The global smart space market size is projected to grow from USD 9.4 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The increasing venture capital funding and growing investments in smart space technology to drive market growth.
Key and innovative vendors in the smart space market include ABB. (Switzerland), Cisco (US), Siemens (Germany), Huawei Technologies (China), IBM (US), Schneider Electric (France), Smartspace Software (UK), Hitachi Vantara (US), ICONICS (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Softweb Solutions (US), Eutech Cybernetic (Singapore), Adappt (US), IMEC (Belgium), Nexus (Sweden), Smart Spaces (UK), reelyActive (Canada), Telit (UK), AllGoVision Technologies (India), Energyly (India), Frugal Labs (Inbdia), and Aira Tech Corp (US).
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the smart space market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
IBM Corporation (US) is one of the leading providers of smart space solutions with global presence. In June 2020, IBM launched Watson Works, a curated set of products which embeds Watson AI models and applications to assist enterprise to address return-to-workplace challenges for lockdown put in place to slow the spread of Covid-19. Watson Works allows enterprises to manage facilities, optimize space allocation, prioritize employee health, communicate with employees, vendors and stakeholders, and maximize effective contact tracing.
ABB Ltd. offers a full-stack of innovative smart space products and solutions such as ABB Ability, ABB ibus KNX switch actuators, Cylon controls for HVAC applications and Naveo Pro emergency lighting system. Moreover, ABB Ability offers a remote connectivity solutions for customer operations during Covid-19 crisis. 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.
Smart Space Market by Component (Solutions and Services (professional & managed)), Application (Energy Optimization and Management, Emergency Management, & Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2025
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