Smart Space Market was valued at USD 10.8 billion in 2021 and is estimated to reach USD 22.0 billion in 2029, growing at a CAGR of 9.3% during 2022-2029.

The factors driving the growth of Smart Space Market includes rise in the construction of green buildings around the world, commercialization of 5G technology, increasing number of smart city projects, growing concerns related to carbon footprint and improvements in the living standards. Moreover, increased adoption of advanced technologies by major companies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML), rise in the construction of buildings, factories, airports, and power plants across the globe and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, strategic acquisitions, and partnerships between major corporations and growing population growth rates, are further contributing towards the market growth.

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However, growth of the Smart Space Market is hindered due to high cost of procuring connected devices and hardware.

The prominent players operating in the market are Hitachi Vantara, Iconics, Coor, Siemens, Huawei, IBM, Ubisense, Smarten Spaces, Schneider Electric, Smartspace Software PLC, ABB, and Cisco, among others.

Based on Application, the Emergency Management segment is predicted to dominate the market during the forecast period

Smart cameras help in monitoring remote areas 24*7, increasing deployment of ultrasonic location tracking system in research labs and power plants, growing application of smart floor technology in kitchens and entertainment centers to identify the residents in case of emergency, are some of the factors propelling Smart Space Market size.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR over the forecast period

Increased adoption of advanced technologies by major companies, rise in Government’s expenditure on the smart city projects, rapid growth in the construction of buildings and factories, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Market Segmentation

Segmentation by Application

• Energy Management & optimization
• Emergency Management
• Security Management
• Others

Segmentation By Components

• Solutions
• Services
• Professional Services
• Managed Services
• Consultation
• Deployment & Intergradations

Segmentation By Premises

• Commercial
• Residential
• Others

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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