The global smart space market size was US$ 34.68 billion in 2021. The global smart space market size is forecast to reach US$ 109.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.6% during the forecast period from 2022 to 2030.

Connected places or smart spaces are places with networked sensors that provide owners, occupants, and managers with more information about their condition and usage. A smart space could be anything from a building with networked temperature and motion sensors to a vehicle that continuously reports its location, performance, and maintenance needs. In addition to extending across regions, smart spaces are also available in cities when enabled by technologies like IoT and 5G wireless that produce real-time data for monitoring municipal operations with a remarkable degree of efficiency.

Factors Influencing Market Growth

A number of factors, such as the growth of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI), drive the global smart space market.
Increasing greenfield projects and growing environmental concerns across the globe are forecast to fuel the overall smart space market growth.
During the forecast period, the initial capital expenditure required for connected devices & other hardware and the rise in privacy concerns pertaining to data manipulation may slow down the global market growth.
The emergence of 5G technology and smart city initiatives across all regions will provide major growth opportunities for the global smart space market in the next few years.
Impact Analysis of COVID-19

The COVID-19 pandemic has significantly spurred the market's growth rate. This is due to an increase in the creation of safe smart spaces and in the deployment of IoT. In addition, the proliferation of smart buildings resulting from the pandemic has had a positive impact on the market. Smart buildings feature social distancing, occupancy tracking/monitoring, ventilation and air-conditioning (HVAC) systems, smart heating, and more stringent cleaning requirements.

Regional Insights

North America leads the smart space market. A strong technical foundation, large government investments in innovative, smart technologies, and an increased number of IoT devices are contributing to the market growth in this region.

The Asia Pacific is forecast to grow at the fastest rate over the forecast period. Due to the proliferation of connected systems fueled by the continued trend of smart homes and offices in the region, along with government-driven infrastructure projects.

Leading Competitors

The leading prominent companies profiled in the global smart space market are:

Cisco Systems, Incorporated
Coor
Eutech Cybernetic Pte. Limited
Hitachi Vantara Corporation
Huawei Technologies Co., Limited
International Business Machines Corporation (IBM)
Schneider Electric SE
Siemens AG
SmartSpace Software Plc
Spacewell
Other Prominent Players
Scope of the Report

The global smart space market segmentation focuses on Component, Space Type, Application, End-User, and Region.

Segmentation based on Component

Hardware
Software
Services
Segmentation based on Space Type

Smart Indoor Space
Smart Outdoor Space
Segmentation based on Application

Energy Management and Optimization
Layout & Space management
Emergency & Disaster Management
Security Management
Others
Segmentation based on End-User

Residential
Commercial
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