LONDON--(BUSINESS WIRE)--The smart workplace market is expected to grow by USD 98.37 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The expansion of business operations by MNCs and SMEs across geographies has created the need to establish a secure connected network to ensure uninterrupted workflow. In addition, the decline in hardware costs, installation costs, and tariff rates of network operators have increased the adoption of M2M security systems. This facilitates efficient data collection related to employee activities and provides a better working environment. Organizations are adopting the concept of the smart workplace to establish seamless connectivity and facilitate integration between multiple locations. Therefore, the rising demand for seamless connectivity is expected to have a positive impact on the adoption of the smart workplace concept during the forecast period.
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As per Technavio, the emergence of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Workplace Market: Emergence of Smart Cities
Governments across countries such as Saudi Arabia, India, and Qatar are making significant investments in the development of smart cities. For instance, the Government of Saudi Arabia is actively investing in the development of King Abdullah Economic City. The total project cost is expected to reach USD 90 billion. The emergence of smart cities coupled with advances in technology and the growing need for IT modernization in various industrial verticals is expected to fuel the adoption of the smart workplace during the forecast period.
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Smart Workplace Market: Segmentation Analysis
This market research report segments the smart workplace market by type (new buildings and retrofitting), component (smart HVAC, smart lighting, smart security, smart thermostat, and smart windows), and geography (APAC, Europe, MEA, North America, and South America).
The European region led the smart workplace market in 2019, followed by North America, APAC, South America and MEA. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the increased focus on energy efficiency and the provision of a favorable environment within workplaces.
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Some of the key topics covered in the report include:
- New buildings
- Smart HVAC
- Smart lighting
- Smart security
- Smart thermostat
- Smart windows
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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