Smart Space Market

Smart Space Market by Component (Solutions and Services), Application (Energy Optimization and Management, Emergency Management, and Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2024

Report Code : TC 7086
Published ON : May, 2019

[121 Pages Report] The smart space market size is expected to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. Factors such as the proliferation of Internet of Things (IoT) and green building initiatives and environmental concerns are expected to fuel the market growth. However, high initial capital expenditure is expected to restrain market growth.    

Smart Space Market

Solutions segment to constitute a larger market size during the forecast period 

The smart space market by component covers solutions and services. The solutions segment outperforms the services segment and would see maturation in the future due to the higher adoption of solutions. The smart space solutions enable organizations to redefine financial goals, monitor costs and revenue, and develop business plans through early identification of trends and anomalies. Modern mathematical methods and emergence of Information Technology (IT) applications and infrastructure, such as big data and predictive analytics, have enhanced the capabilities of smart space solutions to gain real-time insights.

Emergency management segment is expected to grow at the highest CAGR during the forecast period.

Data and technology have an increasingly important role in improving emergency management departments across the globe. Many vendors are ready to equip technologies, which extend the reach of occupants even when they are located remotely. Devices such as smart cameras with improved image sensor can now keep a watch on the remote corners 24*7 to improve the security aspect of any facility. Similarly, the ultrasonic location tracking system in research labs, power plants, and other highly secured areas can easily detect the movements, locations, and orientation of the occupants.

Commercial segment to account for the largest market size during the forecast period

The commercial segment comprises restaurants, hotels, clinics and hospitals, shopping complex or malls, among others. Organizations operating the commercial places are focusing on the reduction of operating costs, security, public safety, and power management through energy optimization in addition to the enhancement of the customer experience.

Smart Space Market

North America to account for the largest market size during the forecast period

The global smart space market by region covers 5 major geographic regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is expected to account for the largest market size during the forecast period. North America is expected to hold the highest market share and dominate the market from 2019 to 2024, due to the presence of many solution vendors in the US. The APAC region is witnessing significant growth opportunities, owing to growing technology expenditures in major countries, such as Japan, China, and India, and the demand for cost-effective analytical software and services among Small and Medium-sized Enterprises (SMEs).

Key Smart Space Market Players

The smart space market comprises major solution providers, such as IBM (US), ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei (China), Schneider Electric (France), Smart space Software PLC (UK), Hitachi Vantara (US), Iconics (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore), and Adappt (US).

The study includes an in-depth competitive analysis of these key players in the smart space market with their company profiles, recent developments, and key market strategies.

Recent Developments:

  • In April 2019, ABB strengthened its partnership by signing a new Memorandum of Understanding (MoU) with Ericsson. The MoU states their agreement to endure their strong research collaboration, enhancements in manufacturing processes and automation, and exploring new business opportunities for the business.
  • In May 2018, Cisco acquired Accompani that provides an AI-driven relationship intelligence platform for finding new prospects, navigating the selling process, and strengthening relationships. This acquisition enables Cisco to focus on company and user data provision in WebEx meeting to increase the collaboration between teams.

Key Questions addressed by the report:

  • What are the opportunities in the smart space market?
  • What is the competitive landscape in the market?
  • What are the emerging technologies impacting the overall market?
  • What are the key use cases existing in the market?
  • What are the key trends and dynamics existing in the market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Regions Covered
    1.4 Years Considered for the Study
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakup of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Breakup and Data Triangulation
    2.3 Market Size Estimation
    2.4 Market Forecast
    2.5 Microquadrant Research Methodology
           2.5.1 Vendor Inclusion Criteria
    2.6 Assumptions for the Study
    2.7 Limitations of the Study

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Opportunities in the Smart Space Market
    4.2 Market Growth Across Regions

5 Market Overview and Industry Trends (Page No. - 30)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Proliferation of Iot
                    5.2.1.2 Green Building Initiatives and Environmental Concerns
           5.2.2 Restraints
                    5.2.2.1 High Initial Capital Expenditure
           5.2.3 Opportunities
                    5.2.3.1 Government Initiatives for Smart Cities
                    5.2.3.2 Emerging 5G Technology to Enhance Connectivity
                    5.2.3.3 Rising Urban Population
           5.2.4 Challenges
                    5.2.4.1 Risks of Breach in Security and Privacy Due to Device Malfunctioning
                    5.2.4.2 Lack of Resources and Infrastructure in Developing Countries
    5.3 Ecosystem
           5.3.1 Market Ecosystem
    5.4 Smart Space Market: Use Cases
           5.4.1 Use Case 1: Improving Workplace Efficiency By Maximizing Desk and Meeting Spaces Utilization
           5.4.2 Use Case 2: Optimizing Energy Consumption and Enhancing Staff Comfort and Experience
           5.4.3 Use Case 3: Maximizing Energy Efficiency and Sustainability of Office Building
    5.5 Smart Space Market: Impact of IoT

