Smart Office Market - Forecasts from 2023 to 2028

The smart office market is predicted to grow at a CAGR of 12.92% from US$34.341 billion in 2021 to US$80.408 billion by 2028.

A smart office is a smart workplace that combines several data-driven and digitalized solutions and services to other areas to change employee engagement and effectiveness, achieve energy and cost savings, and add value to the organization through applications for different stakeholders. Smart offices are focused on investigating and obtaining insights into the issues and difficulties that employees encounter, as well as creating a solution that would help in creating a more positive working environment. The increase in demand for sensing devices for energy efficiency, along with the advancement of IoT in smart office systems, are two main reasons expected to drive the smart office market during the projected period.

Furthermore, the market for smart offices is anticipated to grow due to an increase in demand for workplace security and safety. Due to smart workplaces that improve connection, employers have the chance to improve their activities and concentrate more on the health and productivity of their workforce.

The smart office market is driven by rising demand for sensor networks for energy efficiency.

With growing concerns about energy-efficient technologies to lower power bills and overhead costs, the demand for smart offices is expanding. The use of smart office solutions is crucial for maximizing energy efficiency and, eventually, lowering energy costs. In office buildings, the HVAC and lighting systems are some of the biggest energy consumers. Workplace digitization can assist in automating lighting and HVAC systems, reducing workplace energy use by 5% to 30%. Additionally, smart office solutions aid in the early identification of operational issues related to various equipment components. This lowers the cost of maintenance and helps avoid losses brought on by unforeseen breakdowns and government efforts to lower energy emissions from public and office buildings. For instance, IBM and the US General Services Administration recently agreed to put smart building technologies in 50 of the federal government's most energy-efficient buildings. Moreover, wireless sensor networks are becoming more common due to the falling price of semiconductor sensors, the rising trend of increasing efficiency, automation systems, and lifestyle development. The quick adoption of wireless sensor networks in office automation is made possible by advancements in technologies like Virtual reality, Wi-Fi, Bluetooth, etc.

Key Developments.

• In November 2020, VergeSense unveiled its cutting-edge wireless sensing technology. It offers a level of quick polling and processing of occupancy data that was previously available with wired devices in new smart buildings. According to the company, there is a growing need among multinational corporations to redefine the workplace and examine data to figure out the most efficient ways to restructure workspaces for more flexible and distant working.
• In September 2022, the TD SYNNEX Solutions Factory's advanced commissioning Internet of Things solution assisted partners in overcoming the challenge of integrating and controlling smart office architecture. Microsoft Azure's premier IoT Platform, the cloud-based solution enables users to quickly start visualizing data and creating customized dashboards.
• Diversified announced in January 2023 that it had partnered with GoBright, a provider of software solutions, to offer smart workplace solutions to the North American market. GoBright develops software that is simple to use and encourages hybrid working. Data-based insights are provided to the office environment by its solutions for accommodation reservation, table scheduling, guest identification, and digital displays. Diversified collaborated to work with them in North America to offer beneficial services that will not only establish a smart workspace but also radically alter the client experience in the office.

North America accounts for major shares of the smart office market.

By geography, the tank level monitoring market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The development of IoT in smart office services, the rising need for smart office solutions, and the rising demand for workplace safety and security systems are some other factors influencing the North American smart office market. Another important factor fueling the expansion of the smart office industry in this region is the growing emphasis on energy efficiency. Companies in the area are being compelled to improve operational energy efficiency and lessen their environmental impact as a result of growing environmental concerns. The North America segment is further divided based on countries including United States, Canada, and Mexico.

The USA smart offices market is greatly driven by the increase in linked offices across the nation and the growing number of connected products. The businesses in the nation have added more gadgets and rely substantially on cutting-edge cloud computing technology to raise the standard of their goods and services. Additionally, firms are already incorporating technological advancements like virtual environment, and artificial intelligence (AI) in their routine activities, which has benefited the US smart office industry. Further, smart office solutions are expanding and providing stronger infrastructure as well as improved connectivity to computational and information assets in the cloud due to the vast implementation of 5G in the United States and upgraded Wi-Fi innovation, such as Wi-Fi 6. The distribution of Web services, including smart office technology, is also undergoing a transformation due to 5G technology, which enables wire- and cable-free operation while using less electricity. The US smart office market has expanded as a result.

Market Segmentation:

By Product

• Smart Lighting
• Smart security system
• HVAC control

By Type Of Building

• Newly constructed
• Retrofit

By End-User Industry

• Healthcare
• Retail
• BFSI
• Media and Entertainment
• Government
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• Italy
• Spain
• Others
• Middle East and Africa
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others