Global 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 Region, Industry Analysis and Forecast, 2020 - 2026
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Get in-depth analysis of the COVID-19 impact on the Smart Space Market
Market Report Description
The Global Smart Space Market size is expected to reach $18.4 billion by 2026, rising at a market growth of 12.3% CAGR during the forecast period. A smart space is a digital environment where technology-enabled systems and humans can interact in increasingly open, coordinated, connected, and intelligent ecosystems. It gives an environment well-equipped with visual systems and audio sensing that can react to the people and don’t require any special equipment to wear.
Smart spaces are based on technology like vision, gesture recognition, dynamic solution, facial expression, performance animation, and audition. One of the best examples of smart space is smart homes or connected homes that is helpful in improving productivity, safety, convenience and entertainment. Smart spaces are also used in hospitals, grocery stores, airports, and apartment buildings. The main benefits of smart spaces include enhanced personal and professional productivity, a surge in energy efficiency and it also makes daily life easier & less intricate.
The COVID-19 pandemic affected almost every possible industry across the globe, including the smart space market. The ecosystem of the smart space market is very diverse, owing to which the overall ecosystem is expected to experience a distinguished impact. A few sectors within the smart space ecosystem may be positively impacted by the COVID-19 pandemic, while others might see a decline.
Based on Component, the market is segmented into Solutions and Services. On the basis of component, the solutions segment led the global smart space market size in 2019 and is likely to remain dominant in the market over the forecast period. The growth of this segment is mainly accredited to the increasing adoption of smart devices in smart buildings and homes. In addition to it, security concerns have also increased which is one of the major factors driving the demand for security cameras.
Based on Application, the market is segmented into Energy Management & Optimization, Emergency Management, Security Management and Others. On the basis of application, emergency management is expected to grow at the highest CAGR in the coming years. The occupants can take action quickly to minimize the damage entirely if they have right set of information and sufficient time in hand. Devices like smart cameras with enhanced image sensor can now keep an eye on the remote corners 24*7 that improve the security aspect of the provided facility. Likewise, an ultrasonic location tracking system is used in power plants, research labs, and other highly protected areas as it can easily detect the locations, movements, and orientation of the occupants.
By Premises Type
Based on Premises Type, the market is segmented into Commercial, Residential and Others. On the basis of end-user, the commercial segment had the highest revenue for smart space market share in the year2019 and is anticipated to lead the market throughout the forecast period. There are numerous companies that are adopting intelligent space platforms in order to create their offices livelier and more connected because it directly influences the productivity at the workplace and their revenues.
|Market size value in 2019||USD 9.6 Billion|
|Market size forecast in 2026||USD 18.4 Billion|
|Historical Period||2016 to 2018|
|Forecast Period||2020 to 2026|
|Revenue Growth Rate||CAGR of 12.3% from 2020 to 2026|
|Number of Pages||237|
|Number of Tables||354|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Analysis|
|Segments covered||Component, Application, Premises Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Free Valuable Insights: Global Smart Space Market to reach a market size of $18.4 billion by 2026
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America had the largest market share in 2019. This is accredited to the presence of several prominent market players who are providing Smart space solutions to the end-users in the region. The US and Canada have strong economic backgrounds and are major contributors to the smart space market's growth. With respect to the development of smart spaces, North America is the leading region. Most of the countries in the region are the early adopters of smart space solutions including AI, IoT, and machine learning.
KBV Cardinal Matrix - Smart Space Market Competition Analysis
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Huawei Technologies Co., Ltd., IBM Corporation, Cisco Systems, Inc., and Siemens AG are the forerunners in the Smart Space Market. Companies such as ABB Group, Schneider Electric SE, Nemetschek Group, and Avnet, Inc., SmartSpace Software PLC, and Hitachi, Ltd. are some of the key innovators in the market.
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.).
Recent Strategies Deployed in Smart Space Market
» Partnerships, Collaborations, and Agreements:
- Dec-2020: Huawei collaborated with MTS, the largest mobile network operator. In this collaboration, they implemented the world's first commercial use of Smart 8T8R in Moscow. The Smart 8T8R solution consisted of software-defined antennas (SDAs), FDD dual-band 8T8R RRUs, and Huawei's innovative algorithms.
