The global smart office market value was US$ 31.35 billion in 2020. The global smart office market is forecast to reach US$ 90.61 billion by 2030, with a growing compound annual growth rate (CAGR) of 11% during the forecast period from 2021-2030.

Smart office technology makes tasks more efficient and flexible with the help of network-based devices. In order to plan and perform work efficiently, it makes use of technologies such as sensors, automated systems, and advanced communication structures. Smart offices offer numerous benefits, including cloud storage, schedule management, enhanced customer satisfaction, risk management, resource utilization, and high investment returns.

Factors Influencing the Market Growth

The global smart office market will grow because of several factors, including the rise of safety and security systems in the workplace, the advancement of IoT in smart office applications, and the surge in demand for sensor-based networks for energy efficiency.
The growing need for energy efficiency and supportive industry standards & regulations are the main factors impacting the demand of the global smart office market.
Data breaches and IT and network security restrictions tend to be the primary obstacle to the growth of the global smart office market.
Government initiatives to reduce energy emissions from public and old buildings are benefitting the market. For example, The General Services Administration of the United States recently signed a contract with IBM to install smart building technology in 50 of the federal government's most energy-efficient buildings. It is driving the smart office market globally.
Impact Analysis of COVID-19

Globally, the COVID-19 outbreak has created havoc on society and the economy. The outbreak of COVID-19 has adversely affected the global smart office market. Due to the increased number of COVID-19 cases across various countries, business and manufacturing units across these countries closed and are likely to remain closed through 2021. In addition, partial or complete supply chain disruptions have made it difficult for manufacturers to reach customers. Thus, COVID-19 has negatively affected the global smart office market.

Regional Insights

The Asian Pacific region (APAC) is expected to grow the fastest during the forecast period. The rest of the world is likely to follow the trends. China and India, two economies in the APAC region, are experiencing a rapid rise in the internet of things (IoT) concept. Technological advancements in the market are resulting in good growth of the global smart office market during the forecast period.

Leading Competitors

The leading prominent companies in the global smart offices market are;

ABB Ltd.
Cisco Systems Inc.
Harvatek Corporation
Honeywell International Inc.
Johnson Controls International Plc
Legrand SA
Lutron Electronics Co. Inc.
Philips Lighting Holding B.V. (Signify Holding)
Schneider Electric S.E.
Siemens AG
Other Prominent Players
Scope of the Report

The global smart office market segmentation focuses on Offering, Product Type, Connectivity Technology, End User, and Region.

Segmentation based on Offering

Software
Hardware
Service
Advisory and Consulting Services
Installation and Support Services
Managed Services
Segmentation based on Product Type

Smart Lighting/Lighting Controls
Smart Bulbs
Fixtures
Lighting Controls
LED Drivers and Ballasts
Sensors
Switches & Dimmers
Relay Units
Gateways
Security Systems
Access Controls
Biometric Systems/Biometric Readers
Card-Based Systems/Card-Based Readers
Electronic Locks
Surveillance Cameras/Video Surveillance
Fire and Safety Controls
Energy Management Systems
In-House Displays
Smart Thermostats
Load Control Switches
Smart Plugs
HVAC Control Systems
Sensors
Temperature Sensors
Humidity Sensors
Occupancy Sensors
Pressure Sensors
Flow Sensors
Other Sensors
Control Valves
Heating and Cooling Coils
Dampers
Actuators
Pumps & Fans
Smart Vents
VAV and FCU Controllers
Audio-Video Conferencing Systems
Audio, Volume, and Multimedia Rooms Controls
Video Conferencing Systems
Touch Screens & Keypads
Segmentation based on Connectivity Technology

Wireless Technologies
Wi-Fi
EnOcean
ZigBee
Bluetooth/BLE
Others
Wired Technologies
Digital Addressable Lighting Interface (DALI)
Power Line Communication (PLC)
Power Over Ethernet (PoE)
KNX
LonWorks
Building Automation & Control Network (BACnet)
Segmentation based on End-User

Commercial
Residential
Industrial
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America