Smart Workplace Market

The global Smart Workplace Market is valued at USD 31.12 Billion in 2022 and is projected to reach a value of USD 123.76 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 21.8% between 2023 and 2030.

Premium Insights

The growing global internet penetration influences the development of more up-to-date infrastructure at commercial places, which provides better luxury, supporting the market expansion. For instance, aa per the report in April 2022, more than five billion people or 63.1% of the world's population used the internet. The OECD estimates that investments from throughout the world—for all infrastructure projects in big cities—will total roughly USD 1.8 trillion from 2010 to 2030. The demand for safeguarding those assets is anticipated to be driven by investments in digitized infrastructure.

• As investors' and owners' preferences change in response to greater awareness of a building's involvement in climate change, they are being pushed to enhance the performance of their properties in order to remain competitive, particularly in the commercial office market. For instance, buildings in the US account for 39% of all greenhouse gas emissions and roughly three-quarters of the nation's electricity use.
• North America generated more than 39.5% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Solution segment accounted for the largest market growth. It contributed over 64.8% of the total revenue share in 2022 due to its capacity to provide turnkey solutions enhancing workplace efficiency
• Cloud segment revealed the most significant market growth, contributing more than 58.9% of the total revenue share in 2022
• Smart Lighting segment accounts for largest revenue of 33.8% in 2022
• New Buildings segment dominated the market in 2022 with substantial share of 52.8%
• Large enterprises accounted for largest market share of 51.4% in 2022
• BFSI accounted for largest share in 2022 of 32.3%

Economic Insights

The Smart Workplace market has seen significant economic growth during forecast period. An estimated 1.5 million new tech-related employment are projected in the next five years, which is notable because these breakthroughs are fueling job creation across sectors. With energy-efficient systems reducing energy usage by up to 30% and operational efficiency improvements translating to an average ROI of 15–25%, the adoption of smart workplace solutions can result in significant cost savings. Even though 67% of organizations acknowledge the value of smart workplace solutions, the digital gap still exists and has an impact on smaller businesses.

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Top Market Trends

• Emergence of cloud-based solutions: It has many benefits over conventional on-premises solutions, cloud-based solutions are becoming more and more popular in the market for . Cloud-based solutions may be quickly accessed from any location and are more scalable and versatile.
• Adoption of artificial intelligence (AI) and machine learning: Artificial intelligence (AI) and machine learning are being utilized more and more in the to automate processes, enhance decision-making, and customize the user experience.
• Expansion of the Internet of Things (IoT): From sensors to smart appliances, the IoT is linking an increasing variety of objects in the workplace. The workplace's productivity, security, and comfort can all be increased with the use of this data.
• Expanding use of mobile devices: Mobile devices are becoming more and more common in the office since they give workers the freedom to work from any location. The demand for mobile-friendly solutions is being driven by this trend.
• Focus on sustainability: Businesses are putting more emphasis on sustainability, and a can help to lessen their impact on the environment.

Market Segmentation

The globel Smart Workplace market can be categorized into Component , Deployment mode , Product, Office type, Organization size , Industry Vertical , Region. The Market can be categorized into Solution , Service based on Component . The Market can be categorized into On-premises , Cloud based on Deployment mode . The Market can be categorized into Smart HVAC control systems , Smart Lighting , Smart Security systems , Energy management systems based on Product. The Market can be categorized into New Buildings , Retrofitting based on Office type. The Market can be categorized into Small & medium sized enterprises, Large enterprises based on Organization size . The Market can be categorized into BFSI, Healthcare & Life science, Telecommunications & IT, Government & public Sector, Manufacturing , Consumer Goods & Retail, Media & Entertainment , Others based on Industry Vertical . The Market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Component

Solution holds the largest share

The solution sector would account for largest market share for market due to the growing demand for seamless, thorough implementations. Businesses are actively looking for turnkey solutions to improve workplace productivity, efficiency, and sustainability. The rise of the solution sector, which includes a wide range of products like smart building automation, security, lighting, energy management, asset management, and collaboration tools, is propelled by its ability to meet various business needs.

