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Market Research Report

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

Published by MarketsandMarkets Product code 838311
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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
Published: May 8, 2019 Content info: 122 Pages
Description

"Growing adoption rate in green building initiatives and environmental concerns to drive the growth of the market"

MarketsandMarkets estimates the global smart space market 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. With increase in sustainable green building due to environmental concerns and penetration of technology in our day to day life, there is an increase in growth of adoption rate. Green buildings are the buildingsthat majorly focus on efficiency, effective lifecycle, and performance of the buildings. However, the need of high initial capital would limit the growth of the market.

Increase in adoption of IoT, AI, and ML to drive the smart space market in coming future

Companies providing smart space solutions across the world are adopting Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) to offer varied services to the customers in commercial and residential segments. As companies are putting more efforts in Research and Development (R&D), smart technologies are getting more intelligent. Smart spaces can now sense the people in the premise and store their movements across the space, enabling it to tune itself to contextualize and adapt to occupant's need. Smart space platform services include telepresence, location and traffic sensing, interactive walls, and even digital assistants.

Rapid implementation, reduced operational cost, 24×7 data accessibility, scalability, and ease of use to drive the adoption of cloud-based smart space solutions

The smart space software can be deployed on-premises as well as on cloud, as per the business requirement. Cloud-based deployment benefits organizations with increased scalability, speed, 24/7 services, and improved IT security. Cloud-based smart space solutions presents a cost-effective and efficient way to handle all analytics requirements of smart solution providers. In the cloud deployment model, the smart space solution is offered as Software-as-a-Service (SaaS), and all the data and analytics workloads are cloud-based.

Smart space market in APAC to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is an emerging region in terms of adopting smart space software and services, and China, India, Japan, and Australia are the major economies contributing to the exponential growth of the smart space market in this region. Companies in APAC continue to focus on improving their customer service to drive the competitive differentiation and revenue growth. Opportunities for smaller analytics vendors to introduce innovative analytics solutions for many verticals have also increased.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart space market.

  • By Company: Tier 1-10%, Tier 2-20%, and Tier 3-70%
  • By Designation: C-Level- 25%, Director Level- 50%, and Others-25%
  • By Region: North America-40%, Europe-30%, APAC-20%, and RoW-10%

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.

Research Coverage:

The smart space market revenue is primarily classified into revenues from solutions and services. The solutions revenue is associated with software and platform offerings, while the services' revenue is associated with managed and professional services. The professional services comprise support and maintenance, consulting, and deployment and integration. The market is also segmented based on software, service, organization size, deployment model, and region.

Key benefits of the report:

The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall smart space market and the subsegments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.

Table of Contents
Product Code: TC 7086

TABLE OF CONTENTS

1. INTRODUCTION

  • 1.1. OBJECTIVES OF THE STUDY
  • 1.2. MARKET DEFINITION
  • 1.3. MARKET SCOPE
    • 1.3.1. MARKET SEGMENTATION
    • 1.3.2. REGIONS COVERED
  • 1.4. YEARS CONSIDERED FOR THE STUDY
  • 1.5. CURRENCY CONSIDERED
  • 1.6. STAKEHOLDERS

2. RESEARCH METHODOLOGY

  • 2.1. RESEARCH DATA
    • 2.1.1. SECONDARY DATA
    • 2.1.2. PRIMARY DATA
      • 2.1.2.1. Breakup of primaries
      • 2.1.2.2. Key industry insights
  • 2.2. MARKET BREAKUP AND DATA TRIANGULATION
  • 2.3. MARKET SIZE ESTIMATION
  • 2.4. MARKET FORECAST
  • 2.5. MICROQUADRANT RESEARCH METHODOLOGY
    • 2.5.1. VENDOR INCLUSION CRITERIA
  • 2.6. ASSUMPTIONS FOR THE STUDY
  • 2.7. LIMITATIONS OF THE STUDY

