The market for smart space is estimated to be valued at US$ 15,459.8 million in 2024. The pace of progress for the market from 2024 to 2034 is expected to be extraordinary, with a CAGR of 16.2%. By the end of the forecast period, the smart space market value is slated to move to US$ 69,125.6 million.
Smart Space Market Analysis
Attributes | Details |
---|---|
Smart Space Market Value for 2024 | US$ 15,459.8 million |
Projected Market Value for 2034 | US$ 69,125.6 million |
Value-based CAGR of Market for 2024 to 2034 | 16.2% |
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Smart space objectives can be achieved in varied ways, but it is through tangible hardware that smart spaces are widely defined. Of the various functions of smart spaces, it is energy management & optimization that is the reason smart spaces are often sought.
Hardware is expected to account for 45.3% of the market share in 2024 by component. Factors driving the growth of hardware in the smart space industry are:
Attributes | Details |
---|---|
Top Component | Hardware |
Market Share in 2024 | 45.3% |
Energy management & optimization systems are expected to contribute to 23.9% of the market share in 2024 by application. Some of the factors for the growth of the product are:
Attributes | Details |
---|---|
Top Application | Energy Management and Optimization |
Market Share in 2024 | 23.9% |
The affluence and the technological development of the region make sure that Europe and North America are bastions of the market. With a demand for optimal working and living conditions, the market is expected to continue progressing positively in the regions.
However, the Asia Pacific and Oceania are emerging as prominent regions of growth. The boom in the industrial sector is expected to drive the stellar growth of the market in the regions.
Countries | CAGR (2024 to 2034) |
---|---|
United States | 13.0% |
Australia | 19.7% |
Germany | 15.6% |
Japan | 17.4% |
China | 16.7% |
The market is anticipated to register a CAGR of 19.7% in Australia for the forecast period. Some of the factors driving the incredible growth of the market in the country are:
Japan is set to record a promising CAGR of 17.4%. Prominent factors driving the growth of the market are:
The smart space industry is expected to register a CAGR of 16.7% in China. Some of the factors driving the growth of the market in China are:
The market is set to progress at a CAGR of 15.6% in Germany. Factors influencing its growth in Germany include:
The industry is expected to register a CAGR of 13.0% in the United States. Some of the reasons for the growth of smart spaces in the country are:
As smart spaces are often part-and-parcel of smart cities, market players are partnering with governments and local authorities. Industry experts are also taking part in smart city initiatives by making their technologies available to local bodies. For the development of residential and office smart spaces, collaborations with interior design firms are common.
The market is highly competitive, with giant players tussling it out with smaller-scale companies for a piece of the pie. Startup culture is also prominent, with the uniqueness of technology being a primary factor that helps newer entrants distinguish themselves.
Recent Developments in the Smart Space Market
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The size of the smart space market is estimated to be US$ 15,459.8 million in 2024.
Cisco, Siemens, Huawei Technologies, and IBM are some of the key companies in the smart space market.
The smart space market is expected to reach a valuation of US$ 69,125.6 million by 2034.
Hardware is the component often sought after in smart spaces, with an expected market share of 45.3% in 2024.
Urban city planning, including provisions for smart spaces and geared toward at-home working professionals, are some of the trends in the market.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2024 to 2034 5.3.1. Solution 5.3.2. Services 5.4. Y-o-Y Growth Trend Analysis By Component, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Component, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2024 to 2034 6.3.1. Energy Management and Optimization 6.3.2. Emergency Management 6.3.3. Security Management 6.3.4. Others 6.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Premises Type 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Premises Type , 2019 to 2023 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Premises Type , 2024 to 2034 7.3.1. Commercial 7.3.2. Residential 7.3.3. Others 7.4. Y-o-Y Growth Trend Analysis By Premises Type , 2019 to 2023 7.5. Absolute $ Opportunity Analysis By Premises Type , 2024 to 2034 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034 8.3.1. North America 8.3.2. Latin America 8.3.3. Western Europe 8.3.4. Eastern Europe 8.3.5. South Asia and Pacific 8.3.6. East Asia 8.3.7. Middle East and Africa 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. USA 9.2.1.2. Canada 9.2.2. By Component 9.2.3. By Application 9.2.4. By Premises Type 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Component 9.3.3. By Application 9.3.4. By Premises Type 9.4. Key Takeaways 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Component 10.2.3. By Application 10.2.4. By Premises Type 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Component 10.3.3. By Application 10.3.4. By Premises Type 10.4. Key Takeaways 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. UK 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Western Europe 11.2.2. By Component 11.2.3. By Application 11.2.4. By Premises Type 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Component 11.3.3. By Application 11.3.4. By Premises Type 11.4. Key