London, United Kingdom, May 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Workplace Market Research Report: By Type, Applications, End-Users - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 56.9 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 15.30% during the assessment timeframe.
A smart workplace refers to automating common office tasks, such as tedious tasks, managing workflows, and connecting systems & software to create seamless workplace experiences that help employees work more efficiently. Smart workplace technology comprises lights & temperature control, access control with motion sensors and voice commands, and enhanced security with automated locks and access levels.
The technology also allows employees to book meeting rooms, reserve desks, access facilities, guests' registration at the front desk, track visitors, and more. In today's digitized era, implementing a smart has become the norm to enhance employees' efficiency and productivity. Smart workplace solutions help organizations optimize workspaces, offer seamless visitor experiences, improve building security, improve productivity levels, and drive employee happiness.
A smart workplace also refers to using technology to connect and engage employees with their work environment through connected networks, platforms &, software, IoT devices, and sensors. The technology helps organizations to understand & monitor their workplaces and build insightful workplace strategy and space cost management strategies using IoT technology.
Connected to smart building solutions through IoT sensors, the digital 3D map help understand how employees use and support power management & conservation initiatives. The data analysis of total occupancy & usability patterns helps increase visibility and encourages proactive maintenance with facility managers to save costly reactive maintenance.
Intelligent document processing and workflow automation solutions enhance organizations' ability to address hybrid workplace challenges. The central workflow platform automates time-consuming manual tasks and streamlines production processes from design to final output. Cutting-edge remote services platform leverages the power of augmented reality to transform field service and report customer support.
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Smart Workplace Market Key Players
The leading smart workplace market players are
- Siemens (Germany)
- IBM (US)
- Atos (France)
- Zensar (India)
- Accenture (Ireland)
- Schneider Electric (France)
- Phillips Lighting Holding (Netherlands)
- Honeywell International (US)
- ABB Ltd (Switzerland)
- Infosys (India)
- Cisco Systems (US)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 56.9 Billion |
| Growth Rate | CAGR of 15.30% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Smart technology is very cost-effective |
| Key Market Drivers | Increasing adoption of energy efficient solutions, Growing for safety and security solutions at workplace |
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Industry Trends
The rapidly growing digitalized business ecosystem that can dramatically enhance various business processes would drive market growth. Besides, increasing implementations of data analytics-based smart processes to facilitate secure and seamless connectivity within the organization across locations boost the market size. Smart workplaces help organizations improve efficiency and reduce operating costs.
Growing innovations and advances in connectivity solutions attract substantial R&D investments. Leveraging the power of networked tools helps improve productivity and communication between teams distributed across locations and functions. With work-from-home (WFH) gaining mainstream acceptance and hybrid workspaces becoming a new norm, organizations are adopting smart workplace solutions to improve productivity.
Smart Workplace Market Segments
The smart workplace market is segmented into software/ solutions, services, products, technologies, office types, and regions. The software/ solutions segment is sub-segmented into security systems (, energy management (smart thermostats, in-house displays, smart plugs, others), temperature management (temperature sensors, controllers, humidity sensors, occupancy sensors, other), and others.
The service segment is sub-segmented into managed, consulting, installation, and support services. The product segment is sub-segmented into lighting products (sensors, LED switches, gateways, security systems (access controls, surveillance, fire, break-in, safety controls, others), and others.
The technology segment is sub-segmented into wired (Wi-Fi, Bluetooth, ZigBee, etc.) and wireless (i.e., POE, LonWorks, PLC, DALI, etc.). The office type segment is sub-segmented into retro offices and new buildings. Further, the region segment is sub-segmented into Europe, the Americas, Asia-Pacific, and rest-of-the-world.
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Geographical Analysis
North America dominates the global smart workplace market with large technological advancements. Besides, rising R&D investments and demand for smart infrastructures drive market growth. The growing automation and digitization across industries requiring greater flexibility and functionality boost the smart workplace market size. Also, the growing need to improve consumer experiences escalates the smart workplace market value.
Europe is another promising market for smart workplace platforms. The vast availability and growing use of smart workplace solutions accelerate the region's market shares. The increasing adoption of smart workplace tools by small and medium-scale businesses pushes market revenues. The European smart workplace market is poised to create a substantial revenue pocket during the current decade.
The Asia Pacific region is gradually becoming a lucrative market for smart workplaces. Increasing adoption of remote and hybrid working in various businesses across industry verticals is a key driving force behind the market growth. India, China, and Japan account for sizable shares in the regional market due to the rapid expansion of industries. The APAC smart workplace market is poised to witness notable growth by the end of the forecasted period.
Competitive Analysis
The highly competitive smart workplace market appears fragmented, with many leading players forming a competitive landscape. Making more intelligent smart spaces a reality requires a high level of hardware and software innovation and adoption. Therefore, market players compete fiercely to gain a substantial market share with their international and regional presence.
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They strive to offer digital workplace solutions, including smart enterprise, IT product lifecycle management, education, and value-added reselling solutions. They also incorporate acquisition, partnership, collaboration, expansion, and product & technology launch to gain competitive benefits and stay ahead in the market competition.
Industry players aim to simplify their technology infrastructure, reduce costs, boost security & risk management capabilities, and quickly develop & deploy digital solutions to deliver exceptional customer experiences. They partner with technology companies to accelerate cloud migration and workplace collaboration. Such partnerships accelerate their ability to build and deploy digital solutions for customers to help them foster collaborative hybrid working.
For instance, on Feb.25, 2023, Researchers at the Indian Institute of Technology (IIT) Delhi announced that they are developing a smart monitoring system to prevent workplace accidents. The team is developing a smart monitoring system to help detect and alert workers about unsafe conditions while working at height. The development of the smart monitoring system will add to their efforts to ensure the safety of the workers.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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