CHICAGO, Dec. 11, 2020 /PRNewswire/ -- According to the new market research report "Smart Space Market by Component (Solutions and Services (professional & managed)), Application (Energy Optimization and Management, Emergency Management, & Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market size is projected to grow from USD 9.4 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. Increasing green building initiatives and environmental concerns to drive market growth.
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By component, the service segment to register the highest growth rate during the forecast period
Services form an integral part of the software deployment and execution lifecycle. Services, including consulting, product support, updates, and maintenance, are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get better ROI. Smart space is changing the way designers and engineers create new product designs and modifications. As smart space has eased the manufacturing of complex products with complex geometries, the application of software has increased across automotive, industrial manufacturing, and aerospace and defense verticals. Moreover, the use of smart space software for designing of building plans and large construction projects is expected to grow rapidly in the building, architecture, and construction industries.
Based on application, the emergency management to grow at the highest CAGR during the forecast period
With a right set of information and adequate amount of time in hand, occupants can act fast to minimize or to avoid the damage entirely. Devices such as smart cameras with improved image sensor can now keep a watch on the remote corners 24*7 to improve the security aspect of the any facility. Similarly, ultrasonic location tracking system in research labs, power plants, and other highly secured areas can easily detect the movements, locations, and orientation of the occupants. The systems come with a storage option for saving the data for a specified amount of time, which can be used for future reference as well. Smart floor is another technology which is currently offered in entertainment center and kitchen area, to track the location and identify the residents when they fall along with reporting it to the emergency services. In the UK, British Telecom (BT), Everything Everywhere (EE), and HCT have developed a new system that can turn on the Global Navigation Satellite System (GNSS) and Wi-Fi and is termed as Advanced Mobile Location (AML). Once the emergency number has been dialed, the system would automatically share the exact location details to the emergency service provider, and it is 4,000 times more accurate than the current system in use.
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North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering Smart space solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the smart space markets growth. It is the leading region in terms of the development of smart spaces. The countries in the region have been early adopters of smart space solutions including IoT, AI, and machine learning. The smart home market is growing exponentially in the region. A majority of the installations in the region were point solutions and designed for specific functions, such as smart door lock, temperature control system, and thermostat
Key and innovative vendors in the smart space market include ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei Technologies (China), IBM (US), Schneider Electric (France), Smartspace Software (UK), Hitachi Vantara (US), ICONICS (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Softweb Solutions (US), Eutech Cybernetic (Singapore), Adappt (US), IMEC (Belgium), Nexus (Sweden), Smart Spaces (UK), reelyActive (Canada), Telit (UK), AllGoVision Technologies (India), Energyly (India), Frugal Labs (Inbdia), and Aira Tech Corp (US).
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