Yahoo Finance Smart Spaces Market To Hit USD 5.6 Billion at a 14.5% CAGR by 2030 - Report by Market Research Future (MRFR)
Increase in Greenfield Projects to Boost Smart Spaces Market Growth
New York, US, March 14, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Smart Spaces Market Research, by Component, by Application, by Premise Type, By Region - Forecast 2030”. Valuation is poised to reach USD 5.6 Billion by 2030, registering a 14.5% CAGR throughout the forecast period (2022–2030).
Drivers
Increase in Greenfield Projects to Boost Market Growth
While more developed cities struggle with concerns including growing populations and infrastructure limits, a number of emerging nations are turning to Greenfield techniques to lessen the load on them. A further element driving the expansion of the smart space market is the integration of smart infrastructure into new construction projects such as factories, power plants, airports, and buildings. The Greenfield initiative primarily focuses on brand-new infrastructure and buildings, negating the need to integrate with any legacy systems—another important aspect boosting the market for smart spaces.
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Smart Spaces Market Key Players
Eminent industry players profiled in the smart spaces market report include
ABB (Switzerland)
Cisco Systems Inc., (US)
ICONICS, Inc. (US)
Coor (Sweden)
Siemens AG (Germany)
FASEAS SPACEWELL (Belgium)
Eutech Cybernetic Pte. Ltd (Singapore)
Huawei Technology Co Ltd (China)
Schneider Electric (France)
Smarten Spaces (Singapore)
Smart Space Software Plc (UK)
Hitachi Vantara Corporation (US)
Ubisense (UK)
Adappt (US)
Smart Spaces Market Report Scope:
Opportunities
Technological Advancements to offer Robust Opportunities
A crucial trend that is becoming more and more popular in the smart market is technological improvement. In order to increase building efficiency and enhance occupant wellbeing, businesses in the smart space sector are using IoT & digital twin technology to collect insights and data. The IoT is becoming a crucial component of smart devices and homes. The usage of technology makes it possible to link and control multiple devices for monitoring & regulating purposes in an efficient manner. The convenience of operating devices and applications & the ability to personalize them thanks to technology is driving up demand for the market for smart spaces. The main advantage of integrating IoT infrastructure is to provide safety and security by allowing authorized access utilizing real-time data that helps with the overall administration and monitoring of building security.
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Restraints and Challenges
High Deployment Cost to act as Market Restraint
The high deployment cost, lack of technical expertise, and security concerns may act as market restraints over the forecast period.
Market Segmentation
The global smart spaces market is bifurcated based on component, application, and premise type.
By component, professional services will lead the market over the forecast period.
By application, energy management & optimization will dominate the market over the forecast period.
By premise type, commercial areas will spearhead the market over the forecast period.
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COVID-19 Analysis
Due to the rising shift towards the establishment of the safe smart spaces & the huge increase in IoT implementation, the COVID-19 epidemic has significantly accelerated the market's growth rate. Also, the sector is benefiting from the rise of smart buildings brought on by the epidemic. Social segregation, occupancy tracking and monitoring, HVAC (heating, ventilation, and air conditioning) systems, smart heating, & more stringent cleaning standards are some of the features that smart buildings offer.
Regional Analysis
North America to Head Smart Spaces Market
Over the projection period, North America is anticipated to hold the biggest market share worldwide for smart spaces. The highly skilled workforce and the presence of industry heavyweights like IBM Corporation, Cisco System Inc., and SmartSpace Software Plc are two factors that have contributed to the market's growth. The market is dominated by North America. Several factors, including significant government investment in cutting-edge and intelligent technologies, an increase in IoT devices, & a solid technological foundation, are responsible for this region's market growth. The region of North America held the biggest market share. This might be for the development of a number of reputable market companies that provide end-users in the area with Smart space solutions. Due to their long histories of economic strength, the United States & Canada play a significant role in the evolution of the smart space sector. When it comes to the creation of smart spaces, North America is in fact the most advanced region. The bulk of the region's nations are among the first to use smart space technologies including machine learning, the IoT, and artificial intelligence. This region's market is expanding as a result of a variety of factors, including substantial government support for cutting-edge and intelligent technologies, rise in IoT devices, & a solid technological basis.
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APAC to Have Favorable Growth in Smart Spaces Market
During the time of the assessment, the smart spaces market's fastest expanding region is anticipated to be Asia-Pacific. The market expansion is linked to the expansion of smart city initiatives in China, India, and Vietnam, three growing economies. Due to the connected systems proliferation supported by the continuous trend of smart workplaces and homes in the region as well as the government-driven infrastructure projects, Asia-Pacific is predicted to experience the fastest growth rate over the forecast period. The second most important region is Asia. Singapore is a market with several opportunities due to its diversified consumer base and changing end-user purchasing patterns, as well as the government's announcement in March 2019 of its intentions to turn into a smart nation. One of the foremost regions affected by the COVID-19 epidemic was Asia. Major businesses have stopped operating as a result of the virus's rapid growth in countries like the Philippines, Japan, China, India, Indonesia, Burma, Singapore, and Bangladesh.
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