North America Smart Space Market By Component (Solutions and Services), By Application (Energy Management & Optimization, Emergency Management, Security Management and Others), By Premises Type (Commercial, Residential and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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The North America Smart Space Market would witness market growth of 11.5% CAGR during the forecast period (2020-2026). Smart space is a physical or digital environment in which humans can interact with technology enabled systems in connected, coordinated, and smart ecosystems. The smart spaces environment is related with smart/connected homes, smart cities, and connected factories.
The smart city initiative, therefore, includes the adoption of digital technologies for the Internet of Things (IoT), smart mobility, smart retail, smart grid, and others to make a sustainable city. In addition to it, smart space also enhances businesses, city operations, and the lifestyle of people and it is expected to provide lucrative opportunities to the smart space market. For example, smart cities initiatives mainly include better security, enhanced connectivity, increased awareness towards infrastructure issues, thus provide major growth opportunities for the market.
Furthermore, increasing investment by numerous governments to accomplish smart city projects is also generating many growth opportunities for the smart space market. In addition to it, countries like India, China, Europe, the US, and others are investing in smart city projects in order to tackle urban issues. For example, the U.S. government is likely to invest around $160 million in smart city initiatives in the coming few years. The Indian government has also announced an investment of about $ 30 billion in smart city initiatives, 80% of these funds would be used on area-based development (ABD) and the rest 20% on ICT Solutions.
The smart technologies have been increasingly deployed in public spaces across the world. Smart space has many advantageous features including smart kiosks at parks, hospitals, stadiums, transport stations, and restaurants that can convert a public space into a smart space. The increased adoption of smart technologies in these places is propelling the growth of the smart spaces market.
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 U.S., Mexico, Canada, and Rest of North America.
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.)
Scope of the Study
Market Segments Covered in the Report:
- Energy Management & Optimization
- Emergency Management
- Security Management
By Premises Type
- Rest of North America
- 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
- Avnet, Inc. (Softweb Solutions, Inc.)
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