Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on the smart spaces market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart spaces market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart spaces market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global smart spaces market. According to the report, the global smart spaces market is projected to reach USD 19.26 billion by 2027 from USD 10.4 billion in 2021, growing at aCAGR of 10.82% over the forecast period of 2021-2027.
Smart space is an environment equipped with audiovisual sensing systems that can enhance the connection between people, processes, and services. They help in reducing energy costs through adjustments of heating, cooling, and lighting in building occupancy and it also makes daily life easier & less complicated. They are also being used in hospitals, grocery stores, airports, and apartment buildings. Basically smart spaces are based on technology like vision, gesture recognition, dynamic solution, facial expression, performance animation, and audition. Smart space is smart homes or connected homes that are helpful in improving productivity, safety, convenience, and entertainment. Smart spaces using security systems improve the experience for occupants by providing a safer, better-protected place to live and work.
Green buildings are majorly focusing on the effectiveness, effective lifecycle, and performance of the building. These buildings are highly dependent on smart technologies that are integrated with the entire system to enhance the performance and functions of the buildings. Through smart construction, a comfortable built-in environment can be created by reducing the site’s carbon footprint. Smart spaces are new to the market with new developing solutions. The market players are innovating new products and services in them. Such solutions require heavy investment which can put an economic burden on debt-ridden governments or local municipal authorities. In upcoming years, 5G will be a next-generation broadband connection that can transfer a heap of data within no time which will help the communities in many ways. Due to revolutionization current functioning of different industries, such as manufacturing, agriculture, and mining won’t face challenges anymore.
Among the regions, North America accounted for the largest share in the global Smart Spaces Market. Due to the emerging electric vehicles industry and major investments done by private and public sectors. This region has countries that are early adopters of smart space solutions including AI, IoT, and machine learning. However, the Asia Pacific region is anticipated to grow with the highest rate in the global Smart Spaces Market. The countries in this region are undergoing dynamic changes in adopting of innovative and advanced business-related technologies. Countries like China, India, Australia, and Singapore are propelling in the smart space market. China is a big network of smart cities, with IoT registering its presence in every sector
The report on global smart spaces market covers segments such as component, application, and end users channel. On the basis of component, the sub-markets include solutions, and services. On the basis of application, the sub-markets include energy management & optimization, emergency management, security management, and others. On the basis of end users channel, the sub-markets include commercial, residential, and others.
The report provides profiles of the companies in the market such as Cisco Systems, Inc., Eutech Cybernetic Pte. Ltd, Hitachi Vantara Corporation, Huawei Technologies Co., International Business Machines Corporation (IBM), Siemens AG, SmartSpace Software Plc, Spacewell, Ubisense Limited, and Coor Service Management AB.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart spaces market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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