What is Smart Space Market?
Smart spaces are the physical environment equipped with the technology. The monitors and sensors are installed which enables humans to interact with technological systems. These spaces are beneficial for professional productivity, increase in energy efficiency, and simplify complex processes. The smart spaces includes buildings and vehicles which reports locations, performance and maintenance needs.
The market study is being classified by Type (Smart Homes, Work spaces, Hotels, Hospitals, Malls and Others), by Application (Energy management and optimisation services, Emergency management, Security management and Others) and major geographies with country level break-up.
IBM (United States), Microsoft (United States), Oracle (United States), Hitachi Vantara Corporation (United States), Toshiba (Japan), Huawei Technologies Co., Ltd. (China), Schneider Electric SE (France), Siemens AG (Germany), Erricson (Sweden) and Cisco Systems, Inc. (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are SmartSpace Software Plc (United Kingdom), Spacewell (Belgium), Coor Service Management (Sweden) and Eutech Cybernetic Pte. Ltd. (Singapore).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Smart Space market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Space market by Type, Application and Region.
On the basis of geography, the market of Smart Space has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing adoption of smart devices is fueling the market growth. The devices such as smartphones, watches, and other wearable devices are being used by the consumers. These devices are enhancing the lifestyle of the individuals and increases productivity. Hence, the advantages are contributing to smart spaces market.
Market Trend
- Proliferation of Advanced Technologies Such as Artificial Technologies and Internet of Things
Restraints
- Large Initial Capital Required to Implement Smart Technologies
Opportunities
- Penetration of Smart Technologies in Public Spaces
- Increasing Smart Cities Initiatives
Challenges
- Privacy Concerns may hamper the Market Growth
Market Leaders and some development strategies
In July 2019, IBM has closed the acquisition of Red Hat. This acquisition provides opportunity for innovations to broader range of organisations.
In June 2019, Sharp Imaging and Information Company of America (SILCA) Has Launched Smart Office Setup Which Features Latest Pro AV technology. and In February 2019, Posiflex group has announced to display its product portfolio which includes connected retail solutions to European market.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations