Market Scenario
The surge in the adoption of energy-efficient solutions is
predicted to motivate the Smart Workplace Market 2020. The sensor and
control reports are formed by Market Research Future, which covers market
options for progress. The income potential of USD 47 Billion with the
assistance of a 14.20% CAGR is forecasted by 2023.
The companies around the world are emphasizing the need for
security and safety solutions at the workplace, which is predicted to spur the
smart workplace market. The proliferation of BYODs is predicted to enhance the
global smart workplace market further.
Key Players
The established market competitors of the global Smart
Workplace Industry are Philips Lighting Holding B.V.
(Netherlands), Schneider Electric S.A. (France), Siemens AG (Germany), Johnson
Controls International PLC (Ireland), ABB Ltd. (Switzerland), Honeywell
International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Lutron Electronics Co.
Inc. (U.S.), United Technologies Corporation (U.S.), Crestron Electronics, Inc.
(U.S.), and others.
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Market Segmentation
The worldwide Smart
Workplace Market Size can be segregated on the grounds of product,
component, communication technology, office type, and region.
Based on the product, the worldwide smart workplace can be
segmented into Smart Lighting, Lighting Controls, Smart Bulbs, and Fixtures.
Based on the component, the worldwide smart workplace can be
segmented into Software and Services.
Based on communication technology, the worldwide smart
workplace can be segmented into Wired and Wireless. The wired segment can
further be classified into Wi-Fi, Enocean, Bluetooth, ZigBee, and others. The
wireless segment can further be classified into LonWorks, Power Over Ethernet
(POE), KNX, Building Automation & Control Network, Digital Addressable
Lighting Interface (DALI), and others.
Based on office type, the global smart workplace can be segmented
into Retrofit Offices and New Construction Offices.
Based on the region, the worldwide smart workplace can be
segmented into Asia Pacific, North America, Europe, and the Rest of the World
(RoW).
Regional Analysis
The regional evaluation of Asia Pacific, North America,
Europe, and the Rest of the World (RoW) has been performed. As per the analysis
by MRFR, the market is dominated by North America. North America is estimated
to acquire the largest market share during the forecast period. The U.S. and
Canada are estimated to make the maximum contribution to expanding the market.
Besides, the region has a developed infrastructure, which makes it easier to
implement advanced technologies.
Moreover, the rising concept of BYOD has further propelled the
market. In addition, the region consists of the well-established players who
play a significant role in augmenting the regional market.
On the other hand, the Asia-Pacific region is projected to be
the fastest-growing region during the forecast period. A smart workplace in
Asia-Pacific is estimated to generate significant revenue due to the increasing
demand for safety and security at the workplace. Countries like India, Japan,
China, and South Korea are estimated to make the most significant contributions
in expanding the market. The APAC region is estimated to experience a faster
adoption as compared to the other regions.
The outbreak of COVID-19 is likely to change the market
dynamics of several regions. Several regions have been affected due to the
observation of nationwide lockdown in various countries.
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