Advent of advanced technologies such as artificial intelligence (AI) and internet of things (IoT), increase in environmental concerns, and rise in greenfield projects drive the growth in the global smart space market
PORTLAND, Oregon, Aug. 5, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Space Market by Component (Hardware, Software, and Services), Space Type (Smart Indoor Spaces and Smart Outdoor Spaces), Application (Energy Management & Optimization, Layout & Space Management, Emergency & Disaster Management, Security Management, and Others), and End User (Residential and Commercial): Global Opportunity Analysis And Industry Forecast, 2018–2026." According to the report, the global smart space market garnered $23.52 billion in 2018 and is estimated to reach $86.52 billion by 2026, registering a CAGR of 17.6% from 2019 to 2026.
Advent of advanced technologies such as artificial intelligence (AI) and internet of things (IoT), increase in environmental concerns, and rise in greenfield projects drive the growth in the market. However, surge in privacy concerns regarding information manipulation and high initial capital hinder the market growth. On the other hand, evolution of 5G technology and rise in smart city initiatives create new opportunities in the market.
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Hardware segment to continue its dominant share during the forecast period
Based on component, the hardware segment contributed the major market share in 2018, accounting for more than two-fifths of the total share, and is estimated to continue its dominant share during the forecast period. This is due to increase in adoption of smart devices in smart homes and buildings along with demand for air quality control system in manufacturing factories and huge offices. However, the services segment is estimated to register the highest market share with a CAGR of 20.8% from 2019 to 2026, owing to rise in adoption by organizations for effective functioning of software and hardware during the processes.
Smart indoor space segment to offer lucrative opportunities
On the basis of space type, the smart indoor space segment contributed to nearly two-thirds of the total market share in terms of revenue in 2018, and will maintain its leadership status throughout the forecast period. Moreover, this segment is estimated to grow at the highest CAGR of 18.3% from 2019 to 2026. This is attributed to empowerment of tenants with intelligent building management system (BMS) control platform, enabling control of lighting, access, HVAC controls, and air quality through smartphones in indoor spaces. The research also analyzes the smart outdoor space segment.
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Energy management and optimization segment to maintain its leadership status by 2026
Based on application, the energy management and optimization segment held the highest market share in 2018, accounting for around two-fifths of the total share, and will maintain its leadership status throughout the forecast period. This is due to increase in need for efficient resources with rise in wastage of electrical energy in residential and commercial buildings. However, the emergency & disaster management segment would register the largest CAGR of 23.7% from 2019 to 2026.
Frontrunners of the industry
Key market players analyzed in the research include Cisco Systems, Inc., Hitachi Vantara Corporation, Eutech Cybernetic Pte. Ltd., International Business Machines Corporation (IBM), Huawei Technologies Co., Ltd., Siemens AG, Schneider Electric SE, SmartSpace Software Plc, Spacewell, and others.
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The global IoT in Transportation Market is in its growth phase, and is expected to grow at a CAGR of 13.7% during the forecast period, owing to high demand for connectivity solutions, enhanced internet connectivity, decreased cost of smart sensors & controllers, and other factors.
Asia-Pacific is expected to grow at a highest rate, due to the development of the telecommunication sector and increase in preference towards IoT solutions across various industries, which will generate massive volume of data.
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SOURCE Allied Market Research