The report "Smart Office Market, By Component (Hardware (Security Systems & Controls, Smart Lighting & Controls, Energy Management Systems, HVAC Control Systems, and Audio-Video Conferencing Systems), Software, and Service), By Office Type (Retrofit Offices and New Construction Offices), and Region - Global Forecast to 2029" Global smart office market is projected to grow from US$ 21.0 billion in 2020 to US$ 63.8 Billion by 2029. 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.

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 global smart office market accounted for US$ 21.0 billion in 2020 and is projected to register a moderate CAGR of 13.1 % over the forecast period. 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.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on "Global Smart Office Market”, By Component (Hardware (Security Systems & Controls, Smart Lighting & Controls, Energy Management Systems, HVAC Control Systems, and Audio-Video Conferencing Systems), Software, and Service), By Office Type (Retrofit Offices and New Construction Offices), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)- forecast till 2029

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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.

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