3. EXECUTIVE SUMMARY

4. PREMIUM INSIGHTS

  • 4.1. ATTRACTIVE OPPORTUNITIES IN THE SMART SPACE MARKET
  • 4.2. SMART SPACE MARKET: MARKET GROWTH ACROSS REGIONS

5. MARKET OVERVIEW AND INDUSTRY TRENDS

  • 5.1. INTRODUCTION
  • 5.2. MARKET DYNAMICS
    • 5.2.1. DRIVERS
      • 5.2.1.1. Proliferation of IoT
      • 5.2.1.2. Green building initiatives and environmental concerns
    • 5.2.2. RESTRAINTS
      • 5.2.2.1. High initial capital expenditure
    • 5.2.3. OPPORTUNITIES
      • 5.2.3.1. Government initiatives for smart cities
      • 5.2.3.2. Emerging 5G technology to enhance connectivity
      • 5.2.3.3. Rising urban population
    • 5.2.4. CHALLENGES
      • 5.2.4.1. Risks of breach in security and privacy due to device malfunctioning
      • 5.2.4.2. Lack of resources and infrastructure in developing countries
  • 5.3. ECOSYSTEM
    • 5.3.1. SMART SPACE MARKET ECOSYSTEM
  • 5.4. SMART SPACE MARKET: USE CASES
    • 5.4.1. USE CASE 1: IMPROVING WORKPLACE EFFICIENCY BY MAXIMIZING DESK AND MEETING SPACES UTILIZATION
    • 5.4.2. USE CASE 2: OPTIMIZING ENERGY CONSUMPTION AND ENHANCING STAFF COMFORT AND EXPERIENCE
    • 5.4.3. USE CASE 3: MAXIMIZING ENERGY EFFICIENCY AND SUSTAINABILITY OF OFFICE BUILDING
  • 5.5. SMART SPACE MARKET: IMPACT OF IOT

6. SMART SPACE MARKET, BY APPLICATION

  • 6.1. INTRODUCTION
  • 6.2. ENERGY MANAGEMENT AND OPTIMIZATION
    • 6.2.1. INCREASING ENERGY NEEDS AND GROWING INTEREST IN GREEN BUILDINGS TO IMPACT SMART SPACE MARKET SIGNIFICANTLY
  • 6.3. EMERGENCY MANAGEMENT
    • 6.3.1. EMERGENCY MANAGEMENT TO ASSIST ORGANIZATIONS IN UNDERSTANDING AND IDENTIFYING EARLY WARNING SIGNALS TO REDUCE IMPACT
  • 6.4. SECURITY MANAGEMENT
    • 6.4.1. GROWING CONCERNS OVER SECURITY AND SAFETY ACROSS REGIONS TO BOOST DEMAND FOR SECURITY MANAGEMENT
  • 6.5. OTHERS

7. SMART SPACE MARKET, BY COMPONENT

  • 7.1. INTRODUCTION
  • 7.2. SOLUTIONS
    • 7.2.1. INCREASING NEED FOR BETTER HOME AND WORKPLACE AUTOMATION APPLICATIONS TO DRIVE ADOPTION OF NEW SOLUTIONS
  • 7.3. SERVICES
    • 7.3.1. MANAGED SERVICES
      • 7.3.1.1. Increasing need for effective management advices to boost managed services growth
    • 7.3.2. PROFESSIONAL SERVICES
      • 7.3.2.1. Support and maintenance
        • 7.3.2.1.1. Increasing need for assistance during asset life cycle to spur the demand for support and maintenance services
      • 7.3.2.2. Deployment and integration
        • 7.3.2.2.1. Seamless integration and easy installation to fuel the growth of deployment and integration services
      • 7.3.2.3. Consulting
        • 7.3.2.3.1. Growing demand for business transformation to boost consulting services growth

8. SMART SPACE MARKET, BY PREMISES TYPE

  • 8.1. INTRODUCTION
  • 8.2. COMMERCIAL
    • 8.2.1. EMERGENCE OF INDUSTRIAL AUTOMATION TO BOLSTER THE NEED FOR COMMERCIAL BUILDING TRANSFORMATION
  • 8.3. RESIDENTIAL
    • 8.3.1. USE OF BIG DATA AND ANALYTICS TO DRIVE THE SMART RESIDENTIAL SPACE MARKET
  • 8.4. OTHERS

