VANCOUVER, B.C., Feb. 17, 2022 /PRNewswire/ — The global smart space market size reached USD 13.19 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of smart homes and devices in smart spaces is one of the major factors expected to continue to drive market revenue growth.
Drivers:
In a smart space, which can be physical or digital, humans and innovation systems interact in more accessible, integrated, coordinated, and intelligent environments. It enables building a world with acoustic sensing and visual systems that respond to humans without requiring them to use any special products or accessories. Technologies such as vision, facial expression, gesture identification, dynamic solutions, performance animation, and audition are incorporated in smart rooms. Interconnected residences or smart homes are the best examples of smart space since these aid to ensure better security, productivity, convenience, and wellbeing.
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Facilities that could best benefit from smart spaces are hospitals, airports, grocery stores, and apartment buildings, among numerous others. Smart spaces provide several advantages, including increased personal and professional productivity, increased energy efficiency, and ease of use. Increasing integration of Artificial Intelligence (AI) technology in smart space solutions is expected to continue to driving market revenue growth.
Restraints:
Smart space solutions and services are relatively new in the market, and many organizations and solution providers, especially in developed countries, are focusing on entering the market with more innovative and advanced products and services. As a result, early investors are spending substantially to have these technologies installed, while many developing countries lack the necessary infrastructure and resources to get a first-mover advantage. This concentration has occurred in advanced regions due to lack of potential markets and allied industries in nearby developing regions. However, as a consequence of Foreign Direct Investment (FDI) and the ease with which companies may access these markets, most firms are now providing its services in other regions. Thus, companies want to avoid investing a substantial amount in human resource training, and instead prefer to recruit already certified personnel and staff.
Growth Projections:
Global smart space market is expected to register a CAGR of 17.9% over the forecast period, and market size is projected to increase from USD 13.19 Billion in 2020 to USD 66.12 Billion in 2030. Increasing demand for green buildings due to environmental concerns is a key factor expected to boost market revenue growth over the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 pandemic has had an impact on every business in the world, including the smart space solutions market. Smart space market ecology is diverse, so the entire ecosystem will have significant impacts. The pandemic will have a positive effect on a few sectors of this ecosystem, while others may see a deterioration. For example, post-peak COVID-19 towards the middle and further in 2021, many businesses had more or less accepted the work-from-home model, enabling utilization of greater residential space. Business continuity was and is one of the key concerns for companies during the pandemic, which has resulted in significant growth in supporting and connected services. Globally, smart space suppliers have been more active in development and assisting end-users with physical environment security solutions.
Current Trends and Innovations:
As a result of the COVID-19 pandemic, businesses around the world were focused on developing a more secure and operable digital workplace. One of the major factors encouraging development of smart spaces has been to provide users contactless access while also protecting them from potential cyber-attacks. Besides, such companies are converting their current physical infrastructure with the addition of digital technology in order to improve individual experiences, collaboration, and also to ensure long-term viability. Additionally, the need for smart spaces is being fueled by increasing trends of automation and digitalization, which are transforming industrial facilities into smart factories that allow for seamless information exchange between people, machines, and sensors.
Geographical Outlook:
Global smart space market in North America is expected to register significantly steady revenue CAGR over the forecast period. Innovative and more advanced business-related technologies and solutions are being steadily adopted across organizations in countries in the region, which is expected to augment market revenue growth.
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Strategic Initiatives:
Some major companies included 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 Pte, Ltd., Softweb Solution Inc., and Ubisense Group Plc.
· In November 2020, the UK power networks selected ABB Ltd. as its strategic partner for pilot installation and digital future. Traditional power networks face numerous challenges as the pace of change in electrical infrastructure increases. SSC600 has been monitoring a 11kV substation in Maidstone, Kent, since late 2019, which is a key site for UK Power Networks, with many substations within a single footprint supporting a significantly large customer base.
Emergen Research has segmented global smart space market, on the basis of type, component, application, end-use, and region:
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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