Proliferation of advanced technologies such as IoT and AI, increase in environmental concerns

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 29, 2024 /EINPresswire.com/ -- Proliferation of advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) drives the growth of 𝐒𝐦𝐚𝐫𝐭 𝐒𝐩𝐚𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 size. In addition, rise in Greenfield projects and increase in environmental concerns across the globe are also expected to boost the market growth. However, high initial capital expenditure required for connected devices & other hardware, and rise in privacy concerns pertaining to information manipulation are expected to impede the market growth during the forecast period. Furthermore, increase in smart city initiatives across all the regions and emergence of 5G technology are expected to provide major growth opportunities for smart space market in upcoming years. The global Smart Space Market was valued at $30.53 billion in 2020, and is projected to reach $107.42 billion by 2030, registering a CAGR of 13.4%.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 285 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/5402

Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fifths of the global smart space market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the increased adoption of smart devices in smart homes and buildings. Moreover, the services segment is projected to manifest the highest CAGR of 15.3% from 2021 to 2030.

Proliferation of advanced technologies such as IoT and AI, increase in environmental concerns, and rise in number of greenfield projects drive the growth of the global smart space market. However, high initial capital expenditure and growth in privacy concerns pertaining to information manipulation hinder the market growth. On the other hand, surge in smart cities initiatives and advent of 5G technology present new opportunities in the coming years.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/smart-space-market/purchase-options

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐂𝐢𝐬𝐜𝐨 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐈𝐧𝐜.
𝐂𝐨𝐨𝐫
𝐄𝐮𝐭𝐞𝐜𝐡 𝐂𝐲𝐛𝐞𝐫𝐧𝐞𝐭𝐢𝐜 𝐏𝐭𝐞. 𝐋𝐭𝐝.
𝐇𝐢𝐭𝐚𝐜𝐡𝐢 𝐕𝐚𝐧𝐭𝐚𝐫𝐚 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧
𝐇𝐮𝐚𝐰𝐞𝐢 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐂𝐨., 𝐋𝐭𝐝.
𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐚𝐜𝐡𝐢𝐧𝐞𝐬 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 (𝐈𝐁𝐌)
𝐒𝐜𝐡𝐧𝐞𝐢𝐝𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐒𝐄
𝐒𝐢𝐞𝐦𝐞𝐧𝐬 𝐀𝐆
𝐒𝐦𝐚𝐫𝐭𝐒𝐩𝐚𝐜𝐞 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐏𝐥𝐜
𝐒𝐩𝐚𝐜𝐞𝐰𝐞𝐥𝐥

By space type, the smart indoor spaces segment dominated the growth in the smart space market in 2020, and is expected to maintain its dominance in the upcoming years. Increase in trend of making homes, buildings, and other indoor spaces smart is the major factor that drives the adoption of smart space platform in this segment. Moreover, a recent report published by the British Council for Offices (BCO) on "Improving Productivity in the Workplace" stated that indoor environments have a significant effect on an actual workplace productivity, which indicates that workplaces need to be smart and modern.

Based on end user, the commercial segment accounted for the largest share in 2020, contributing to more than three-fifths of the global smart space market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 12.0% from 2021 to 2030. This is because smart space platforms are helping commercial sector in automating their business and operations. For instance, smart spaces in hospitals, hotels, and malls sense people in the premise and store their movements, which helps in contextualizing and adapting with users need.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/5402

Based on region, North America held the highest market share in terms of revenue 2020, accounting for two-fifths of the global smart space industry. This is attributed to several factors such as huge government funding on innovative as well as smart technologies, increased number of IoT devices, and a strong technical base. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 16.1% during the forecast period, owing to the proliferation of connected systems fueled by the ongoing trend of smart offices and homes in the region along with the government-driven infrastructural projects.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/5402

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

By component, in 2020 the hardware dominated the smart space market size. However, the services segment is expected to exhibit significant growth during smart space market forecast period.

Depending on space type, the smart indoor space segment generated the highest revenue in 2020. However, the smart outdoor space segment is expected to exhibit significant growth during the forecast period.

Depending on application, the energy management and optimization segment generated the highest revenue in 2020.
However, the emergency and disaster management segment is expected to exhibit significant growth during the forecast period.

Region wise, the smart space industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

enterprise artificial intelligence (ai) market - https://www.alliedmarketresearch.com/enterprise-artificial-intelligence-market

Asia Pacific Smartwatch Market - https://www.alliedmarketresearch.com/asia-pacific-smartwatch-market

smart grid market - https://www.alliedmarketresearch.com/smart-grid-market

Personal Identity Management Market - https://www.alliedmarketresearch.com/personal-identity-management-market

David Correa
Allied Market Research
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