LONDON--(BUSINESS WIRE)--The new smart workplace market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increased demand for seamless connectivity,” says a senior analyst for the information technology industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the smart workplace market size to grow by USD 98.37 billion during the period 2020-2024.
Smart Workplace Market Segment Highlights for 2020
- The smart workplace market is expected to post a year-over-year growth rate of 14.38%.
- Based on the type, the new buildings segment saw maximum growth in 2019. The increased demand for seamless connectivity will offer immense growth opportunities for the segment.
- The segment growth will be significant during the forecast period.
Regional Analysis
- 40% of the growth will originate from the Europe region.
- The increased focus on energy efficiency and the provision of a favorable environment within workplaces will significantly increase smart workplace market growth in this region.
- Germany and Spain are the key markets for a smart workplace in Europe.
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Notes:
- The smart workplace market size is expected to accelerate at a CAGR of almost 19% during the forecast period.
- The smart workplace market is segmented 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 market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Acuity Brands Inc., Daikin Industries Ltd., General Electric, Honeywell International Inc., Ingersoll-Rand Plc, Johnson Controls International Plc, LG Electronics Inc., OSRAM GmbH, Schneider Electric SE, and United Technologies Corp.
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