9. SMART SPACE MARKET, BY REGION

  • 9.1. INTRODUCTION
  • 9.2. NORTH AMERICA
    • 9.2.1. UNITED STATES
      • 9.2.1.1. Increasing demand for voice over and automated systems at workplaces and homes to drive the US smart space market
    • 9.2.2. CANADA
      • 9.2.2.1. Rising adoption of automated systems to drive the growth of smart space market in Canada
  • 9.3. EUROPE
    • 9.3.1. GERMANY
      • 9.3.1.1. Focus on optimizing operations through real-time predictions to drive the market in Germany
    • 9.3.2. UNITED KINGDOM
      • 9.3.2.1. Rising focus of government on advanced technologies to significantly impact the smart space market
    • 9.3.3. FRANCE
      • 9.3.3.1. Growing adoption of emerging technologies to spur the demand for smart space solutions in France
    • 9.3.4. SPAIN
      • 9.3.4.1. Increasing use of emerging technologies to drive the market in Spain
    • 9.3.5. REST OF EUROPE
  • 9.4. ASIA PACIFIC
    • 9.4.1. JAPAN
      • 9.4.1.1. Increasing use of smart phones and voice assistants to drive the smart space market in Japan
    • 9.4.2. SINGAPORE
      • 9.4.2.1. Government initiatives to drive the smart space market in Singapore
    • 9.4.3. CHINA
      • 9.4.3.1. Increasing adoption of advanced technologies and rising number of tech startups to boost the growth of smart space market
    • 9.4.4. INDIA
      • 9.4.4.1. Growing technological adoption to fuel the demand for smart space solutions in India
    • 9.4.5. REST OF ASIA PACIFIC
  • 9.5. LATIN AMERICA
    • 9.5.1. BRAZIL
      • 9.5.1.1. Investments by multinational companies to drive the market in Brazil
    • 9.5.2. MEXICO
      • 9.5.2.1. Growing government initiatives and increasing demand for smart spaces to trigger market growth in Mexico
    • 9.5.3. REST OF LATIN AMERICA
  • 9.6. MIDDLE EAST AND AFRICA
    • 9.6.1. MIDDLE EAST
      • 9.6.1.1. Technological advancements to drive the adoption rate of smart space solutions in the Middle East
    • 9.6.2. AFRICA
      • 9.6.2.1. Transformations in the overall infrastructure industry to boost the adoption of smart space solutions in Africa

10. COMPETITIVE LANDSCAPE

  • 10.1. MICROQUADRANT OVERVIEW
    • 10.1.1. VISIONARIES
    • 10.1.2. INNOVATORS
    • 10.1.3. DYNAMIC DIFFERENTIATORS
    • 10.1.4. EMERGING COMPANIES
    • 10.1.5. STRENGTH OF PRODUCT PORTFOLIO ADOPTED BY MAJOR PLAYERS IN THE SMART SPACE MARKET
    • 10.1.6. BUSINESS STRATEGY EXCELLENCE ADOPTED BY MAJOR PLAYERS IN THE SMART SPACE MARKET

11. COMPANY PROFILES (Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MNM View)*

  • 11.1. INTRODUCTION
  • 11.2. ABB
  • 11.3. CISCO
  • 11.4. SIEMENS
  • 11.5. HUAWEI
  • 11.6. IBM
  • 11.7. SCHNEIDER ELECTRIC
  • 11.8. SMARTSPACE SOFTWARE
  • 11.9. HITACHI VANTARA
    • 11.9.1. BUSINESS OVERVIEW
  • 11.10. ICONICS
  • 11.11. COOR
  • 11.12. UBISENSE
  • 11.13. SMARTEN SPACE
  • 11.14. SPACEWELL
  • 11.15. SOFTWEB SOLUTIONS
  • 11.16. EUTECH CYBERNETIC
  • 11.17. ADAPPT

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MNM View might not be captured in case of unlisted companies.

12. APPENDIX

  • 12.1. KEY INSIGHTS OF INDUSTRY EXPERTS
  • 12.2. DISCUSSION GUIDE
  • 12.3. KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
  • 12.4. AVAILABLE CUSTOMIZATION
  • 12.5. RELATED REPORTS
  • 12.6. AUTHOR DETAILS

