.3.2.3 Western Europe Smart and Connected Office Market by Office Type
10.3.2.4 Germany
10.3.2.4.1 Germany Smart and Connected Office Market by Type
10.3.2.4.2 Germany Smart and Connected Office Market by Office Type
10.3.2.5 France
10.3.2.5.1 France Smart and Connected Office Market by Type
10.3.2.5.2 France Smart and Connected Office Market by Office Type
10.3.2.6 UK
10.3.2.6.1 UK Smart and Connected Office Market by Type
10.3.2.6.2 UK Smart and Connected Office Market by Office Type
10.3.2.7 Italy
10.3.2.7.1 Italy Smart and Connected Office Market by Type
10.3.2.7.2 Italy Smart and Connected Office Market by Office Type
10.3.2.8 Spain
10.3.2.8.1 Spain Smart and Connected Office Market by Type
10.3.2.8.2 Spain Smart and Connected Office Market by Office Type
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Smart and Connected Office Market by Type
10.3.2.9.2 Netherlands Smart and Connected Office Market by Office Type
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Smart and Connected Office Market by Type
10.3.2.10.2 Switzerland Smart and Connected Office Market by Office Type
10.3.2.11 Austria
10.3.2.11.1 Austria Smart and Connected Office Market by Type
10.3.2.11.2 Austria Smart and Connected Office Market by Office Type
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Smart and Connected Office Market by Type
10.3.2.12.2 Rest of Western Europe Smart and Connected Office Market by Office Type
10.4 Asia-Pacific
10.4.1 Asia Pacific Smart and Connected Office Market by Country
10.4.2 Asia Pacific Smart and Connected Office Market by Type
10.4.3 Asia Pacific Smart and Connected Office Market by Office Type
10.4.4 China
10.4.4.1 China Smart and Connected Office Market by Type
10.4.4.2 China Smart and Connected Office Market by Office Type
10.4.5 India
10.4.5.1 India Smart and Connected Office Market by Type
10.4.5.2 India Smart and Connected Office Market by Office Type
10.4.6 Japan
10.4.6.1 Japan Smart and Connected Office Market by Type
10.4.6.2 Japan Smart and Connected Office Market by Office Type
10.4.7 South Korea
10.4.7.1 South Korea Smart and Connected Office Market by Type
10.4.7.2 South Korea Smart and Connected Office Market by Office Type
10.4.8 Vietnam
10.4.8.1 Vietnam Smart and Connected Office Market by Type
10.4.8.2 Vietnam Smart and Connected Office Market by Office Type
10.4.9 Singapore
10.4.9.1 Singapore Smart and Connected Office Market by Type
10.4.9.2 Singapore Smart and Connected Office Market by Office Type
10.4.10 Australia
10.4.10.1 Australia Smart and Connected Office Market by Type
10.4.10.2 Australia Smart and Connected Office Market by Office Type
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Smart and Connected Office Market by Type
10.4.11.2 Rest of Asia-Pacific APAC Smart and Connected Office Market by Office Type
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Smart and Connected Office Market by Country
10.5.1.2 Middle East Smart and Connected Office Market by Type
10.5.1.3 Middle East Smart and Connected Office Market by Office Type
10.5.1.4 UAE
10.5.1.4.1 UAE Smart and Connected Office Market by Type
10.5.1.4.2 UAE Smart and Connected Office Market by Office Type
10.5.1.5 Egypt
10.5.1.5.1 Egypt Smart and Connected Office Market by Type
10.5.1.5.2 Egypt Smart and Connected Office Market by Office Type
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Smart and Connected Office Market by Type
10.5.1.6.2 Saudi Arabia Smart and Connected Office Market by Office Type
10.5.1.7 Qatar
10.5.1.7.1 Qatar Smart and Connected Office Market by Type
10.5.1.7.2 Qatar Smart and Connected Office Market by Office Type
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Smart and Connected Office Market by Type
10.5.1.8.2 Rest of Middle East Smart and Connected Office Market by Office Type
10.5.2 Africa
10.5.2.1 Africa Smart and Connected Office Market by Country
10.5.2.2 Africa Smart and Connected Office Market by Type
10.5.2.3 Africa Smart and Connected Office Market by Office Type
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Smart and Connected Office Market by Type
10.5.2.4.2 Nigeria Smart and Connected Office Market by Office Type
10.5.2.5 South Africa
10.5.2.5.1 South Africa Smart and Connected Office Market by Type
10.5.2.5.2 South Africa Smart and Connected Office Market by Office Type
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Smart and Connected Office Market by Type
10.5.2.6.2 Rest of Africa Smart and Connected Office Market by Office Type
10.6 Latin America
10.6.1 Latin America Smart and Connected Office Market by Country
10.6.2 Latin America Smart and Connected Office Market by Type
10.6.3 Latin America Smart and Connected Office Market by Office Type
10.6.4 Brazil
10.6.4.1 Brazil Smart and Connected Office Market by Type
10.6.4.2 Brazil Africa Smart and Connected Office Market by Office Type
10.6.5 Argentina
10.6.5.1 Argentina Smart and Connected Office Market by Type
10.6.5.2 Argentina Smart and Connected Office Market by Office Type
10.6.6 Colombia
10.6.6.1 Colombia Smart and Connected Office Market by Type
10.6.6.2 Colombia Smart and Connected Office Market by Office Type
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Smart and Connected Office Market by Type
10.6.7.2 Rest of Latin America Smart and Connected Office Market by Office Type

11 Company Profile
11.1 Siemens AG (Germany)
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Schneider Electric SA (France)
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Johnson Controls International PLC (US)
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Honeywell International Inc. (US)
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 ABB Ltd. (Switzerland)
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Cisco Systems, Inc. (US)
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 United Technologies Corporation (US)
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Lutron Electronics Co. Inc. (US)
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Crestron Electronics, Inc. (US)
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Philips Lighting Holding B.V (Netherlands)
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View

12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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