6 Smart Space Market By Application (Page No. - 38)
    6.1 Introduction
    6.2 Energy Management and Optimization
           6.2.1 Increasing Energy Needs and Growing Interest in Green Buildings to Impact Market Significantly
    6.3 Emergency Management
           6.3.1 Emergency Management to Assist Organizations in Understanding and Identifying Early Warning Signals to Reduce Impact
    6.4 Security Management
           6.4.1 Growing Concerns Over Security and Safety Across Regions to Boost Demand for Security Management
    6.5 Others

7 Smart Space Market By Component (Page No. - 44)
    7.1 Introduction
    7.2 Solutions
           7.2.1 Increasing Need for Better Home and Workplace Automation Applications to Drive Adoption of New Solutions
    7.3 Services
           7.3.1 Managed Services
                    7.3.1.1 Increasing Need for Effective Management Advices to Boost Managed Services Growth
           7.3.2 Professional Services
                    7.3.2.1 Support and Maintenance
                               7.3.2.1.1 Increasing Need for Assistance During Asset Life Cycle to Spur the Demand for Support and Maintenance Services
                    7.3.2.2 Deployment and Integration
                               7.3.2.2.1 Seamless Integration and Easy Installation to Fuel the Growth of Deployment and Integration Services
                    7.3.2.3 Consulting
                               7.3.2.3.1 Growing Demand for Business Transformation to Boost Consulting Services Growth

8 Smart Space Market By Premises Type (Page No. - 51)
    8.1 Introduction
    8.2 Commercial
           8.2.1 Emergence of Industrial Automation to Bolster the Need for Commercial Building Transformation
    8.3 Residential
           8.3.1 Use of Big Data and Analytics to Drive the Smart Residential Space Market
    8.4 Others

9 Smart Space Market By Region (Page No. - 56)
    9.1 Introduction
    9.2 North America
           9.2.1 United States
                    9.2.1.1 Increasing Demand for Voice Over and Automated Systems at Workplaces and Homes to Drive the US Market
           9.2.2 Canada
                    9.2.2.1 Rising Adoption of Automated Systems to Drive the Growth of Market in Canada
    9.3 Europe
           9.3.1 Germany
                    9.3.1.1 Focus on Optimizing Operations Through Real-Time Predictions to Drive the Market in Germany
           9.3.2 United Kingdom
                    9.3.2.1 Rising Focus of Government on Advanced Technologies to Significantly Impact the Market
           9.3.3 France
                    9.3.3.1 Growing Adoption of Emerging Technologies to Spur the Demand for Smart Space Solutions in France
           9.3.4 Spain
                    9.3.4.1 Increasing Use of Emerging Technologies to Drive the Market in Spain
           9.3.5 Rest of Europe
    9.4 Asia Pacific
           9.4.1 Japan
                    9.4.1.1 Increasing Use of Smart Phones and Voice Assistants to Drive the Market in Japan
           9.4.2 Singapore
                    9.4.2.1 Government Initiatives to Drive the Market in Singapore
           9.4.3 China
                    9.4.3.1 Increasing Adoption of Advanced Technologies and Rising Number of Tech Startups to Boost the Growth of Market
           9.4.4 India
                    9.4.4.1 Growing Technological Adoption to Fuel the Demand for Smart Space Solutions in India
           9.4.5 Rest of Asia Pacific
    9.5 Latin America
           9.5.1 Brazil
                    9.5.1.1 Investments By Multinational Companies to Drive the Market in Brazil
           9.5.2 Mexico
                    9.5.2.1 Growing Government Initiatives and Increasing Demand for Smart Spaces to Trigger Market Growth in Mexico
           9.5.3 Rest of Latin America
    9.6 Middle East and Africa
           9.6.1 Middle East
                    9.6.1.1 Technological Advancements to Drive the Adoption Rate of Smart Space Solutions in the Middle East
           9.6.2 Africa
                    9.6.2.1 Transformations in the Overall Infrastructure Industry to Boost the Adoption of Smart Space Solutions in Africa

10 Competitive Landscape (Page No. - 77)
     10.1 Microquadrant Overview
             10.1.1 Visionaries
             10.1.2 Innovators
             10.1.3 Dynamic Differentiators
             10.1.4 Emerging Companies
             10.1.5 Strength of Product Portfolio Adopted By Major Players in the Market
             10.1.6 Business Strategy Excellence Adopted By Major Players in the Smart Space Market

