Smart Office Market is estimated to be USD 98 Billion by 2034 with a CAGR of 21% during the forcast period

Increasing demand for intelligent or smart office solutions, coupled with rising need for incorporating security devices such as cameras and electronic locks in offices drives the global smart office market. Smart Office Market Size was valued at USD 52 Billion in 2024 and is expected to reach USD 98 Billion by 2034 growing at a CAGR of 21%

Key Highlights:

• In September 16, 2018, Tata Teleservices Limited is subsidiary of Tata Sons Private Limited launched “Smart Office Solution “for small and medium-sized enterprises.
• On September 28, 2017, Carrier Corporation is subsidiary of United Technologies Corporation launched new digital solutions for commercial HVAC systems. These solutions include a new equipment dashboard and mobile application that help customers gain visibility into their systems’ performances.

Key Market Insights from the report:          

The market report has been segmented on the basis of component, office type, and region.

• By component, the energy management system segment is accounted for major share in the global smart office market. This is attributed to this is used to track the utilization of energy which allows organizations to control energy losses, thus, leading to increase in profit margins.
• By office type, the retrofit offices segment is dominated in the global smart office market, owing to rising adoption of energy-saving technologies in retrofit offices.
• By region, North America smart office is expected to dominate in terms of revenue in the global smart office market over the forecast period. This can be attributed to technological advancement in the IoT field particularly for offices along with the rising need for security and safety system in countries of the region. Asia Pacific smart office is expected to account for fastest growing in terms of revenue in the target market.

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The prominent player operating in the global smart office market include ABB Ltd, Cisco Systems, Inc, Crestron Electronics, Inc, Honeywell International, Inc, Johnson Controls International plc, Lutron Electronics Co., Inc., Philips Lighting Holding B.V., Schneider Electric S.E., Tata Sons Private Limited, and United Technologies Corporation.