Press release
Soaring Demand Set to Propel Smart Space Market to $38.03 Billion by 2029
Smart Space Market
What Is the Expected CAGR for the Smart Space Market Through 2025?
The size of the smart space market has expanded dramatically in the past few years. Its growth is anticipated from $20.59 billion in 2024 to $22.65 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. Factors such as advancements in wireless connectivity, automation and efficiency, increasing urbanization and the rise of smart cities, occupancy analytics for optimizing space, and investments in smart infrastructure have all contributed to this significant growth during the historical period.
What's the Projected Size of the Global Smart Space Market by 2029?
The size of the smart space market is projected to experience a swift increase in the coming years, reaching a market value of $38.03 billion in 2029 with a compound annual growth rate (CAGR) of 13.8%. This predicted growth during the forecast period is chiefly attributed to factors such as the improvement in cybersecurity measures, priority given to health and safety, focus on human-centric designs, groundbreaking advancements in smart retail, economical incentives and policies, and issues of data privacy and ethics. The forecast period is also marked by key trends including the spread of sensors for environment monitoring, smart lighting systems to promote energy efficiency, the development of smart cities and urban planning, utilization of edge computing for instant processing, the emergence of collaboration spaces in smart offices, enhancement of smart retail spaces and customer interaction, and the use of blockchain for safeguarding privacy and building trust.
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Top Growth Drivers in the Smart Space Industry: What's Accelerating the Market?
The rise in sustainable construction and growing ecological considerations are projected to drive the expansion of the smart space market. A sustainable or green building fosters or enhances the environmental quality around it. Such buildings employ smart technology thoroughly integrated into their systems to elevate their performance and features. This technology does more than just data storage; it analyzes the data and provides useful outputs. For example, the Financial Express, a newspaper based in India, predicts that by 2022, the green building market in India will double, hitting 10 billion square feet with a net worth of USD 35-50 billion. Consequently, sustainable building schemes and environmental issues are fueling the growth of the smart space market.
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What Trends Will Shape the Smart Space Market Through 2029 and Beyond?
Top industry players in the smart space sector are leveraging IoT technology to boost their market earnings. IoT usage in smart spaces facilitates instantaneous data gathering and assessment to refine and mechanize operations, better user interactions, and upgrade resource control in different settings, like homes, offices, and cities. For example, Vantiva SA, a broadband company based in France, in September 2023, rolled out the Vantiva Smart Storage technology. This technology is a comprehensive IoT SaaS solution that metamorphoses self-storage facilities into smart spaces. Its primary objective is to provide real estate managers and owners with a combined solution of hardware and software, which increases efficiency and creates new income avenues. The solution, which incorporates the latest IoT technology, is simple to set up and manage, assuring a secure investment with a prespecified and measurable return on investment. Additionally, the platform is capable of supporting numerous communication protocols, integrating third-party devices and systems, and is fully customizable and future-proof.
What Are the Main Segments in the Smart Space Market?
The smart spacemarket covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Space Type: Smart Indoor Space, Smart Outdoor Space
3) By Application: Energy Management And Optimization, Layout And Space management, Emergency And Disaster Management, Security Management, Other Applications
4) By Industry: Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Government, Media And Entertainment, Food And Beverages, Healthcare, Automotive, Other Industries
Subsegments:
1) By Hardware: IoT Devices And Sensors, Smart Lighting Systems, Smart Thermostats, Security Cameras And Systems, Networking Equipment
2) By Software: Management Platforms, Data Analytics Software, Security Software, User Interface Applications, Integration Solutions
3) By Services: Consulting Services, Installation And Deployment Services, Maintenance And Support Services, Managed Services, Training And Education Services
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Which Top Companies are Driving Growth in the Smart Space Market?
Major companies operating in the smart space market include Cisco Systems Inc., Microsoft Corporation, Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, SmartSpace Software PLC., Spacewell, ABB Ltd., Adappt Intelligence Inc., Ubisense Limited, Smarten Spaces INC, Avnet Inc. (Softweb Solutions Inc), ICONICS Inc., Metrikus Ltd., Capmo GmbH, Honeywell International Inc., Johnson Controls International plc, Legrand SA, Coor Service Management Oy, Silvan Innovation Labs Pvt. Ltd., Noknox Sense Labs Inc., Igloohome Pte. Ltd., SpaceOS Limited, Spaceflow, Mitsubishi Electric Corporation, Hewlett Packard Enterprise Development LP, Juniper Networks Inc.
Which Regions Will Dominate the Smart Space Market Through 2029?
North America was the largest region in the smart space market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart space market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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