Global Smart Workplace Market to Grow at an Impressive CAGR of Over 16% Through 2021, Says Technavio

Technavio has published a new report on the global smart workplace market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global smart workplace market is expected to grow at a CAGR of more than 16% during the forecast period, according to Technavio’s latest market research.

In this market research report, Technavio covers the market outlook and growth prospects of the global smart workplace market for 2017-2021. The market is further categorized into two segments based on building type. These consist of retrofitting and new buildings, of which the new buildings segment dominated the market with almost 75% of the overall market share in 2016.

“Organizations are increasingly adopting the concept of the smart workplace to facilitate seamless integration between their multiple locations and establish seamless connectivity. This will drive the growth of the global smart workplace market during the forecast period,” says Chetan Mohan, a lead embedded systems research expert from Technavio.

Technavio’s hardware and semiconductor research analysts segment the global smart workplace market into the following regions:

  • Americas
  • EMEA
  • APAC

In 2016, with a market share of 50%, the Americas emerged as the market leader in the global smart workplace market, followed by EMEA with more than 46%, and APAC with more than 3%.

Smart workplace market in Americas

The smart workplace market in the Americas was expected to grow at a CAGR of more than 12% during the forecast period. The smart workplace market in the Americas is largely driven by the growth of the smart workplace concept in the US. Being an innovation-driven economy and a major hub for tech giants such as Google, Microsoft, and Amazon, the concept of the smart workplace is widely popular and acclaimed in the US. Countries such as Brazil and Mexico are also witnessing high investments from global organizations as they are potential growth markets for several organizations.

“Moreover, rising concerns with respect to energy and operational efficiency in organizations across the region will further complement the growth of the smart workplace market during the forecast period,” says Chetan.

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Smart workplace market in EMEA

The smart workplace market in EMEA is expected to grow at a CAGR of close to 20% during the forecast period. Apart from providing an overall employee-friendly workplace, another major factor driving the growth of the smart workplace market in EMEA is the increasing focus on energy-efficiency and reducing the carbon footprint. Organizations across EMEA are competing to achieve energy-efficiency certifications such as LEED and Building Research Establishment Environmental Assessment Method (BREEAM).

The demand for energy-efficient workplaces is likely to increase during the forecast period, which will further complement the growth of the smart workplace market during the forecast period.

Smart workplace market in APAC

The smart workplace market in APAC is expected to grow at a rapid rate with a projected CAGR of almost 26% during the forecast period. The rapid economic growth in APAC is directly contributing to the growth of the smart workplace market in the region.

The high-growth economies of China and India have attracted investments from large MNCs, and organizations from across the globe. The Make in India initiative by the government of India has fueled foreign investment in the country, and many American, European, Chinese, and South Korean organizations are expanding their footprint in India. The expanding operations of global organizations in India will fuel the demand for enhanced connectivity among workplaces across global locations, which augurs well for the growth of the smart workplace market.

Some of the top vendors in the global smart workplace market as highlighted in this market research analysis are:

  • Carrier
  • Daikin Industries
  • Ingersoll-Rand
  • Johnson Controls
  • LG Electronics

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global smart workplace market is expected to grow at a CAGR of more than 16% during the forecast period, according to Technavio’s latest market research.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com