Outlook on the Smart Space Market (2020 to 2026) - Industry Analysis and Forecasts

Dublin, March 24, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Space Market By Component (Solutions and Services), By Application (Energy Management & Optimization, Emergency Management, Security Management and Others), By Premises Type (Commercial, Residential and Others), By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Space Market size is expected to reach $18.4 billion by 2026, rising at a market growth of 12.3% CAGR during the forecast period. A smart space is a digital environment where technology-enabled systems and humans can interact in increasingly open, coordinated, connected, and intelligent ecosystems. It gives an environment well-equipped with visual systems and audio sensing that can react to the people and don't require any special equipment to wear.

Smart spaces are based on technology like vision, gesture recognition, dynamic solution, facial expression, performance animation, and audition. One of the best examples of smart space is smart homes or connected homes that is helpful in improving productivity, safety, convenience and entertainment. Smart spaces are also used in hospitals, grocery stores, airports, and apartment buildings. The main benefits of smart spaces include enhanced personal and professional productivity, a surge in energy efficiency and it also makes daily life easier & less intricate.

The COVID-19 pandemic affected almost every possible industry across the globe, including the smart space market. The ecosystem of the smart space market is very diverse, owing to which the overall ecosystem is expected to experience a distinguished impact. A few sectors within the smart space ecosystem may be positively impacted by the COVID-19 pandemic, while others might see a decline.

By Component

Based on Component, the market is segmented into Solutions and Services. On the basis of component, the solutions segment led the global smart space market size in 2019 and is likely to remain dominant in the market over the forecast period. The growth of this segment is mainly accredited to the increasing adoption of smart devices in smart buildings and homes. In addition to it, security concerns have also increased which is one of the major factors driving the demand for security cameras.

By Application

Based on Application, the market is segmented into Energy Management & Optimization, Emergency Management, Security Management and Others. On the basis of application, emergency management is expected to grow at the highest CAGR in the coming years. The occupants can take action quickly to minimize the damage entirely if they have right set of information and sufficient time in hand. Devices like smart cameras with enhanced image sensor can now keep an eye on the remote corners 24*7 that improve the security aspect of the provided facility. Likewise, an ultrasonic location tracking system is used in power plants, research labs, and other highly protected areas as it can easily detect the locations, movements, and orientation of the occupants.

By Premises Type

Based on Premises Type, the market is segmented into Commercial, Residential and Others. On the basis of end-user, the commercial segment had the highest revenue for smart space market share in the year2019 and is anticipated to lead the market throughout the forecast period. There are numerous companies that are adopting intelligent space platforms in order to create their offices livelier and more connected because it directly influences the productivity at the workplace and their revenues.

By Region

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America had the largest market share in 2019. This is accredited to the presence of several prominent market players who are providing Smart space solutions to the end-users in the region. The US and Canada have strong economic backgrounds and are major contributors to the smart space market's growth. With respect to the development of smart spaces, North America is the leading region. Most of the countries in the region are the early adopters of smart space solutions including AI, IoT, and machine learning.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Huawei Technologies Co., Ltd., IBM Corporation, Cisco Systems, Inc., and Siemens AG are the forerunners in the Smart Space Market. Companies such as ABB Group, Schneider Electric SE, Nemetschek Group, and Avnet, Inc., SmartSpace Software PLC, and Hitachi, Ltd. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Cisco Systems, Inc., Siemens AG, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, Schneider Electric SE, Hitachi, Ltd., Nemetschek Group (Spacewell International), SmartSpace Software PLC and Avnet, Inc. (Softweb Solutions, Inc.).

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Key Topics Covered:

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Smart Space Market, by Component
1.4.2 Global Smart Space Market, by Application
1.4.3 Global Smart Space Market, by Premises Type
1.4.4 Global Smart Space Market, by Geography
1.5 Methodology for the research

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2018, Sep - 2020, Dec) Leading Players

Chapter 4. Global Smart Space Market by Component
4.1 Global Smart Space Market Solutions Market by Region
4.2 Global Smart Space Market Services Market by Region

Chapter 5. Global Smart Space Market by Application
5.1 Global Energy Management & Optimization Smart Space Market by Region
5.2 Global Emergency Management Smart Space Market by Region
5.3 Global Security Management Smart Space Market by Region
5.4 Global Other Application Smart Space Market by Region

Chapter 6. Global Smart Space Market by Premises Type
6.1 Global Commercial Market by Region
6.2 Global Residential Market by Region
6.3 Global Others Market by Region

Chapter 7. Global Smart Space Market by Region
7.1 North America Smart Space Market
7.2 Europe Smart Space Market
7.3 Asia Pacific Smart Space Market
7.4 LAMEA Smart Space Market

Chapter 8. 1Company Profiles
8.1 ABB Group
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Product Launches and Product Expansions:
8.1.5.2 Partnerships, Collaborations, and Agreements:
8.1.5.3 Acquisition and Mergers:
8.1.6 SWOT Analysis
8.2 Cisco Systems, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.1 Recent strategies and developments:
8.2.1.1 Product Launches and Product Expansions:
8.2.1.2 Acquisition and Mergers:
8.2.2 SWOT Analysis
8.3 Siemens AG
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Product Launches and Product Expansions:
8.3.5.2 Partnerships, Collaborations, and Agreements:
8.3.5.3 Acquisition and Mergers:
8.3.6 SWOT Analysis
8.4 Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Product Launches and Product Expansions:
8.5 IBM Corporation
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional & Segmental Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Product Launches and Product Expansions:
8.5.6 SWOT Analysis
8.6 Schneider Electric SE
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental And Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Product Launches and Product Expansions:
8.6.5.2 Partnerships, Collaborations, and Agreements:
8.6.5.3 Geographical Expansions:
8.6.6 SWOT Analysis
8.7 Hitachi, Ltd.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.7.5 Recent strategies and developments:
8.7.5.1 Product Launches and Product Expansions:
8.7.5.2 Partnerships, Collaborations, and Agreements:
8.7.6 SWOT Analysis
8.8 Nemetschek Group (Spacewell International)
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental And Regional Analysis
8.8.4 Research & Development Expense
8.8.5 Recent strategies and developments:
8.8.5.1 Product Launches and Product Expansions:
8.8.5.2 Partnerships, Collaborations, and Agreements:
8.8.5.3 Acquisition and Mergers:
8.9 SmartSpace Software PLC
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments:
8.9.5.1 Partnerships, Collaborations, and Agreements:
8.9.5.2 Acquisition and Mergers:
8.10. Avnet, Inc. (Softweb Solutions, Inc.)
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental And Regional Analysis
8.10.4 Recent strategies and developments:
8.10.4.1 Partnerships, Collaborations, and Agreements:
8.10.4.2 Acquisition and Mergers:
8.10.4.3 Product Launches and Product Expansions:

For more information about this report visit https://www.researchandmarkets.com/r/mnbxyp

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