The Smart Space Market is set to enjoy a valuation of US$ 11.4 Billion in 2022, expand at a CAGR of 8.3% to reach US$ 25.2 Billion by the end of 2032. As per FMI, an increase in the adoption of smart homes, devices and growing adoption of IoT have created prospects for smart spaces.
These spaces are valuable for professional productivity, simplifying complex processes, and providing energy optimization. Smart spaces includes buildings and vehicles which reports locations, performance and maintenance needs. A smart space is a digital ecosystem that includes humans, connected devices, and software systems that allow free flow of information inside a facility center, building, and in open public area. This integrated ecosystem operates as a connected, coordinated, and intelligent ecosystem that contributes to a smart space.
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The increasing demand for reduction in energy costs has enabled the adoption of smart spaces which helps commercial spaces to optimize and conserve resources resulting in reduction in consumption, cost and carbon footprint as well. Self-sustaining buildings are expected be the finest solution for meeting the ever-growing energy and technological demands across the globe.
With the increasing adoption of wireless sensors and technologies, places such as home, factories, commercial spaces and even cities can be converted into smart spaces. This helps in increasing productivity, health, security, safety, energy and waste management coupled with reduced consumption of resources.
Key Takeaways: Smart Spaces Market
- By component, the hardware segment is anticipated to account for the leading share in the global demand for smart spaces during the forecast period. However, the software segment is estimated to grow at a robust CAGR of 18.1% through 2032.
- By application, energy management & optimization segment is anticipated to increase at a CAGR of 19.0 % between 2022 & 2032.
- By premises type, commercial smart spaces segment is estimated to witness high growth during the forecast period as reduction in energy cost with real time adjustments and sustainable monitoring of environment has become the need of the hour.
- North America is expected to lead the market followed by Asia in 2022. Latin America and Europe is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in Middle East and Africa is expected to progress at a CAGR of around 14.9% through 2032.
- In China, sales are expected to increase at a CAGR of close 18.8% over the next ten years.
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Increasing Adoption of Smart Homes and Smart Devices
In present situation the importance and adoption of smart homes has gained immense popularity. Consumer awareness, change in needs of customers, adoption and implementation of advanced technologies and the rise of investments in the field are some for the increasing demand for the adoption. Factors such as remote monitoring, integration of smart devices, demand for high security for home and office premises also contribute for the adoption of smart homes and devices.
Furthermore, deployment of smart technologies has widely increased in public spaces across the globe. Some of the major attributes that convert a public space into a smart space includes smart kiosks at parks, transport stations, hospitals, stadiums, and restaurants.
Growing adoption of IoT for Facility Management
Internet of things (IoT) has now become essential part of smart homes and devices. The adoption of technology enables in efficiently connecting and controlling of various devices for monitoring and controlling purpose. The technology enables convenience for controlling of devices and applications and personalization in the same allows the rise in demand for smart spaces market.
The major benefit of incorporating infrastructure with IoT is to ensure safety and security by enabling authorized access using real-time data, which assists in the overall building security management and monitoring.
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Key Segments
By Component:
- Solution
- Services
By Application:
- Energy Management and Optimization
- Emergency Management
- Security Management
- Others
By Premises Type:
- Commercial
- Residential
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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