The growth of the smart office market is driven by various factors such as increase in demand for smart office solutions and sensor networks for energy efficiency, advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favorable government regulations in several countries.
The smart office market was valued at USD 22.21 Billion in 2017 and is expected to reach USD 46.11 Billion by 2023, at a CAGR of 12.94% during the forecast period. The market in APAC is expected to grow at the highest CAGR during the forecast period. The Americas is one of the top contributors for this market and is expected to grow due to the presence of major players in the region.
Some of the major companies operating in the global smart office market are ABB, Cisco Systems, Crestron Electronics, Honeywell, Johnson Controls, Philips Lighting, Lutron Electronics, Schneider Electric, Siemens, and United Technologies Corporation.
Top 2 players in the smart office market:
Siemens is one of the major engineering companies in Europe with branch offices located worldwide. The company is primarily engaged in the electrical engineering and electronics business. It offers products, services, and solutions for the effective use of resources and energy. The company operates in the following segments—Power and Gas, Healthineers, Energy Management, Digital Factory, Process Industries and Drives, Mobility, Building Technologies, Wind Power and Renewables, and Financial Services (SFS). The company follows both organic and inorganic growth strategies to advance in the smart office market. It has been a key player in the automation sector for several years. The company invests considerably in the R&D of new concepts and technologies in smart office market and focuses on improving its existing product portfolio. The company’s strategy is to deliver integrated architectures, solutions, and outcomes to help customers grow, manage costs, and mitigate risks. Moreover, its strategy is also to make customers more dependent on technology, especially on smart technology, to meet business objectives and ensure market competitiveness. In July 2017, Siemens expands its range of OpenAir damper actuators for heating, ventilation and air-conditioning applications with spring-return models with 4 Nm of torque. At the same time, new features are being added to conventional damper actuators with 2 Nm of torque. In March 2017, Siemens and SAP signed a global reseller agreement through which SAP will globally resell Siemens' market-leading meter data management solution, EnergyIP. This cooperative effort is intended to address several digital end-to-end business scenarios for energy and utility clients worldwide.
The company was formerly known as Schneider SA and changed its name to Schneider Electric SA in May 1999. It mainly operates through four business segments—Buildings, Infrastructure, Industry, and IT. The company engages in the design, development, and sales of products, equipment, and solutions related to the metering, management, and use of energy in France and internationally. Its buildings business segment provides assistance for industrial or commercial buildings to become more energy-efficient using automation and security systems (programmable regulators, centralized building management systems, camera sensors, and security monitoring equipment). The segment’s product offerings include security systems, heating, ventilation and air-conditioning (HVAC) controllers, sensors, valves and actuators, programmable regulators, centralized building management systems, space optimization solutions, access control, video cameras, and security monitoring equipment. The company also focuses on strategic collaborations, agreements, acquisitions, and partnerships to strengthen its core businesses. For instance, in August 2017, Claroty (an innovator in Operational Technology (OT) network protection) and Schneider Electric entered into a partnership to address safety and cybersecurity challenges for the world’s industrial infrastructure.
The stakeholders involved in the value chain of this market include companies in the smart office market, investment community interested in the smart office market, research institutes and organizations, government and financial institutions, original device manufacturers (ODMs), building automation service providers, networking technologies vendors, real estate builders, building automation software solutions providers, building automation service providers, smart office-related associations, organizations, forums, and alliances.
Smart Office Market by Product (Smart Lighting/Lighting Controls, Security Systems, Energy Management Systems, HVAC Control Systems, Audio–Video Conferencing Systems), Software & Service, Office Type, and Geography - Global Forecast to 2023
701 Pike Street,
Suite 2175, Seattle,
WA 98101, United States
Email: [email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE