The smart space market is expected to be valued at US$ 15,459.8 million in 2024. The market is expected to progress at an astonishing rate over the forecast period, with a CAGR of 16.2%. By 2034, the value of the market is forecast to reach US$ 69,125.6 million.
Both office and residential spaces are transforming into smart spaces at a positive rate. With technology infiltrating an increase in daily aspects for people, smart spaces are becoming a more common phenomenon, both for working and for living. While smart spaces are typically associated with economically well-off nations, developing countries are also making efforts to transform their cities into smart spaces.
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The government’s drive to build smart cities is helping the market. Local authorities of urban areas are concentrating on developing smart spaces as a way of dealing with the ever-increasing settling of people into cities. The desire of people to live in smart buildings and homes is also driving the adoption of smart spaces.
Smart spaces are helping businesses to track compliances as well as maximize profit. For example, energy management and optimization assist organizations in complying with mandated rules while also cutting down on costs. For public bodies, security, and infrastructure development are primary concerns that smart spaces help with.
Key Takeaways from the Smart Space Market Report:
- The smart space market is anticipated to be valued at US$ 15,459.8 million in 2024.
- Hardware is a popular component of smart spaces. For 2024, hardware is expected to contribute to 45.3% of the market share.
- Energy management and optimization is the leader in the application segment. For 2024, energy management and optimization is expected to contribute to 23.9% of the share.
- Australia is one of the promising countries in the market. The CAGR for Australia over the forecast period is anticipated to be 19.7%.
- Japan is poised to be one of the most lucrative Asian countries in the market. For the 2024 to 2034 period, the CAGR for Japan is pegged at 17.4%.
Competition Analysis of the Smart Space Market
Market players commonly partner with public authorities interested in developing smart cities. The market is fragmented, with healthy competition abounding.
Recent Developments in the Smart Space Market
- In January 2024, the King Abdullah Financial District Development and Management Co. and the Saudi Co. for Artificial Intelligence formed a partnership to develop smart traffic solutions in Riyadh.
- In November 2023, Thales Alenia Space announced plans to open a smart factory in Rome.
Leading Key Players:
- Cisco
- Siemens
- Huawei Technologies
- IBM
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Smart Space Market Segmentation:
By Component:
- Hardware
- Software
- Solutions
By Application:
- Energy Management and Optimization
- Emergency Management
- Security Management
- Others
By Premises Type:
- Commercial
- Residential
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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