LIST OF TABLES

  • TABLE 1: UNITED STATES DOLLAR EXCHANGE RATE, 2016-2018
  • TABLE 2: EVALUATION CRITERIA
  • TABLE 3: SMART SPACE MARKET SIZE AND GROWTH RATE, 2017-2024 (USD MILLION, Y-O-Y %)
  • TABLE 4: SMART SPACE MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
  • TABLE 5: ENERGY MANAGEMENT AND OPTIMIZATION: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 6: EMERGENCY MANAGEMENT: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 7: SECURITY MANAGEMENT: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 8: OTHERS: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 9: SMART SPACE MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
  • TABLE 10: SERVICES: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 11: SERVICES: SMART SPACE MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
  • TABLE 12: PROFESSIONAL SERVICES: SMART SPACE MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
  • TABLE 13: SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 14: DEPLOYMENT AND INTEGRATION MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 15: CONSULTING MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 16: PREMISES TYPE: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 17: COMMERCIAL: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 18: RESIDENTIAL: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 19: OTHERS: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 20: SMART SPACE MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • TABLE 21: NORTH AMERICA: SMART SPACE MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
  • TABLE 22: NORTH AMERICA: SMART SPACE MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
  • TABLE 23: NORTH AMERICA: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017-2024 (USD MILLION)
  • TABLE 24: NORTH AMERICA: SMART SPACE MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
  • TABLE 25: NORTH AMERICA: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017-2024 (USD MILLION)
  • TABLE 26: NORTH AMERICA: SMART SPACE MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
  • TABLE 27: EUROPE: SMART SPACE MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
  • TABLE 28: EUROPE: SMART SPACE MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
  • TABLE 29: EUROPE: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017-2024 (USD MILLION)
  • TABLE 30: EUROPE: SMART SPACE MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
  • TABLE 31: EUROPE: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017-2024 (USD MILLION)
  • TABLE 32: EUROPE: SMART SPACE MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
  • TABLE 33: ASIA PACIFIC: SMART SPACE MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
  • TABLE 34: ASIA PACIFIC: SMART SPACE MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
  • TABLE 35: ASIA PACIFIC: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017-2024 (USD MILLION)
  • TABLE 36: ASIA PACIFIC: SMART SPACE MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
  • TABLE 37: ASIA PACIFIC: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017-2024 (USD MILLION)
  • TABLE 38: ASIA PACIFIC: SMART SPACE MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
  • TABLE 39: LATIN AMERICA: SMART SPACE MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
  • TABLE 40: LATIN AMERICA: SMART SPACE MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
  • TABLE 41: LATIN AMERICA: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017-2024 (USD MILLION)
  • TABLE 42: LATIN AMERICA: SMART SPACE MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
  • TABLE 43: LATIN AMERICA: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017-2024 (USD MILLION)
  • TABLE 44: LATIN AMERICA: SMART SPACE MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
  • TABLE 45: MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
  • TABLE 46: MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
  • TABLE 47: MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY PROFESSIONAL SERVICE, 2017-2024 (USD MILLION)
  • TABLE 48: MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
  • TABLE 49: MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY PREMISES TYPE, 2017-2024 (USD MILLION)
  • TABLE 50: MIDDLE EAST AND AFRICA: SMART SPACE MARKET SIZE, BY SUB-REGION, 2017-2024 (USD MILLION)

LIST OF FIGURES

  • FIGURE 1: GLOBAL SMART SPACE MARKET: RESEARCH DESIGN
  • FIGURE 2: SMART SPACE MARKET: MARKET ESTIMATION AND FORECAST METHODOLOGY
  • FIGURE 3: FACTOR ANALYSIS
  • FIGURE 4: SEGMENTS WITH THE HIGHEST GROWTH RATES DURING THE FORECAST PERIOD
  • FIGURE 5: SMART SPACE MARKET, BY COMPONENT, 2019-2024
  • FIGURE 6: SMART SPACE MARKET, BY APPLICATION, 2019-2024
  • FIGURE 7: INCREASING NEED TO ANALYZE REAL-TIME CONSUMER DATA FOR DECISION-MAKING TO BE THE MAJOR FACTOR CONTRIBUTING TO THE GROWTH OF THE SMART SPACE MARKET
  • FIGURE 8: ASIA PACIFIC TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
  • FIGURE 9: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: SMART SPACE MARKET
  • FIGURE 10: SERVICES SEGMENT TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD
  • FIGURE 11: PROFESSIONAL SERVICES SEGMENT TO HOLD A LARGER MARKET SIZE DURING THE FORECAST PERIOD
  • FIGURE 12: PROFESSIONAL SERVICES SEGMENT TO HOLD A LARGER MARKET SIZE DURING THE FORECAST PERIOD
  • FIGURE 13: COMMERCIAL SEGMENT TO HOLD THE HIGHEST MARKET SHARE DURING THE FORECAST PERIOD
  • FIGURE 14: ASIA PACIFIC TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
  • FIGURE 15: NORTH AMERICA: MARKET SNAPSHOT
  • FIGURE 16: ASIA PACIFIC: MARKET SNAPSHOT
  • FIGURE 17: SMART SPACE MARKET, COMPETITIVE LEADERSHIP MAPPING, 2019
  • FIGURE 18: ABB: COMPANY SNAPSHOT
  • FIGURE 19: ABB: SWOT ANALYSIS
  • FIGURE 20: CISCO: COMPANY SNAPSHOT
  • FIGURE 21: CISCO: SWOT ANALYSIS
  • FIGURE 22: SIEMENS: COMPANY SNAPSHOT
  • FIGURE 23: SIEMENS: SWOT ANALYSIS
  • FIGURE 24: HUAWEI: COMPANY SNAPSHOT
  • FIGURE 25: HUAWEI: SWOT ANALYSIS
  • FIGURE 26: IBM: COMPANY SNAPSHOT
  • FIGURE 27: IBM: SWOT ANALYSIS
  • FIGURE 28: SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
  • FIGURE 29: SCHNEIDER ELECTRIC: SWOT ANALYSIS
  • FIGURE 30: SMARTSPACE SOFTWARE PLC: COMPANY SNAPSHOT
  • FIGURE 31: COOR: COMPANY SNAPSHOT
  • FIGURE 32: UBISENSE: COMPANY SNAPSHOT
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