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Smart Space Market – Growth Opportunities Created by Covid19 Outbreak

Report Highlights

The global market for smart spaces should grow from $8.5 billion in 2019 to reach $19.2 billion by 2024 at a compound annual growth rate (CAGR) of 17.9% for the period of 2019-2024.

Report Scope:

The scope of this report is broad and covers the global market for smart space technologies, which are used globally for various applications in residential and commercial sectors. The market is broken down by component type, application, premise type and region. Revenue forecasts from 2019 to 2024 are presented for each component type, application, premise type and regional market.

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The report also includes a discussion on the major players in each of the regional markets of smart spaces. It explains the major market drivers of the global market for smart spaces, the current trends within the industry and the regional dynamics of the smart space market. The report concludes with a special focus on the vendor landscape. It includes detailed profiles of the major vendors in the smart space industry globally.

Report Includes:

– 78 tables
– An overview of global market for smart space technologies and discussion of their potential applications
– Analyses of global market trends, with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
– Quantification of smart space market based on product type, application, and region
– A look into environmental concerns and green building initiatives and smart cities initiatives across the world
– Detailed information about factors influencing the market growth and recent developments within the industry
– Profiles of major players in the industry, including Cisco Systems Inc., Microsoft Corp., VoltSafe Inc., Rvolt and Hitachi Ltd.

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Summary

Smart spaces involve physical environments, which include people, processes, services and things, to merge together to create a more integrated and automated experience for people. The different types of environments, such as homes, offices, factories and even cities, could be designed as various types of smart spaces. With continuous technological advancements and growing adoption across the world, smart technologies will enable these environments to connect in distinctive and evolving ways. The seamless integration across different environments is expected to create a safer, healthier, more efficient and more sustainable environment on a much larger scale.

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Smart space technologies are used for a variety of applications, such as energy management and optimization, emergency and disaster management, and security management, across residential, commercial and other premises. Over the forecast period, the commercial segment is estimated to account for the highest share of the global smart space market. The commercial spaces for the applications of smart technologies include professional offices, hospitals and clinics, restaurants, airports, shopping complexes, and fitness centers.