IoT at Workplace Market: Technological Advancements, Evolving Industry Trends and Insights

While most leading tech companies across the globe are focusing on developing IoT products and wearables catering to the consumer side, some manufacturers have recognized the potential of developing IoT products for the workplace. IoT at workplace offers great opportunities in various processes such as gathering data in effective, new ways, and interaction with clients. As for most workplaces, data is the most critical part of potentially most workplaces and thus, marketers have to gather data for the target audience, for tracking down traffic, to measure the potential of marketing campaigns, and to track responses, and so on. As such, equipping the workplace with IoT products could prove to be highly beneficial and efficient for workplaces.

The IoT wearables and devices could help in tracking exactly how a consumer mind works, can analyze the buying patterns of consumers, and help in quantifying the responses of consumers. Being able to identify and measure the responses of consumers and advertise products and services are two most important tasks within a workplace, which can be achieved with ease with the help of IoT devices. These devices when paired with artificial intelligence can offer a host of other features and carry out marketing effectively. With increasing advancements in technology and continuous efforts by key players for innovation, the day will not be far when IoT at workplace becomes predominant within enterprises and organizations. Emerging technologies such as 5G will make data gathering easier and drive the growth prospects of the global IoT at workplace market in the period from 2017 to 2024.

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Internet of Things (IoT) is the inter-networking of buildings, vehicles, physical devices, and other items embedded with sensors, software, actuators, electronics, and network connectivity that allows these objects to exchange and collect data. Introduction of Internet of Things at the workplace is transforming it digitally with experiences and interactions presented to enormous number of users across numerous locations, devices, and time. IoT at workplace aids in enhancing satisfaction of the employee by offering a consumer-style experience supported by automation, analytics, self-service, and profile-based support. There is a rising usage of sensors, beacons, and other smart devices that collect data to automate, streamline operations, manufacturing, and enhance user experiences.

Growth Drivers

The IoT at workplace market is primarily driven by the increasing workplace collaboration across the world. Rapid development of new technologies is likely to help advance ease of collaboration. Businesses are likely to swiftly discover more efficient and new techniques due to the merger of Internet of Things and Video conferencing to convey teams together worldwide and more effectively engage and manage employees.

Another important driver responsible for driving the market is the increasing demand for data-driven workplace across the world. It was difficult for companies to understand the impact of their decisions, as they were unable to track all activities in their workplace.

Despite of numerous driving factors in the Internet of Things at workplace market, there are few factors that are likely to hinder the expansion of the market during the forecast period. Data security and privacy concern are few such factors that are estimated to hinder the expansion of this market during the forecast period. A major risk for any industry is the chance of data being compromised since every device and machine is connected to the internet.

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Market Segmentation

In terms of type, the Internet of Things (IoT) at workplace market can be segmented into smart lighting, energy management systems, security and access control, HVAC control, audio video conferencing system, and others. In terms of application, the Internet of Things (IoT) at workplace market can be segmented into media, infrastructure management, environmental monitoring, energy management, healthcare and medical, building and home automation, and others.

Regional Outlook

In terms of geography, the global IoT at workplace market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is anticipated to dominate the Internet of Things at workplace market globally during the forecast period. Advancement in technology and rapid digitalization are key factors responsible for the expansion of the market in North America. Additionally, Asia Pacific is likely to be the most attractive market globally due to the increasing adoption rate of newer technologies.

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Key Players

Leading companies operating in the global Internet of Things at workplace market include ABB Ltd. (Switzerland). Cisco Systems Inc. (U.S.), Crestron Electronics (U.S.), Honeywell International (U.S.), Johnson Controls (U.S.), Koninklijke Philips N.V (the Netherlands), Lutron Electronics (U.S.), Schneider Electric (France), Siemens AG (Germany), Telkom SA Soc Ltd. (South Africa), and United Technologies Corporation (U.S.).

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