Smart Space Market expected to Expand at ~8.3% CAGR through 2022-2032

The Smart Space Market is anticipated to be valued at US$ 11.4 billion in 2022 and to grow at a CAGR of 8.3% to US$ 25.2 billion by the end of 2032. According to FMI, opportunities for smart spaces have been created by the increased usage of smart homes, gadgets, and IoT.

These areas are useful for increasing professional productivity, streamlining complicated procedures, and optimising energy use. Buildings and vehicles that are part of smart spaces report on their whereabouts, performance, and maintenance requirements. In a facility centre, building, or open public area, a smart space is a digital ecosystem made up of people, linked equipment, and software systems that allows free flow of information. The functioning of an integrated ecosystem as a linked, coordinated, and intelligent ecosystem that provides to a smart space.

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The use of smart spaces, which supports commercial spaces to optimise and preserve resources and reduce consumption, cost, and carbon footprint, has been made possible by the rising desire for lower energy costs. The best way to address the increasing global energy and technical needs is projected to be self-sustaining structures.

Homes, factories, office buildings, and even entire cities can become “smart environments” because to the growing use of wireless sensors and technologies. As a result, resource consumption is decreased while productivity, health, security, and safety are all increased.

Key Takeaways: Smart Spaces Market

• By component, the hardware segment is anticipated to account for the leading share in the global demand for smart spaces during the forecast period. However, the software segment is estimated to grow at a robust CAGR of 18.1% through 2032.
• By application, energy management & optimization segment is anticipated to increase at a CAGR of 19.0 % between 2022 & 2032.
• By premises type, commercial smart spaces segment is estimated to witness high growth during the forecast period as reduction in energy cost with real time adjustments and sustainable monitoring of environment has become the need of the hour.
• North America is expected to lead the market followed by Asia in 2022. Latin America and Europe is anticipated to emerge as the fastest growing region between 2022 & 2032.
• The market in Middle East and Africa is expected to progress at a CAGR of around 14.9% through 2032.
• In China, sales are expected to increase at a CAGR of close 18.8% over the next ten years.

Increasing Adoption of Smart Homes and Smart Devices

The importance and adoption of smart houses have become quite popular in the current climate. A few factors contributing to the rising need for adoption include consumer awareness, changes in customer needs, acceptance and use of cutting-edge technologies, and an increase in investments in the sector. The adoption of smart homes and devices is also influenced by factors including remote monitoring, the integration of smart devices, and the requirement for high levels of security for residential and commercial spaces.

Additionally, the use of smart technologies in public areas has significantly increased globally. Smart kiosks at parks, transportation hubs, medical facilities, sporting venues, and eateries are some of the key characteristics that transform a public space into a smart space.

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Growing adoption of IoT for Facility Management

Internet of things (IoT) has now become essential part of smart homes and devices. The adoption of technology enables in efficiently connecting and controlling of various devices for monitoring and controlling purpose. The technology enables convenience for controlling of devices and applications and personalization in the same allows the rise in demand for smart spaces market. The major benefit of incorporating infrastructure with IoT is to ensure safety and security by enabling authorized access using real-time data, which assists in the overall building security management and monitoring.

More Valuable Insights on Smart Spaces Market

Future Market Insight’s report on the smart spaces market research is segmented into four major sections – component hardware {IoT wireless sensors (occupancy/motion sensors, climate sensors, air quality sensors, and others); controllers, IoT gateways, and others}; software (integrated smart space management software, IoT platform, and others); and services {managed services, and professional services (integration & implementation, consulting, and support & maintenance)}, application (energy management and optimization, air quality monitoring, on demand cleaning, building security management, building automation and others ), premises type (residential smart spaces/smart homes, commercial smart spaces, industrial smart spaces) and region (North America, Latin America, Europe, Asia, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart spaces demand outlook.