Smart Office Solutions Market Report by Technavio Identifies Increasing Adoption of IoT in Business Solutions as a Major Driver
NEW YORK, March 16, 2021 /PRNewswire/ -- The smart office solutions market report by Technavio forecasts USD 24.15 billion growth during 2020-2024. Amid pandemic, the smart office solutions market registered a YOY growth of 13.49% in 2020 and is expected to accelerate at a CAGR of over 14% during the forecast period.
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The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as geography (APAC, Europe, MEA, North America, and South America) and product (smart security systems, smart EMS, HVAC control systems, smart lighting solutions, and audio-video conferencing systems). This report helps businesses create strategies to make the most of future growth opportunities.
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"The increasing adoption of IoT in business solutions will be crucial in driving the growth of the smart office solutions market. Also, the increase in demand for smart office solutions and sensor networks for energy efficiency will present significant opportunities for vendors during the forecast period", says an analyst at Technavio.
The proliferation of smart buildings and the rising implementation of automation technologies have increased the scope for IoT devices. The integration of IoT with business solutions enables businesses to leverage the real-time data and increase the efficiency of business operations. Such benefits have increased the demand for business solutions integrated with IoT. To capitalize on this trend, vendors in the market have started to offer a wide range of IoT-enabled smart office solutions. Therefore, the increasing adoption of IoT in business solutions is expected to positively influence the growth of the global smart office solutions market during the forecast period.
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Smart Office Solutions Market: Segmentation Analysis
Segmentation by Product:
- Based on product, the smart security systems segment led the market in 2019.
- The smart security systems segment is expected to generate maximum revenue to the market due to the rising need for restricting the entry of unauthorized personnel at offices.
- Also, the increasing use of biometric lock systems and RFID cards is expected to contribute to the growth of the smart security systems segment during the forecast period.
- The market growth in the smart security systems segment will be significant during the forecast period.
Segmentation by Geography:
- 36% of the market growth will originate from APAC and the region will offer several opportunities for market vendors during the forecast period.
- Factors such as the rising number of commercial offices and the growing emphasis on technological safety solutions will drive the growth of the smart office solutions market in APAC.
- Japan, China, and India are the key markets for smart office solutions in APAC.
- Market growth in this region will be slower than the growth of the market in MEA and South America.
Smart Office Solutions Market: Major Vendors
The smart office solutions market is fragmented due to the presence of several vendors. The report offers detailed information on the competencies, capacities, and products offered by major vendors including ABB Ltd., Avnet Inc., Cisco Systems Inc., Crestron Electronics Inc., Honeywell International Inc., Johnson Controls International Plc, Schneider Electric SE, Siemens AG, Signify NV, and United Technologies Corp.
More Details: www.technavio.com/report/smart-office-solutions-market-industry-analysis
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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