Future Market Insights has published a report on the global Smart Space market, titled “Smart Space Market by Component, (Hardware, Software, and Services), Space Type (Smart Indoor Spaces and Smart Outdoor Spaces), Application (Energy Management and Optimization, Layout & Space Management, Emergency & Disaster Management, and Security Management, and Others) and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the Smart Space market is anticipated to witness significant growth during the forecast period.
The Smart Space market is driven by factors such as the increasing need for energy efficiency, the need for efficient space utilization, and the growing trend of Smart City initiatives. The Smart Space market is further propelled by the increasing adoption of IoT technology in Smart Spaces. However, the high cost of Smart Space solutions is a major restraint on the growth of this market. Moreover, the lack of awareness about Smart Spaces among end-users is another challenge faced by the Smart Space market.
The report segments the global Smart Space market based on components into hardware, software, and services. Based on space type, the Smart Space market is classified into smart indoor spaces and smart outdoor
-Global market is expected to grow at a CAGR of 10.0% from 2022 to 2032
-The leading region is North America due to the early adoption and development of smart cities
-the Asia Pacific is projected to witness the highest growth rate, owing to the increasing commercial investments in smart space platforms
North America is expected to maintain its dominance in the global smart space market by 2032. This can be attributed to factors such as huge government funding for innovative and smart technologies, an increased number of IoT devices, and a strong technical base. The Asia-Pacific region is expected to witness the fastest CAGR during the forecast period owing to the proliferation of connected systems fueled by the ongoing trend of smart offices and homes. Are you looking for more information about this market? Our team can help you out!
Leading Market Players – Cisco Systems, Inc., Coor, Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, SmartSpace Software Plc, Space well