- Nov-2020: Schneider came into collaboration with Planon, a computer software company. The collaboration focused on creating the next generation of OT/IT solutions across the building life cycle. The companies together guide organizations in their digital transformation of the building lifecycle, delivering clear synergy and value.
- Nov-2020: Hitachi collaborated with Microsoft Azure and Microsoft Dynamics 365. The collaboration focused on developing an IoT platform for the smart buildings space for Hitachi. The IoT platform for buildings is a solution for developers that allow a comprehensive distant observing and analysis of the operating status of building equipment, including elevators, escalators, and air-conditioning systems.
- Sep-2020: SmartSpace signed an agreement with ESCO Pte, a major AV integrator in the Far East. The agreement aimed to resell its Space Connect workspace management solution. This agreement also provides a launchpad to access customers across significant markets in the region.
- Jul-2020: Avnet came into collaboration with BICS, an international communications enabler. This collaboration aimed to deliver IoT connectivity to OEMs, devices, and applications and accelerate the implementation of Low Power Wide Area Networks (LPWAN) by solving many technical, operational, and commercial challenges; assisting hardware manufacturers implement new IoT solutions around the world.
- Jun-2020: Siemens entered into a partnership with Salesforce, the provider of customer relationship management services. The partnership focused on developing a new workplace technology suite for a safer workplace. It also integrated Siemens' Smart Infrastructure Solutions with Salesforce’s Work.com for creating touchless office solutions.
- Apr-2020: Schneider collaborated with Microsoft along with Bentley Systems. The collaboration aimed to roll out a digital twin for its new regional headquarters at Frasers Tower in Singapore that offers a living blueprint for the future of smart buildings.
- Jan-2020: Spacewell came into partnership with ISS Facility Services, an FM services company. The partnership focused on strengthening business together, continuously enhancing and activating solutions that benefit both FM teams and building occupants.
- Nov-2019: ABB came into partnership with California-based artificial intelligence firm, Verdigris Technologies. Under this partnership, Verdigris Technologies integrated its new machine-learning applications to ABB’s products to forecast an unplanned increase in power consumption for building owners.
- Apr-2019: Spacewell entered into a partnership with DVI Communications, a leading Information Technology, and Networking consultancy and systems engineering firm. The partnership enabled DVI to introduce Spacewell’s smart building solutions to a growing number of US businesses.
» Acquisition and Mergers:
- Dec-2020: Spacewell took over the DEXMA and its AI-Powered Energy Intelligence Software. The acquisition helped organizations in minimizing their energy consumption and achieving sustainability targets. DEXMA accompanied their existing portfolio for facility management, property management, and smart building.
- Jul-2020: Cisco completed the acquisition of Modcam, a video analytics company. Following the acquisition, Cisco Meraki MV smart camera incorporated micro-level information related to motion detection and ML-based object detection to aid multiple cameras to offer a macro level view of the real world.
- Mar-2020: ABB acquired Cylon Controls Ltd., a multimillion-euro building management system company. The acquisition improved ABB Electrification business’ position in the commercial buildings segment.
- Oct-2019: SmartSpace took over Space Connect Pty Limited, a game-changing workspace transformation system. Following this acquisition, SmartSpace boosted the growth through their ability to cross-sell in their mid-market business, ongoing the transformation into a pure-play SaaS business.
- Aug-2018: Cisco acquired July Systems, a privately-held software company. The companies offer an enterprise-grade platform for location services and engagement that provides data-driven business insights, instant customer activation, contextual business rules engine, and APIs.
- Jun-2018: Siemens completed its acquisition of Building Robotics, a market leader in the digital workplace experience app domain. This acquisition strengthened the market position of Siemens and connected people, places, and systems to create amazing workplace experiences.
- Jun-2018: Siemens took over Enlightened, a provider of the internet of things systems for commercial and residential buildings. This acquisition helped Siemens to drive digitalization in the smart building industry.
- Sep-2017: Avnet took over Dragon Innovation, a software firm. This acquisition helped Avnet to fit its strategy of tapping into online engineering communities.
