According to a new market research report published by Inkwood
Research, the Global Smart Space Market is anticipated to accelerate at a
growth rate of 16.12% throughout the forecasting years.
"Browse 64 market Data Tables and 53 Figures spread over 170
Pages, along with an in-depth TOC on Global Smart Space Market Forecast 2020-2028".
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Smart spaces are equipped with IoT systems
that involve sensors, connected devices, smart lights, and other smart devices.
These smart spaces thus enable automation and reduce extra efforts and work for
people. Moreover, these solutions involve indoor and outdoor space that
comprise smart stadiums, gardens, smart buildings, and home and smart parking
spaces. The smart space market finds applications in energy management &
optimization, asset management, predictive maintenance, security management,
layout & space management and emergency & disaster
management.
Overwhelming Internet Penetration is Propelling the Market
Growth
According to the current research, around 50% of the global
population has a presence online. The most recent data showcase around a quarter
of a billion people used the Internet in 2017 for the first time. This
overwhelming growth is majorly boosted by the availability of budget-friendly smartphones
and cheap data plans. Almost two-thirds of the world’s population now own a
mobile phone, and more than half of them use a smartphone today, which is
increasing the ease of accessing the Internet anywhere and anytime. This will
help in improving the spread of IoT sensors across various applications.
The organizations operating in the commercial space
include shopping complexes and malls, hotels, hospitals, and others. Smart
space platforms are facilitating automation in the commercial sector. It
assists the organization in automating their business and operations. The
retailers of this segment are able to gather a large customer base with the
integration of automation in their strategies and ideas. These platforms are
benefitting the manufacturing sector in managing their assets, and security
& surveillance. In addition, commercial offices have shown an inclination
towards the adoption of smart space platforms to rule out space & layout
management concerns, specifically in corporate offices. Thus, growing
acceptance is majorly driving the smart space market in the commercial segment.
In terms of Revenue Share, North America Ruled
the Highest Position
The market for smart space market is dominated by the North
America region. The region contributed the largest share in terms of revenue in
the year 2019. The region has one of the largest market globally, and also has
the presence of some established US-based players like IBM and Cisco. Among the
region, the United States is dominating the market, and the trend is expected
to continue over the forecasting years. This on-going growth is due to the
increasing application of smart space in various industries that are enjoying
the benefits of augmented connectivity of devices.
Few of the competitive companies present in the market are
Hitachi Vantara, Cisco Systems, Inc., Smartspace Software Plc, IBM and Huawei
Technologies Co. Ltd. There are a large number of vendors offering smart space
solutions; therefore, the companies are adopting various strategies to sustain
their position in the market, thus justifying the competitive nature of the
market.
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objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
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