Smart Spaces Market Analysis by Component, (Hardware, Software, and Services); by Space Type (Smart Indoor Spaces and Smart Outdoor Spaces); by Application (Energy Management & Optimization, Layout & Space Management, Emergency & Disaster Management, Security Management, and Others), and by Premises Type (Commercial, and Residential)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Smart Spaces Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global smart spaces market is estimated to garner a revenue of USD 54.0 Billion by the end of 2031 by growing at a CAGR of ~16% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 12.0 Billion in the year 2021. The growth of the market can be attributed to the rising smart cities followed by the increasing urbanization across the globe. For instance, as per the World Bank, nearly 55 per cent of the total population lives in urban areas worldwide, and the number of people residing in urban cities will increase by 1.5 times, accounting for 6 Billion.

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Smart spaces, also known as connected places are locations which are monitored using IoT to collect data that can be used to generate insights about how the environment functions including the services they provides, their interaction with occupants, and the overall conditions at any given point of time. In other words, smart spaces refer to facilities or public areas that are fitted with networked sensors to help in their management and control. They provide end to end solutions that cater to all kinds of organizations, their workspaces, buildings, and campuses. Moreover, the surging use of cameras is further projected to drive the growth of the global smart spaces market. In the year 2021, there was more than 330 Million households with smart security cameras around the world.

Global Smart Spaces Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Demand for Reduction of Energy Consumption– According to the U.S. Energy Information Administration, total energy consumption in the United States has increased to 97.33 quadrillion Btu in 2021.

The generation of electricity energy contributes majorly to the increase in carbon dioxide emissions. Moreover, there has been rise in consumption of energy across the globe. Hence, it is anticipated to surge the growth of the global smart spaces market.

• Growing Adoption of IOT Connections– As per the GSM Association's Mobile Economy Report 2019, the total number of IOT connections worldwide will be around 25 billion by the end of 2025.

• Rising Number of Smart Cities – As per the India Brand Equity Foundation, cities contribute to 63 per cent of the GDP. Moreover, the government announced the mission of 100 smart cities among different union territories, and states

• Increasing Adoption of Wireless Technologies and Sensors – More than 65 per cent of the population around the world accounting for more than 4.5 Billion use the internet in the year 2022.

 Challenges

• Scarcity of Resources for Smart Space Plans

• High Cost of the Capital Expenditure in Smart Space Deployment

• Lack of Technical Skilled Workers

The global smart spaces market is segmented and analyzed for demand and supply by premises type into commercial, and residential. Out of these, the residential segment is anticipated to hold the largest share over the forecast period owing to the rising number of smart homes, and the increasing need to reduce the consumption of electricity in the residential sectors.  As per the U.S. Energy Information Administration, 28 per cent of the end use energy consumed by commercial and residential sectors in the United States. Out of these, the residential sectors accounted for 16 per cent in the year 2021.

Global Smart Spaces Market Regional Synopsis

Regionally, the global smart spaces market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 on the back of increase in the urbanization percentage, and a rising number of smart cities. According to the World Bank, the percentage of urban population has increased from 28 per cent in 2000 to 35 per cent in 2021.

Market Segmentation

Our in-depth analysis of the global smart spaces market includes the following segments:

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Key Companies Dominating the Global Smart Spaces Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global smart spaces market that are included in our report are Cisco Systems, Inc., 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 International NV, Coor, and others.

Global Smart Spaces Market: Latest Developments

• April 2022 Coor: Coor has acquired Centrumstäd, a reputable cleaning services provider in Scania in southern Sweden. This strategic acquisition will complement and strengthen the cleaning operations of the Company in southern Sweden.

• June 2020 Smart Spaces Software Plc,: Smart Spaces has been appointed by Ask Real Estate to deploy its smart technology to the latest phase of First Street, a 400,000 sq ft development in the heart of Manchester, which is set to become the smartest building in the city with contactless access and 360 control for building users

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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