Based on Deployment mode

Cloud sector will dominate the market during Forecast Period

In terms of deployment mode, the cloud sector dominates the market for the market driven by growing demands for scalability, flexibility, and security. Businesses are actively looking for solutions that offer remote accessibility and can quickly adapt to changing demands. These requirements are skillfully met by cloud-based systems, which also offer better security features than their on-premises counterparts.

Based on Product

Smart Lighting will account for largest market share

Smart Lighting will dominate the Smart Workplace market in 2022 due to a variety of benefits like these systems exhibit unmatched energy efficiency by drastically reducing energy use by as much as 30%. Additionally, businesses stand to benefit from cost reductions from lower energy expenses. Smart lighting systems provide a sophisticated level of comfort that goes beyond economics alone by enabling the setup of different lighting settings to fit a variety of activities like work, relaxation, and meetings. The use of these technologies has the potential to increase worker productivity on the whole by promoting an atmosphere that skillfully combines comfort and improved productivity.

Based on Office type

New buildings accounts for substantial share in market

The new buildings sector stands out significantly in the Smart Workplace because of the growing emphasis on sustainability, the increased focus on energy efficiency, the rising popularity of smart building technology, and the availability of government incentives, can be credited for this dominance. Profiting from the building process, new structures give businesses the chance to seamlessly integrate smart workplace technologies from the start, resulting in advantages like improved energy efficiency, reduced costs, and the creation of an environment that seamlessly blends comfort and increased productivity.

Based on Organization size

Large Enterprises dominated the market in 2022

In terms of organization size, the market is dominated by the large enterprises category due to the increased resources that larger businesses can devote to smart workplace technologies, the complex needs that these organizations have and that these technologies can efficiently address, and the propensity of larger businesses to adopt new technologies at their infancy, making them early adopters in the field.

Based on Industry vertical

BFSI Lead the market in 2022

In the market for smart workplaces, the industrial vertical of Banking, Financial Services, and Insurance (BFSI) holds a dominant market share due to the financial sector's requirements for security and compliance, the industry's growing use of cloud computing and mobile devices, and the urgent need to increase productivity and efficiency in the BFSI sector.

Based on Region

North America will lead the market

North America is expected to dominate the market for due to rapid adoption of smart technologies supported by the widespread integration of cloud computing, IoT, and AI, all aimed at enhancing workplace productivity, sustainability, and efficiency. Government assistance is essential, as demonstrated by the US government's measures that include money for research and development as well as tax incentives for companies utilizing smart technologies, strengthening the market for smart workplaces in the area.

Competitive Landscape

The global market is fragmented, including a diverse array of the presence of several key players, technological innovation, and evolving customer demands. Major companies are vying for market share through strategic initiatives such as partnerships, acquisitions, and product developments to establish their dominance.

The players in the global market include Johnson Controls, NICE Systems, Schneider Electric, Daikin Industries, Philips Lighting Holding B.V, Lutron Electronics co.inc, SAGE Electrochromics, Bosch Security Systems, Research Frontiers, Cisco Systems Inc, United Technologies Corporation among others.

Recent Market Developments

• September 2022: In a drive to transform collaboration and connection for Saudi enterprises, Huawei unveiled its Next-Generation HUAWEI IdeaHub S2, the industry's first intelligent device to run on HarmonyOS. The Bring Your Own Meeting (BYOM) design of the HUAWEI IdeaHub S2 enables it to offer imaginative and intelligent meeting experiences whenever and from wherever, enhancing customer value and service effectiveness for businesses.
• September 2022: IAconnects MobiusFlow Click-to-Run on Azure, which simplifies the challenging process of deploying a system that comprises hardware, applications, and infrastructure to operate smart buildings, was made public by TD SYNNEX.

Segmentation of the Global Market