This Smart Spaces market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Smart Spaces market.
Smart spaces, sometimes referred to as connected places, are physical locations integrated with network-connected sensors that provide real time data on the condition of those connected places to the managing and occupying authorities.
These network-enabled sensors provide analytics based on how smart spaces are being utilized. Localities in the smart spaces category can vary from a smart building infrastructure with network-enabled motion and temperature sensors to a vehicle that continuously reports its maintenance requirements, performance and location in real time.
Impact of COVID-19 Pandemic Outbreak on Smart Spaces Market
With lockdowns in effect on a global scale due to COVID-19 outbreak, populations in highly affected economies are working from home. Service providers are offering monthly and daily subscription based smart spaces with network connectivity for people looking to work in a workplace ambience. These smart spaces also feature DIY pantries with smart features that automatically detect usage of goods and appliances.
Amid the ongoing coronavirus crisis, the growth trend of the global smart spaces market is estimated remain stagnant throughout the crisis. However, the recovery scenarios suggest that once the lockdowns are lifted, the adoption of smart spaces will increase at a compound annual growth rate of 5% to 10% over the next 5 years
Smart Spaces: Market Dynamics
Smart spaces facilitate cost savings and eco-friendly benefits for the governing authorities. These smart spaces reduce energy expenditures via accommodating real time adjustments in climate control and ambience related factors. These adjustments are made on the basis of changes in building occupancy and weather.
Since these climate control and ambience based factors can be adjusted and monitored remotely, smart spaces facilitate the reduction of locality carbon footprints, while cutting costs in the process. Such cost cutting and eco-friendly factors are estimated to enhance the deployment of efficient smart spaces during the forecast period.
The remote control and monitoring features offered by smart spaces enable governing authorities and supervisors to detect faults early and help mitigate future risks. Smart spaces help reduce expensive repairs and inconvenience by anticipating early signs of faults in plumbing and heating among other factors.
Smart spaces also provide a safer and smarter experience for work as well as play. Smart spaces that utilize security and surveillance systems enhance user experience for the occupants by facilitating a safer and better protected location to work and/or live. Smart spaces also offer convenience to their occupants via sensor notifications and alerts for the availability of support services.
Smart Spaces Market: Competition Landscape
Some of the key service providers in the global smart spaces market are
- Schneider Electric
- Spartspace Software
- Hitachi Vantara
- Smarten Space
- Softweb Solutions
- Eutech Cyernetic
Smart spaces market leaders are focusing on deploying their solutions in economies where the real estate prices are low, while the ICT spending is increasing at a strong rate. By doing so, companies are required to make comparatively low investments, but can reap high ROIs.
Smart Spaces Market: Regional overview
Among all the regions, the smart spaces market in North America holds the largest market share of the global smart spaces market, and is anticipated to maintain a steady growth rate throughout the forecast period. The growth of smart spaces market in North America may be attributed to the high presence of smart communication infrastructure providers in the region. Development of smart spaces for commercial use is projected to help the global smart spaces market grow during the forecast period. The smart spaces market in the United Kingdom is estimated to record the highest growth rate during the forecast period owing to the increasing adoption of smart home equipment in the country.
The Smart Spaces market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Smart Spaces Market Segments
- Smart Spaces Market Dynamics
- Smart Spaces Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Market
- Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, & Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, & Russia)
- East Asia (China, South Korea, and Japan)
- South Asia & Pacific (India, ASEAN, and Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey & South Africa)
- Detailed overview of parent Smart Spaces market
- Changing Smart Spaces market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Smart SpacesMarket
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Smart Spaces Market: Segmentation
With respect to solution,the global smart spaces market can be segmented into:
- Sensors and Actuators
- Sensor Functionality Management
- Professional Services
- Managed Services
With respect to space, the global smart spaces market can be segmented into the following:
- Residential Spaces
- Commercial Spaces
On the basis of use case, the global smart spaces market can be segmented into the following:
- Smart Space Security
- Emergency Management
- Energy Optimization and Management
Frequently Asked Questions
What research methodology is used to develop the Smart Spaces Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Smart Spaces Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Smart Spaces Market report?
In addition to up-to-date market figures and customized of the Smart Spaces Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.