11 Company Profiles (Page No. - 81)
     11.1 Introduction
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
     11.2 ABB
     11.3 Cisco
     11.4 Siemens
     11.5 Huawei
     11.6 IBM
     11.7 Schneider Electric
     11.8 Smartspace Software
     11.9 Hitachi Vantara
             11.9.1 Business Overview
     11.10 Iconics
     11.11 Coor
     11.12 Ubisense
     11.13 Smarten Space
     11.14 Spacewell
     11.15 Softweb Solutions
     11.16 Eutech Cybernetic
     11.17 Adappt

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 115)
     12.1 Key Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Available Customization
     12.5 Related Reports
     12.6 Author Details


List of Tables (50 Tables)

Table 1 United States Dollar Exchange Rate, 2016–2018
Table 2 Evaluation Criteria
Table 3 Smart Space Market Size and Growth Rate, 2017–2024 (USD Million, Y-O-Y %)
Table 4 Market Size By Application, 2017–2024 (USD Million)
Table 5 Energy Management and Optimization: Market Size By Region, 2017–2024 (USD Million)
Table 6 Emergency Management: Market Size By Region, 2017–2024 (USD Million)
Table 7 Security Management: Market Size By Region, 2017–2024 (USD Million)
Table 8 Others: Market Size By Region, 2017–2024 (USD Million)
Table 9 Smart Space Market Size, By Component, 2017–2024 (USD Million)
Table 10 Services: Market Size By Region, 2017–2024 (USD Million)
Table 11 Services: Market Size By Type, 2017–2024 (USD Million)
Table 12 Professional Services: Market Size By Type, 2017–2024 (USD Million)
Table 13 Support and Maintenance Market Size, By Region, 2017–2024 (USD Million)
Table 14 Deployment and Integration Market Size, By Region, 2017–2024 (USD Million)
Table 15 Consulting Market Size, By Region, 2017–2024 (USD Million)
Table 16 Premises Type: Market Size By Region, 2017–2024 (USD Million)
Table 17 Commercial: Market Size By Region, 2017–2024 (USD Million)
Table 18 Residential: Market Size By Region, 2017–2024 (USD Million)
Table 19 Others: Market Size By Region, 2017–2024 (USD Million)
Table 20 Smart Space Market Size, By Region, 2017–2024 (USD Million)
Table 21 North America: Market Size By Component, 2017–2024 (USD Million)
Table 22 North America: Market Size By Service, 2017–2024 (USD Million)
Table 23 North America: Market Size By Professional Service, 2017–2024 (USD Million)
Table 24 North America: Market Size By Application, 2017–2024 (USD Million)
Table 25 North America: Market Size By Premises Type, 2017–2024 (USD Million)
Table 26 North America: Market Size By Country, 2017–2024 (USD Million)
Table 27 Europe: Smart Space Market Size, By Component, 2017–2024 (USD Million)
Table 28 Europe: Market Size By Service, 2017–2024 (USD Million)
Table 29 Europe: Market Size By Professional Service, 2017–2024 (USD Million)
Table 30 Europe: Market Size By Application, 2017–2024 (USD Million)
Table 31 Europe: Market Size By Premises Type, 2017–2024 (USD Million)
Table 32 Europe: Market Size By Country, 2017–2024 (USD Million)
Table 33 Asia Pacific: Smart Space Market Size, By Component, 2017–2024 (USD Million)
Table 34 Asia Pacific: Market Size By Service, 2017–2024 (USD Million)
Table 35 Asia Pacific: Market Size By Professional Service, 2017–2024 (USD Million)
Table 36 Asia Pacific: Market Size By Application, 2017–2024 (USD Million)
Table 37 Asia Pacific: Market Size By Premises Type, 2017–2024 (USD Million)
Table 38 Asia Pacific: Market Size By Country, 2017–2024 (USD Million)
Table 39 Latin America: Smart Space Market Size, By Component, 2017–2024 (USD Million)
Table 40 Latin America: Market Size By Service, 2017–2024 (USD Million)
Table 41 Latin America: Market Size By Professional Service, 2017–2024 (USD Million)
Table 42 Latin America: Market Size By Application, 2017–2024 (USD Million)
Table 43 Latin America: Market Size By Premises Type, 2017–2024 (USD Million)
Table 44 Latin America: Market Size By Country, 2017–2024 (USD Million)
Table 45 Middle East and Africa: Smart Space Market Size, By Component, 2017–2024 (USD Million)
Table 46 Middle East and Africa: Market Size By Service, 2017–2024 (USD Million)
Table 47 Middle East and Africa: Market Size By Professional Service, 2017–2024 (USD Million)
Table 48 Middle East and Africa: Market Size By Application, 2017–2024 (USD Million)
Table 49 Middle East and Africa: Market Size By Premises Type, 2017–2024 (USD Million)
Table 50 Middle East and Africa: Market Size By Sub-Region, 2017–2024 (USD Million)
 
