(Daily Market Journal via Comtex) -- The smart office market is expected to register a CAGR of more than 13.6% during the forecast period, 2019-2024. From intelligent lighting, heating and cooling systems that are part of the Internet of Things to connected and intelligent camera systems designed to closely monitor modern workers and offices, the office of the future is being dramatically reshaped.
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The market studied is mainly stimulated by factors such as the increase in demand for intelligent office solutions, sensor networks for energy efficiency, government regulations in this area, the advancement of IoT in the supply of smart offices and the growing need for security and safety systems. At work.
Improving global economic conditions are one of the driving forces behind the growth of the smart office market. With growing economic conditions and improved FDI, companies are experiencing strong growth.The increased awareness of technology in these markets is prompting international companies to look for potential growth opportunities.
With increasing investment and globalization, especially in developing countries, many companies are investing in these regions to establish their markets. Regional companies operating in developing economies are growing rapidly in their respective markets. This results in the installation of new infrastructure and the extension of office space.
Companies are investing in these regions to create office space. Improved real estate in these regions also supports the growth of the new building.With many companies investing heavily in this segment, companies are focusing on adopting smart technologies for their offices. This is stimulating the growth of the smart office market in developing countries. Many companies entering these regions are setting up new infrastructure.
Security issues related to the deployment of smart office systems are one of the main factors that are holding back the growth of the smart office market. Like all other connected technologies, intelligent office systems also depend on networks for data communications and are therefore vulnerable to breaches.
Growing cybersecurity concerns around the world are causing skepticism among consumers about the security of these systems. The recent attack on the San Francisco rail system has compromised the physical infrastructure of the rail network, causing downtime for several kiosk systems. In 2016, large swathes of the Internet became unavailable in Europe and North America. Amazon, PayPal, Slack, Twitter and Visa were among the big names that have experienced disruption.
As a result, intelligent office systems are vulnerable to growing threats from cybersecurity.Many large companies becoming the primary target of hackers raise concerns about the deployment of intelligent desktop systems. Growing security concerns around the world are thus hampering the growth of the intelligent office systems market.
Scope of the report
Smart office systems deploy automated systems, sensors and advanced communications infrastructure and networks, which help provide centralized control and wireless data transfer for data monitoring and analysis.Advanced HVAC systems and automated lighting systems help commercial locations manage energy better and more systematically, due to the various benefits associated with deploying smart office infrastructure. As a result, the demand for smart devices for offices and other commercial building spaces is expected to increase.
Key Market Trends
Energy Management System Expected to Hold Largest Share
The demand for this product is expected to be driven by the growing adoption in the office spaces of large scale organizations. Solutions in this include automated smart plugs, load control switches, utility billing management (smart meters), personal energy management, data analysis and visualization, and auditing.
The rising cognizance regarding a building's growing role in climate change is shifting investors 'and owners' preferences, thus urging them to improve the performance of their buildings to stay competitive, specifically, in the commercial office segment. For instance, buildings in the United States consume nearly three-quarters of the country's electricity, and are responsible for 39% of all greenhouse gas emissions.
Organizations are increasingly adopting EMS for optimization of energy consumption, utilization of dynamic pricing tariffs, and demand control, thus reducing overall costs. The large-scale companies require energy in various forms to perform diverse operations, including powering telecom network, modern computer equipment, data equipment, and optical transport networks.
The government initiative to decrease energy emission from old and public buildings is also aiding the market. For instance, the US General Services Administration has made a contract with IBM to install advanced and smart building technology in 50 of the federal government highest energy-consuming buildings.
United States to Hold Significant Share
The United States is one of the early adopters of emerging technology across the world, including the internet of things (IoT), which is incorporated in several industries, including smart offices. The technological advancement in the IoT field, particularly for offices, coupled with the rising need for security and safety system, is expected to propel the market growth in the United States.
Additionally, the growing savvy businesses are integrating internet of things (IoT) in the United States to enhance the office environment by reducing workload and saving on overhead money.
The Americans, primarily from the United States, spend 90% of their lives in buildings, including retail, public service facility, office, and homes. This has increased the investment from the government in office buildings to make them employee-friendly, which is likely to foster market growth over the next six years.
Notably, the government regulations associated with the integration of smart technologies are in favor of the office segment, which is one of the accelerating factors for smart buildings.
Moreover, according to the Consumer Technology Association, the penetration of smartphone IoT consumer device is increasing, which is ascending the scope for smart offices in the United States.
Competitive Landscape
The smart market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries.
These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on smart office technologies to strengthen their product capabilities.
In September 2017, United Technologies acquired Rockwell Collins to complement its existing capabilities. This acquisition is likely to strengthen innovative systems capabilities and integrated digital product offerings, including avionics, flight controls, and data services.
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Table of contents
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Focus on Energy Efficiency in Office Spaces
4.3.2 Increasing Business Infrastructure
4.4 Market Restraints
4.4.1 Security Concerns Related to IoT and Smart Devices
4.4.2 Higher Costs of Refurbishment of Old Buildings
4.5 Industry Attractiveness Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers / Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Smart Office Lighting
5.1.2 Security and Access Control System
5.1.3 Energy Management System
5.1.4 Smart HVAC Control System
5.1.5 Audio-Video Conferencing System
5.1.6 Fire and Safety Control System
5.1 .7 Other Products
5.2 By Building Type
5.2.1 Retrofit
5.2.2 New Building
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Nordics
5.3.2.5 Switzerland
5.3.2.6 Benelux
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Australia
5.3.3.4 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 South Africa
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