AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
LANDON, GREATER LANDON, UK, November 3, 2023 /EINPresswire.com/ -- The global smart space market, currently valued at $17.1 billion in 2022, is anticipated to reach $19.57 billion in 2023, experiencing a robust compound annual growth rate (CAGR) of 14.5%. Despite the disruptive impacts of the Russia-Ukraine war on global economic recovery from the COVID-19 pandemic, including economic sanctions, commodity price surges, and supply chain disturbances, the smart space market is projected to expand further, reaching $31.35 billion by 2027, with a sustained CAGR of 12.5%.
Market Segmentation and Key Players
1. Component: Hardware, Software, Services
2. Space Type: Smart Indoor Space, Smart Outdoor Space
3. Application: Energy Management and Optimization, Layout and Space management, Emergency & Disaster Management, Security Management, Other Applications
4. Industry: Banking, Financial Services and Insurance (BFSI), Retail and E-Commerce, Government, Media and Entertainment, Food and Beverages, Healthcare, Automotive, Other Industries
Major players within the smart space market, including Cisco Systems Inc., Microsoft Corporation, and Schneider Electric SE, are actively contributing to the market's growth through the integration of advanced technologies and innovative solutions.
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Role of Green Building Initiatives in Market Expansion
Green building initiatives and environmental concerns are poised to significantly drive the growth of the smart space market. With the incorporation of smart technology, green buildings focus on enhancing overall building performance and functionality, enabling data storage, analysis, and the delivery of pertinent insights.
Technological Advancements Fueling Market Trends
Technological advancements, particularly in the realms of IoT and digital twin technology, are emerging as prominent trends within the smart space market. Market players are leveraging these technologies to gather critical insights and data, ultimately enhancing building efficiency and improving occupant well-being.
Regional Analysis and Market Prospects
North America has established itself as the leading region within the smart space market in 2022, owing to its significant advancements and robust market opportunities. Additionally, Asia-Pacific is anticipated to witness notable growth, emerging as the fastest-growing region during the forecast period. The comprehensive market analysis encompasses a thorough evaluation of market dynamics across key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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Smart Space Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Smart Space Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on smart space market size, smart space market drivers and trends, smart space market major players, competitors' revenues, market positioning, and market growth across geographies. The smart space market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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