Smart Space Market Size to Reach USD 107.42 Billion by 2030 at CAGR 13.4% - Valuates Reports

BANGALORE, India, Jan. 31, 2022 /PRNewswire/ -- The Smart Space Market is Segmented 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). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2021 to 2030.

The global smart space market was valued at USD 30.53 Billion in 2020 and is projected to reach USD 107.42 Billion by 2030, registering a CAGR of 13.4%. 

Major Factors Driving The Growth Of The Smart Space Market Are:

The smart space market is growing due to the proliferation of advanced technologies such as the internet of things (IoT) and artificial intelligence (AI) driving efficient energy and space utilization, improving safety and security, propelling ease of use.

The smart space market is also expected to grow due to an increase in greenfield projects and increased environmental concerns around the world. Moreover, the rapid growth of smart cities, combined with the introduction of new technologies such as 5G, is expected to boost the smart space market's growth over the forecast period.

However, the high initial capital expenditure required for connected devices and other hardware, as well as raising privacy concerns about data manipulation, are expected to stymie market growth over the forecast period.

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Trends Influencing The Growth Of The Smart Space Market:

Smart spaces help save energy by adjusting heating, cooling and lighting in real-time to account for changes in weather and occupancy. Furthermore, smart spaces reduce carbon footprints while saving money as they can be monitored and adjusted remotely. Smart spaces' monitoring and remote control capabilities enable supervisors to detect problems early and, in many cases, help prevent them from occurring. Smart spaces can reduce costly repairs and inconvenience to occupants by anticipating or uncovering early warnings of problems in heating, plumbing, and other infrastructures. These factors are expected to drive the growth of the smart space market.

Furthermore, smart spaces with surveillance and security systems improve the occupant experience by making it a safer and more secure place to live and work. Sensor alerts for the availability of (for example) laundry or exercise equipment add to the convenience of smart spaces. These features are expected to further drive the growth of the smart space market.

Several developing countries are adopting Greenfield strategies to relieve pressure on more developed cities, which are grappling with issues such as population growth and infrastructure constraints. Furthermore, greenfield projects provide integrated smart infrastructure for new buildings, factories, airports, and power plants, propelling the smart space market forward. The Greenfield project focuses primarily on new infrastructures and buildings, obviating the need to integrate with legacy systems, which is also one of the major factors driving smart space market growth.

5G is expected to provide significantly faster speeds and more stable connections to mobile devices than any previous network. The ability to carry more data at a faster rate will drive unprecedented growth in the smart space market.

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Smart Space Market Share Analysis:

Based on components, the hardware segment held the largest market share during the forecast period. This is due to the increased adoption of smart devices in smart homes and buildings, which is a major factor driving demand for various smart space hardware. 

Based on space type, the smart indoor spaces segment held the largest market share during the forecast period. The growing trend of making homes, buildings, and other indoor spaces smarter is a major driver of smart space platform adoption in this market.

Based on region, North America held the largest market share during the forecast period. Several factors are contributing to market growth in this region, including significant government funding for innovative and smart technologies, an increase in the number of IoT devices, and a strong technical foundation.

However, due to the proliferation of connected systems fueled by the ongoing trend of smart offices and homes in the region, as well as government-driven infrastructure projects, Asia-Pacific is expected to grow at the fastest rate during the forecast period.

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Major Key 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
• Spacewell
• Others

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