Smart Workplace Market to Reach USD 1,563 Million by 2028

According to analysts at Vantage Market Research, the Smart Workplace market is expected to reach USD 1,563 Million by 2028, growing at a CAGR of 8.2% between 2021 and 2028. Increasing investments in the real estate industry in co-working and commercial projects, growing population, rising income level, urbanization, are some factors that are driving the growth of the Smart Workplace Market globally.

Key Findings

• The smart HVAC segment is projected to expand fastest over 10.12% CAGR over the forecast period.  Smart HVAC technology decreases energy costs, reduces the workload on staff, and gives improved comfort conditions for workers. Like the other types of technology for smart buildings, smart HVAC also uses sensors that merge with the building automation system. Sensors collect information about the conditions of the building. Other HVAC equipment which is specialized gives the ability to fine-tune humidity, airflow, and temperature, in various zones to optimize comfort while minimizing energy consumption.
• The new building segment held a market share of more than 45.1% in 2020. People are picking up on smart offices, also digitization globally is driving the market.
• Asia Pacific is expected to expand at a CAGR of over 7.6% between 2021 and 2028. The rise in the investment for smart city projects across the nations such as India, China, and Southeast Asian countries are some of the determinants projected to benefit the market growth in the region. Additionally, the rising demand for unique commercial projects development across nations in the region is anticipated to propel the demand for the Smart Workplace market over the forecast period.

Some of the key players in the Smart Workplace market are Johnson Controls, NICE Systems, Schneider Electric, Daikin Industries, Carrier, OSRA, Philips Lumileds, SAGE Electrochromics, Bosch Security Systems, Research Frontiers, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.

Several evolutions have contributed to digital workplace demand, driven by changing needs and digital transformation of all shareholders as the office takes on its purpose evolves and a new meaning.

The impact of the lockdown on the outlook of the working process and rising adoption of the work model which is hybrid is one of the change agents and accelerators. Benefits like enhanced work environment, enhanced productivity, time management, enhanced sustainability, enhanced employee retention, and communication, among others, are also driving the market growth.

The Middle East and Africa are poised to record a substantial CAGR. The demand is associated with the rising infrastructure investments and substantial capital projects across sectors such as healthcare, hospitality, and education.