The smart office solutions market size is poised to grow at a CAGR of over 14% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global smart office solutions market 2020-2024. (Graphic: Business Wire)
The increasing availability of disruptive technologies such as data analytics, cloud computing, and electronics is stimulating the adoption of Internet of Things (IoT) in various industrial segments. IoT enables businesses to solve their operational issues independently within a network infrastructure. IoT-enabled smart office solutions use IoT sensors that allows real-time tracking and effective maintenance of office. For example, Avnet offers smart office IoT solutions that makes it easier and faster to book meeting rooms. Thus, the increasing adoption of IoT in business solutions will drive the growth of the smart office solutions market during the forecast period.
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As per Technavio, the increase in demand for smart office solutions and sensor network for energy efficiency will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Smart Office Solutions Market: Increase in Demand for Smart Office Solutions and Sensor Network for Energy Efficiency
Vendors in the market are focusing on developing energy-efficient solutions and sensor networks to capture value-added smart office solutions. Energy-efficient solutions play a major role in optimizing energy consumption; decreasing maintenance cost; and providing comfort, safety, and low utility bills. Moreover, energy-efficient lighting in office buildings is among the key requirements for an effective energy-efficient smart office solution as lighting plays a key role in managing the operational cost of companies. Smart office solutions enable the concept of smart lighting, wherein the control of the lighting system can be integrated with sensor technology to turn the lights on or off automatically. Thus, there is a high demand for smart office solutions and sensor network for energy efficiency, which will drive the growth of the market.
“Other factors such as the increasing preference for mix and match cloud services and the increasing number of M&A activities will have a significant impact on the growth of the smart office solutions market value during the forecast period,” says a senior analyst at Technavio.
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Smart Office Solutions Market: Segmentation Analysis
This market research report segments the smart office solutions market by geography (APAC, Europe, MEA, North America, and South America) and product (smart security systems, smart EMS, HVAC control systems, smart lighting solutions, and audio-video conferencing systems).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its lead and register the highest incremental growth due to factors such as the increase in the number of corporate offices, and the growing emphasis on technological safety solutions.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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