Smart Workplace Market is Expected to Grow with a CAGR of 8.2% from 2021 to 2028
As stated by an extensive report by Vantage Market Research, providing insights on communication technology, product, office type and component, the Global Smart Workplace Market was valued at USD 1,023 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.2% between 2021 to 2028.
A smart workplace is an office environment that utilizes various technologies such as sensors, software, integrated platforms, and beacons, among others, to transform, modernize and digitalize workspace. It offers a wide range of favorable solutions that include smart desks and conference rooms, energy efficient lighting solutions, advanced security systems and cloud-based applications, along with others.
Rising acceptance of energy saving solutions, increasing demand for a guarded work environment, growing trend of providing workplaces with high flexibility and the need to enhance prolificacy in office spaces are some of the key factors that are augmenting the growth of the smart workplace market, worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns. Companies were forced to carry their operations from home, working digitally. Efforts to have transformed workplaces came to a halt. This hampered the growth of the smart workplace market.
Moreover, the challenges that come along with the construction of new workspaces and requirement of massive investments for the modernization of offices, further restrain the smart workplace market. Although, the colossal benefits offered by a smart workplace such as highly automated processes, enhanced efficiency and productivity and increased sustainability along with others, provide an enthralling opportunity for the growth of smart workplace market.
Globally, North America is dominating the smart workplace market and this dominance can be attributed to the enhanced adoption rate of artificial intelligence (AI) and internet-of-things (IoT) in the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the presence of large number of developing economies and rising technological advancements in the region.
Some of the major players operating in the global smart workplace market are Siemens AG, Lutron Electronics Co. Inc., Schneider Electric SE, Honeywell International Inc., Cisco Systems Inc., Bosch Security Systems, Ingersoll Rand, Crestron Electronics, ABB Ltd., and Johnson Controls International, among others.