Smart Space Market

IBM (US) and ABB (Switzerland) are leading Players in Smart Space Market

The smart space market 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 that drive the market growth include proliferation of Internet of Things (IoT), and green building initiatives and environmental concerns.

The smart space market comprises major solution providers, such as 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).

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. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations have been the most dominating strategies adopted by the major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.

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IBM (US) is among the leaders in the smart space market with a global presence. The company has a balanced growth strategy in the market, including prominent collaborations with industry players diversifying IBM’s smart space offerings and increasing the company’s market reach. It recently rolled out Artificial Intelligence (AI)-based solutions for specific industries and professions. It is a connected manufacturing offering that helps clients accelerate their IoT transformation, from strategizing, securing the connected devices, and implementation. This would help the client connect all the equipment, sensors, and peripheral devices to improve the quality, lead time, and productivity of the unit. This offering focuses on IoT dependent industries, which function on industrial equipment, automotive, and smart buildings. Headquartered in New York, the US, the company has additional offices in North America, Middle East and Africa (MEA), Europe, and Asia-Pacific (APAC).

Similarly, ABB (Switzerland), is active in delivering the use of IoT concept to deliver services, which improve data analysis, and boost productivity. Remote servicing is one of the key functions that a smart space provides to the end users with the help of the information, supplied by the sensors. In many industries, applications such as cooling and flow of fluids are controlled by drivers or motors, whereas, in larger systems, PLC or automation systems are adopted to do such things. ABB’s Remote Services uses information from these drivers to provide the earliest indication of failures or breakdowns of the entire system. In Raahe on the west coast of Finland, the pilot installation of the support service was already carried out in SSAB steel factory. In its early stage, the service detected a possible breakdown and notified ABB personal about the critical choke elevator. Teams from both ends acted quickly to successfully avert what could be a major problem.

Related Reports:

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

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Report Code
TC 7086
RI Published ON
5/7/2019
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