» Product Launches and Product Expansion:
- Dec-2020: Avnet launched the AVT9152 module to expand its product line for rapid Internet of Things (IoT) development. This product utilized the leading technology from Nordic Semiconductor to offer engineers and developers NB-IoT/LTE-M, GPS, and Bluetooth Low Energy wireless connectivity in one of the smallest packages on the market.
- Nov-2020: ABB introduced FLXeon BACnet, the IP automation control solutions. This solution delivers powerful control, connectivity, and visualization for intelligent buildings.
- Oct-2020: Huawei announced its scenario intelligent connectivity solutions. These solutions accelerated the digital transformation across industries and consist of intelligent distributed approach solutions for homes, intelligent campus networks, intelligent premium private lines, and intelligent cloud network solutions for enterprises.
- Sep-2020: ABB unveiled its first series of Virtual Innovation Shows for smart buildings. These shows help the users to experience virtual building space to make intelligent and energy-efficient buildings and homes.
- Sep-2020: Huawei launched the Intelligent Twins, a systematic reference architecture. With collaboration across the cloud, network, edge, and device, Intelligent Twins allows an intelligent, open system, which is capable of all-dimensional perception, all-domain collaboration, precise judgment, and continuous evolution, offering a smart experience for people, cities, and enterprises in all scenarios.
- Jul-2020: ABB launched a package of new upgrades for its successful [email protected] system. The [email protected] Next app provides homeowners total control of their smart home solutions from a mobile device, from checking if windows have been left open, to switching off lights or turning up room temperatures.
- Jun-2020: Cisco launched new intent-based networking solutions. These solutions help in optimizing business and network operations and simplifying automation and offers IT and business insights that allow IT teams to be agile while staying closely aligned with business objectives.
- Jun-2020: Huawei introduced its next-generation IdeaHub series intelligent endpoint for the all-scenario smart office ecosystem. This series aimed to enhance efficiency for enterprises, especially remote collaboration during social distancing.
- Jun-2020: IBM unveiled Watson Works, a curated set of products. Watson Works enabled enterprises in managing facilities, optimizing space allocation, prioritizing employee health, communicating with employees, vendors, and stakeholders, and maximizing effective contact tracing.
- Mar-2020: Siemens introduced a smart building suite. The suite created a more efficient and flexible workplace where people are at the core. It also enabled devices, applications, and services to transform offices into a competitive advantage for companies.
- Jan-2020: Avnet introduced a suite of software platforms to accelerate IoT deployments. The platform integrates Avnet's IoTConnect Platform with a new channel partner program and an online marketplace of IoT devices and applications.
- Dec-2019: Schneider launched Easy Homes, one of their innovations in the Smart Home space. Easy Homes empowered customers to manage power in their homes through a single app. It fulfilled the unique requirements of everyone and converted homes into smart homes, convert every switch and appliance into a connected device.
- Oct-2019: Siemens introduced an IoT-enabled suite of hardware and software technologies. This suite was designed to make smarter, more flexible, human-centric working spaces in the Middle East. It also complemented Siemens technologies which allowed office buildings to respond intelligently to user input and environmental data.
- Oct-2019: IBM launched Watson Assistant, a digital assistant version of its Watson artificial intelligence (AI), and natural language conversation system. It helped the information and data sharing between brands, bridging the gap between people and things.
Scope of the Study
Market Segments Covered in the Report:
- Energy Management & Optimization
- Emergency Management
- Security Management
By Premises Type
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- 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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Smart Space Market Related Reports:
What would be the size of smart space market by 2026?
The global smart space market size is expected to reach $18.4 billion by 2026.
What are the key factors that drive smart space industry?
There are several reason that cause high demand of this market one of them is green building initiatives and environmental concerns.
What are the major top companies in the competitive landscape?
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.).
Which segment dominated the smart space market in 2019?
The Energy Management & Optimization market dominated the Global Smart Space Market by Application 2019.
At what CAGR is the smart space market estimate to grow in the forecast period?
The expected CAGR of smart space market is 12.3% from 2020 to 2026.