 
List of Figures (32 Figures)
 
Figure 1 Global Smart Space Market: Research Design
Figure 2 Market Estimation and Forecast Methodology
Figure 3 Factor Analysis
Figure 4 Segments With the Highest Growth Rates During the Forecast Period
Figure 5 Market By Component, 2019–2024
Figure 6 Market By Application, 2019–2024
Figure 7 Increasing Need to Analyze Real-Time Consumer Data for Decision-Making to Be the Major Factor Contributing to the Growth of the Smart Space Market
Figure 8 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 9 Drivers, Restraints, Opportunities, and Challenges: Smart Space Market
Figure 10 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 11 Professional Services Segment to Hold A Larger Market Size During the Forecast Period
Figure 12 Professional Services Segment to Hold A Larger Market Size During the Forecast Period
Figure 13 Commercial Segment to Hold the Highest Market Share During the Forecast Period
Figure 14 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 15 North America: Market Snapshot
Figure 16 Asia Pacific: Market Snapshot
Figure 17 Smart Space Market, Competitive Leadership Mapping, 2019
Figure 18 ABB: Company Snapshot
Figure 19 ABB: SWOT Analysis
Figure 20 Cisco: Company Snapshot
Figure 21 Cisco: SWOT Analysis
Figure 22 Siemens: Company Snapshot
Figure 23 Siemens: SWOT Analysis
Figure 24 Huawei: Company Snapshot
Figure 25 Huawei: SWOT Analysis
Figure 26 IBM: Company Snapshot
Figure 27 IBM: SWOT Analysis
Figure 28 Schneider Electric: Company Snapshot
Figure 29 Schneider Electric: SWOT Analysis
Figure 30 Smartspace Software PLC: Company Snapshot
Figure 31 Coor: Company Snapshot
Figure 32 Ubisense: Company Snapshot

The study involves 4 major activities to estimate the current market size for the smart space market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to, to identify and collect information for this study. These secondary sources included annual reports; press releases and investor presentations of companies; white papers, certified publications, and articles by recognized authors; gold standard and silver standard websites; business analytics technology, Research and Development (R&D) organizations; regulatory bodies; and databases.

Primary Research

Various primary sources from both the supply and demand sides of the smart space market ecosystem were interviewed to obtain qualitative and quantitative information for this study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various vendors who provide the smart space solutions; associated service providers; and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. Following is the breakup of primary respondents:

Smart Space Market

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Smart Space Market Size Estimation

For making market estimates, and forecasting the smart space market and the other dependent submarkets, the top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global smart space market using key companies’ revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the market have been identified through extensive secondary research.
  • The market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Report Objectives

  • To define, describe, and forecast the smart space market based on application, component, premise type, and region
  • To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
  • To analyze subsegments with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the market for stakeholders and provide the competitive landscape of the market
  • To forecast the revenue of the market segments with respect to all the 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
  • To profile the key players, and comprehensively analyze recent developments and their positioning related to the smart space market
  • To analyze competitive developments, such as mergers and acquisitions, new product developments, and R&D activities, in the market

Scope of the Report

Report Metric

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Billion (USD)

Segments covered

Application, Component, and Premise Type

Geographies covered

North America, APAC, Europe, Latin America, and MEA

Companies covered

IBM (US), ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei (China), Schneider Electric (France), Smartspace Software PLC (UK), Hitachi Vantara (US), Iconics (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore), and Adappt (US).

This research report categorizes the smart space market based on application, component, and premise type.

Based on Application, the smart space market has been segmented as follows:

  • Energy management and optimization services        
  • Emergency management
  • Security management
  • Others

Based on Component, the smart space market has been segmented as follows:

  • Solutions
  • Services
    • Managed services
    • Professional services
      • Support and maintenance
      • Deployment and integration
      • Consulting

Based on premise type, the smart space market has been segmented as follows:

  • Commercial
  • Residential
  • Others

Based on Regions, the smart space market has been segmented as follows:

  • North America
    • US
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Spain
    • Rest of Europe
  • APAC
    • China
    • India
    • Singapore
    • Japan
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • Middle East
    • Africa

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Company Information

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