Austin, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Smart and Connected Office Market Size & Growth Analysis:
The SNS Insider report indicates that,“The Smart and Connected Office Market Size was valued at USD 43.17 Billion in 2023 and is expected to grow to USD 122.50 Billion by 2032 and grow at a CAGR of 12.30% over the forecast period of 2024-2032.”
Driving Workplace Transformation with Smart and Connected Office Innovations
The Smart and Connected Office market is undergoing a significant transformation, driven by the adoption of automation technologies that enhance workplace efficiency and reduce operational costs. Businesses are investing in IoT-enabled devices for automated control over lighting, climate, and security, optimizing energy use and fostering comfortable work environments. Reports reveal smart lighting systems can lower energy consumption by 30%, while smart thermostats save 10-12% on heating and cooling. By 2025, an estimated 80% of companies are expected to adopt automation, boosting market demand. Smart office implementations also enhance employee satisfaction, increasing engagement by up to 20%. The rise of smart cities further fuels market growth, with IoT-enabled urban infrastructure attracting global investments of USD 1.8 trillion from 2010-2030. Additionally, AI-driven sensors and air quality monitors improve energy efficiency and indoor safety, addressing sustainability goals while creating adaptive, productive workspaces for modern hybrid environments.
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Dominant Market Players with their Products Listed in this Report are:
- Cisco Systems, Inc. (Cisco Webex for Collaboration)
- Microsoft Corporation (Microsoft Teams for Communication)
- Honeywell International Inc. (Honeywell Building Management Solutions)
- Siemens AG (Siemens Desigo CC for Building Management)
- Johnson Controls International plc (Metasys Building Automation System)
- Schneider Electric (EcoStruxure for Smart Buildings)
- Philips Lighting (Signify) (HUE Smart Lighting Solutions)
- Amazon Web Services (AWS) (AWS IoT Core for Smart Office Solutions)
- Google Cloud (Google Workspace for Collaboration)
- Knoll Inc. (Knoll Office Furniture Solutions)
- IBM Corporation (IBM Watson IoT for Smart Office)
- LG Electronics (LG Smart Office Solutions)
- Hewlett Packard Enterprise (HPE) (HPE IoT Solutions for Smart Buildings)
- Toshiba Corporation (Toshiba Smart Office Solutions)
- Crestron Electronics, Inc. (Crestron Room Control Systems)
- Deloitte (Deloitte Smart Office Solutions)
- Steelcase Inc. (Steelcase WorkSpace Solutions)
- Atlassian Corporation Plc (Atlassian Jira for Project Management)
- SAP SE (SAP Leonardo IoT for Smart Buildings)
- Verizon Communications Inc. (Verizon Smart Building Solutions).
Dominance of Hardware and Retrofit Segments Driving Growth in the Smart and Connected Office Market
By Type
The hardware segment dominated the Smart and Connected Office market in 2023, contributing 46% of total revenue. Essential components like sensors, cameras, actuators, and control systems are critical for enabling smart office functionalities such as energy optimization and real-time data management. Companies like Honeywell, Siemens, Cisco, and Crestron lead the market with advanced hardware solutions, while innovations like Philips Hue’s smart lighting systems enhance efficiency and comfort. Rising demand for automation and workplace safety drives investments in surveillance cameras and IoT sensors, positioning the hardware segment for sustained growth through AI and connectivity advancements.
By Office Type
The retrofit segment in the Smart and Connected Office market captured 56% of total revenue in 2023, highlighting its importance in modernizing office spaces. Retrofitting allows organizations to enhance existing infrastructure cost-effectively without major renovations. Companies like Schneider Electric and Honeywell offer smart technology integration with minimal structural changes, improving energy efficiency and reducing costs. As regulatory pressures increase, retrofitting supports sustainability goals, with solutions like Johnson Controls’ OpenBlue platform and Philips’ Hue Lighting enhancing workplace environments. The segment is expected to grow further, driven by innovations in communication, collaboration, and energy management.
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Key Market Segments:
By Type
- Hardware
- Security Systems & Controls
- Smart Lighting & Controls
- Energy Management Systems
- HVAC Control Systems
- Audio-Video Conferencing Systems
- Software
- Services
By Office Type
- Retrofit
- New Construction
North America Leads While Asia-Pacific Drives Rapid Growth in Smart and Connected Office Market
In 2023, North America led the Smart and Connected Office market, capturing 43% of total revenue, driven by technological innovation from major companies like Cisco, Honeywell, and Microsoft. The region’s focus on energy efficiency, sustainability, and advanced workplace solutions, such as Cisco’s Webex Suite and Siemens' Desigo CC, has fueled growth. Corporate investments from tech giants like Google and Amazon, along with government incentives like California’s energy efficiency regulations, further support this dominance. Meanwhile, Asia-Pacific emerged as the fastest-growing market, with countries like China and India embracing smart office solutions. Companies like Tata Consultancy Services, Alibaba, and Samsung are leading the charge in integrating IoT, AI, and sustainability-focused technologies, propelling the region's rapid growth in smart workspaces and hybrid work adoption.
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Recent Development
- March 2024 – Cisco introduced the AI-powered Cisco Board Pro G2 and Cisco Desk Phone 9800 Series, designed to enhance hybrid work collaboration. These devices provide improved video quality, flexibility, and personalized productivity across workspaces.
- September 2024 – Microsoft is enhancing its digital workplace by integrating Azure IoT, Dynamics 365, and Microsoft 365, aiming to increase productivity and accessibility for employees. This collaboration between Digital Employee Experience and Global Workplace Services creates a seamless hybrid work environment.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Market Growth and Investment Trends, 2020-2032, by Region
5.2 Regulatory Compliance and Standards, by Region
5.3 Technology Adoption Trends, by Region
5.4 Consumer Preferences, by Region
6. Competitive Landscape
7. Smart and Connected Office Market Segmentation, by Type
8. Smart and Connected Office Market Segmentation, by Office Type
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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