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:
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:
- Daikin Industries
- Johnson Controls
- LG Electronics
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