The Europe Smart Space Market would witness market growth of 11.6% CAGR during the forecast period (2020-2026). Emerging companies are focused to adopt Artificial Intelligence (AI), Internet of Things (IoT), & Machine Learnings (ML) for providing variety of residential & commercial solutions and services to their customers. Research & development is one of the targets for companies to produce innovative smart technologies and is likely to drive the market.
Swift adoption of smart space technologies minimizes operational costs, scalability, 24/7 data accessibility, ease of usage & enhanced IT security that will contribute to the growth of the market during the forecast period. Though, Smart Space technology is still in the initial phase of adoption in some regions and is providing consumers with exciting content that adds value to their lives. This is a big challenge for growth of Smart Space technology across the globe.
The smart spaces can sense the working style of the people, allowing it to adjust itself to adapt and contextualize to their needs. Moreover, companies that are providing smart space solutions are adopting advance technologies such as Machine Learning (ML), Internet of Things (IoT), and Artificial Intelligence (AI) that offer various services to the customers and it is expected to drive the smart space market. For example, Microsoft Corporation uses IoT spatial intelligence to furnish buildings with some exciting new options, like cafés that can talk to their customers, garages helping the customer to park, and conference rooms that can inform who’s there and who’s not. Additionally, Datahoist has incorporated IoT in its solutions that makes buildings smarter. The company is able to gather and processes elevator data by using IoT devices along with adaptive, self-learning algorithms. This solution reduces the labor costs and eliminates the need for unnecessary parts replacements, routine maintenance checks, and capable of sending alerts before breakages happen, thus prevent unplanned outages.
Based on Component, the market is segmented into Solutions and Services. Based on Application, the market is segmented into Energy Management & Optimization, Emergency Management, Security Management and Others. Based on Premises Type, the market is segmented into Commercial, Residential and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Smart Space Market in Europe is expected to register a CAGR of 11.6% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Cisco Systems, Inc., Siemens AG, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, Schneider Electric SE, Hitachi, Ltd., Nemetschek Group (Spacewell International), SmartSpace Software PLC and Avnet, Inc. (Softweb Solutions, Inc.)
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