“Smart Office Market by Product (Smart Lighting/Lighting Controls, Security Systems, Energy Management Systems, HVAC Control Systems, Audio–Video Conferencing Systems), Software & Service, Office Type, and Geography – Global Forecast to 2023″
The smart Office Market was valued at USD 22.21 Billion in 2017 and is expected to reach USD 46.11 Billion by 2023, at a CAGR of 12.94% between 2017 and 2023. Factors such as increase in demand for smart office solutions and sensor networks for energy efficiency, advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favorable government regulations in several countries are driving the growth of the smart office market.
ABB and Cisco Systems are the Top 2 Players in the Smart Office Market
The growth of the smart office market is driven by various factors such as increase in demand for smart office solutions and sensor networks for energy efficiency, advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favorable government regulations in several countries.
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Top 2 players in the smart office market:
Siemens is one of the major engineering companies in Europe with branch offices located worldwide. The company is primarily engaged in the electrical engineering and electronics business. It offers products, services, and solutions for the effective use of resources and energy. The company operates in the following segments—Power and Gas, Healthineers, Energy Management, Digital Factory, Process Industries and Drives, Mobility, Building Technologies, Wind Power and Renewables, and Financial Services (SFS). The company follows both organic and inorganic growth strategies to advance in the smart office market. It has been a key player in the automation sector for several years. The company invests considerably in the R&D of new concepts and technologies in smart office market and focuses on improving its existing product portfolio.
The company was formerly known as Schneider SA and changed its name to Schneider Electric SA in May 1999. It mainly operates through four business segments—Buildings, Infrastructure, Industry, and IT. The company engages in the design, development, and sales of products, equipment, and solutions related to the metering, management, and use of energy in France and internationally. Its buildings business segment provides assistance for industrial or commercial buildings to become more energy-efficient using automation and security systems (programmable regulators, centralized building management systems, camera sensors, and security monitoring equipment).
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