Takeaways 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. Poland 12.2.1.2. Russia 12.2.1.3. Czech Republic 12.2.1.4. Romania 12.2.1.5. Rest of Eastern Europe 12.2.2. By Component 12.2.3. By Application 12.2.4. By Premises Type 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Component 12.3.3. By Application 12.3.4. By Premises Type 12.4. Key Takeaways 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Bangladesh 13.2.1.3. Australia 13.2.1.4. New Zealand 13.2.1.5. Rest of South Asia and Pacific 13.2.2. By Component 13.2.3. By Application 13.2.4. By Premises Type 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Component 13.3.3. By Application 13.3.4. By Premises Type 13.4. Key Takeaways 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. China 14.2.1.2. Japan 14.2.1.3. South Korea 14.2.2. By Component 14.2.3. By Application 14.2.4. By Premises Type 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Component 14.3.3. By Application 14.3.4. By Premises Type 14.4. Key Takeaways 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 15.2.1. By Country 15.2.1.1. GCC Countries 15.2.1.2. South Africa 15.2.1.3. Israel 15.2.1.4. Rest of MEA 15.2.2. By Component 15.2.3. By Application 15.2.4. By Premises Type 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Component 15.3.3. By Application 15.3.4. By Premises Type 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2023 16.1.2.1. By Component 16.1.2.2. By Application 16.1.2.3. By Premises Type 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2023 16.2.2.1. By Component 16.2.2.2. By Application 16.2.2.3. By Premises Type 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2023 16.3.2.1. By Component 16.3.2.2. By Application 16.3.2.3. By Premises Type 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2023 16.4.2.1. By Component 16.4.2.2. By Application 16.4.2.3. By Premises Type 16.5. Germany 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2023 16.5.2.1. By Component 16.5.2.2. By Application 16.5.2.3. By Premises Type 16.6. UK 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2023 16.6.2.1. By Component 16.6.2.2. By Application 16.6.2.3. By Premises Type 16.7. France 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2023 16.7.2.1. By Component 16.7.2.2. By Application 16.7.2.3. By Premises Type 16.8. Spain 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2023 16.8.2.1. By Component 16.8.2.2. By Application 16.8.2.3. By Premises Type 16.9. Italy 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2023 16.9.2.1. By Component 16.9.2.2. By Application 16.9.2.3. By Premises Type 16.10. Poland 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2023 16.10.2.1. By Component 16.10.2.2. By Application 16.10.2.3. By Premises Type 16.11. Russia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2023 16.11.2.1. By Component 16.11.2.2. By Application 16.11.2.3. By Premises Type 16.12. Czech Republic 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2023 16.12.2.1. By Component 16.12.2.2. By Application 16.12.2.3. By Premises Type 16.13. Romania 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2023 16.13.2.1. By Component 16.13.2.2. By Application 16.13.2.3. By Premises Type 16.14. India 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2023 16.14.2.1. By Component 16.14.2.2. By Application 16.14.2.3. By Premises Type 16.15. Bangladesh 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2023 16.15.2.1. By Component 16.15.2.2. By Application 16.15.2.3. By Premises Type 16.16. Australia 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2023 16.16.2.1. By Component 16.16.2.2. By Application 16.16.2.3. By Premises Type 16.17. New Zealand 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2023 16.17.2.1. By Component 16.17.2.2. By Application 16.17.2.3. By Premises Type 16.18. China 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2023 16.18.2.1. By Component 16.18.2.2. By Application 16.18.2.3. By Premises Type 16.19. Japan 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2023 16.19.2.1. By Component 16.19.2.2. By Application 16.19.2.3. By Premises Type 16.20. South Korea 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2023 16.20.2.1. By Component 16.20.2.2. By Application 16.20.2.3. By Premises Type 16.21. GCC Countries 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2023 16.21.2.1. By Component 16.21.2.2. By Application 16.21.2.3. By Premises Type 16.22. South Africa 16.22.1. Pricing Analysis 16.22.2. Market Share Analysis, 2023 16.22.2.1. By Component 16.22.2.2. By Application 16.22.2.3. By Premises Type 16.23. Israel 16.23.1. Pricing Analysis 16.23.2. Market Share Analysis, 2023 16.23.2.1. By Component 16.23.2.2. By Application 16.23.2.3. By Premises Type 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Component 17.3.3. By Application 17.3.4. By Premises Type 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. Cisco Systems, Inc. 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.2. Coor 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.3. Eutech Cybernetic Pte. Ltd. 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.4. Hitachi Vantara Corporation 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.5. Huawei Technologies Co., Ltd. 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.6. International Business Machines Corporation (IBM) 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.7. Schneider Electric SE 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.8. Siemens AG 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.9. SmartSpace Software Plc 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.10. Spacewell 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
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