Smart Space Market Set for Significant Growth, Predicted CAGR of 18.81% from 2023 to 2028

Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Smart Space Market - Forecasts from 2023 to 2028" report has been added to's offering.

New Research Highlights Expanding Smart Space Market with a Focus on North America and Asia-Pacific High Growth

This comprehensive study presents an in-depth analysis, forecasting the market to surge from its US$738.553 billion valuation in 2022 to an impressive US$2,077.069 billion by 2028, recording a robust CAGR of 18.81% during the forecast period.

Market Drivers and Regional Growth

The report identifies numerous growth factors propelling the global market, including the widespread adoption of digital transformation and automation within industrial and urban spaces. North America is singled out as a significant player, where the convergence of substantial government investments, high IoT adoption rates, and a robust technological infrastructure is fostering growth. Meanwhile, the Asia-Pacific region is expected to enjoy a substantial share, with strong market advancement driven by smart city initiatives in countries such as China and India.

Emerging Trends and Key Market Segments

In addition to regional market dynamics, the research delves into critical trends shaping the market landscape, like advancements in smart home technologies and the rising demand for green building projects.

The integration of diverse components, including hardware, software, and services across various applications such as energy, security, and emergency management, is extensively covered.

  • By Component: The study segments the market into hardware, software, and services, detailing how each contributes to the smart space ecosystem.
  • By Application: It further categorizes the market based on application areas, emphasizing energy management and optimization, emergency management, security management, and other emerging sectors.
  • By End-User: The analysis differentiates between commercial and residential end-users to provide granular insights into market consumption patterns.
  • By Geography: A geographic breakdown showcases the impact across various regions, including detailed sub-segments for North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

The research also highlights pivotal technological advancements, such as the transition towards 5G technology, which is expected to unlock new horizons for connectivity within smart spaces. These technologies are set to augment the market, enhancing the functionality of sophisticated IoT systems and digital twin technologies for optimizing building efficiency and occupant wellness.

Additionally, the report points out other market developments, such as strategic partnerships and innovative solutions launched by key players. This richly detailed research publication is a vital resource for stakeholders looking to navigate the complexities of the smart space market and harness its growth potential over the coming years.

The analysis provides stakeholders with critical insights necessary for informed decision-making in this dynamic industry landscape.

Key Attributes:

Report AttributeDetails
No. of Pages148
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$738.55 Billion
Forecasted Market Value (USD) by 2028$2077.07 Billion
Compound Annual Growth Rate18.8%
Regions CoveredGlobal

Report Segmentation:

By Component

  • Hardware
  • Software
  • Services

By Application

  • Energy Management and Optimization
  • Emergency Management
  • Security Management
  • Others

By End-User

  • Commercial
  • Residential

Companies Profiled

  • Cisco
  • SmartSpace Software Plc
  • Cognizant
  • Hitachi Vantara
  • Infosys
  • IDeaS
  • Symbyont
  • Spacewell
  • Oracle
  • Hong Kong Cyberport Management Company Limited

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