Summary
The Global Smart Space Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Smart spaces are physical environments that are laced with various technologies such as monitors and sensors that enable humans and integrated technological systems to interact. Smart homes, also known as connected homes, hospitals with trackers and EHR, departmental stores with interactive shelf labels, and airports with facial recognition are some of the examples of smart spaces.
Smart spaces offer various advantages such as improved safety, convenience, entertainment, and productivity along with the safer, cleaner, and healthier environments, which are expected to propel growth of the global smart space market over the forecast period. Moreover, various governments are focused on digitalization, which is also expected to aid in growth of the market. For instance, in December 2019, the Government of Saudi Arabia announced that Riyadh is set to become the Arab world’s first-ever digital capital city, at the 23rd session of the Council of Arab Ministers of Communications and Information Technology.
Increasing focus on digitalization in the healthcare sector is expected to fuel growth of the global smart space market. For instance, in October 2019, the survey, ‘Taking the Pulse of Digital Transformation in Healthcare – South East Asia’, conducted by InterSystems Corporation, concluded that the majority of private hospitals in Asia expect to implement real-time big data analysis capabilities over the next five years. Moreover, statistically, this share is expected to increase from 13% of hospitals currently to 69% in five years.
Launch of new smart speakers is expected to boost growth of the global smart spaces market. For instance, in February 2020, Huawei, in partnership with France-based audio specialists Devialet, launched its smart speaker, Huawei Sound X, in Europe. Moreover, R&D in smart sensing architecture is expected to offer lucrative growth opportunities for players in the market. For instance, in July 2018, a group of researchers from Italy reported a novel design and implementation of a smart communication architecture for user monitoring inside a domestic environment, in the journal MDPI Sensors.
However, factors such as the high cost of devices and accessories used in smart space and concerns regarding safety and privacy are expected to hinder growth of the market.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in February 2020, Evoko, a partner company of SmartSpace Software Plc, launched NASO, an enhanced, next-generation meeting room panel.
Key Takeaways:
- Increasing focus on digitalization in the healthcare sector to augment growth of the global smart space market
- Concerns regarding safety and privacy are expected to hinder growth of the market
- Major players operating in the global smart space market include Cisco, Siemens, Hitachi, IBM, Eutech, Schneider Electric, Coor, SmartSpace Software Plc, and Spacewell
The Smart Space Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Smart Space Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Cisco
- Siemens
- Hitachi
- IBM
- Eutech
- Schneider Electric
- Coor
- SmartSpace Software
- Spacewell
By the Product Type, the market is primarily segmented into:
- Hardware
- Software
- Services
By Applications, the market is segmented into:
- Energy Management & Optimization
- Layout & Space Management
- Emergency & Disaster Management
- Security Management
- Others
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Smart Space Market Report:
- To assess the size of the market by value and volume
- Analyze the Smart Space Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Smart Space Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Smart Space Market
The Smart Space Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Smart Space Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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