Smart Space Market Insights by Leading Companies Future Growth, Demand Forecast to 2024

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

MarketsandMarkets estimates the global smart space market to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. With increase in sustainable green building due to environmental concerns and penetration of technology in our day to day life, there is an increase in growth of adoption rate. Green buildings are the buildingsthat majorly focus on efficiency, effective lifecycle, and performance of the buildings. However, the need of high initial capital would limit the growth of the market.

Increase in adoption of IoT, AI, and ML to drive the smart space market in coming future
Companies providing smart space solutions across the world are adopting Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) to offer varied services to the customers in commercial and residential segments. As companies are putting more efforts in Research and Development (R&D), smart technologies are getting more intelligent. Smart spaces can now sense the people in the premise and store their movements across the space, enabling it to tune itself to contextualize and adapt to occupant’s need. Smart space platform services include telepresence, location and traffic sensing, interactive walls, and even digital assistants.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Smart Space Market Insights by Leading Companies Future Growth, Demand Forecast to 2024

Rapid implementation, reduced operational cost, 24×7 data accessibility, scalability, and ease of use to drive the adoption of cloud-based smart space solutions
The smart space software can be deployed on-premises as well as on cloud, as per the business requirement. Cloud-based deployment benefits organizations with increased scalability, speed, 24/7 services, and improved IT security. Cloud-based smart space solutions presents a cost-effective and efficient way to handle all analytics requirements of smart solution providers. In the cloud deployment model, the smart space solution is offered as Software-as-a-Service (SaaS), and all the data and analytics workloads are cloud-based.

Smart space market in APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is an emerging region in terms of adopting smart space software and services, and China, India, Japan, and Australia are the major economies contributing to the exponential growth of the smart space market in this region. Companies in APAC continue to focus on improving their customer service to drive the competitive differentiation and revenue growth. Opportunities for smaller analytics vendors to introduce innovative analytics solutions for many verticals have also increased.

Get a PDF Sample for more detailed market insights: https://www.sdki.jp/sample-request-106745
The Final Report will cover the impact analysis of COVID-19 on this industry: Smart Space Market Insights by Leading Companies Future Growth, Demand Forecast to 2024

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart space market.

 By Company: Tier 1–10%, Tier 2–20%, and Tier 3–70%
 By Designation: C-Level– 25%, Director Level– 50%, and Others–25%
 By Region: North America–40%, Europe–30%, APAC–20%, and RoW–10%

Research coverage
The smart space market revenue is primarily classified into revenues from solutions and services. The solutions revenue is associated with software and platform offerings, while the services’ revenue is associated with managed and professional services. The professional services comprise support and maintenance, consulting, and deployment and integration. The market is also segmented based on software, service, organization size, deployment model, and region.

Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall smart space market and the subsegments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENTS

1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 MARKET SCOPE 16
1.3.1 MARKET SEGMENTATION 16
1.3.2 REGIONS COVERED 16
1.4 YEARS CONSIDERED FOR THE STUDY 17
1.5 CURRENCY CONSIDERED 17
1.6 STAKEHOLDERS 18
2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Breakup of primaries 20
2.1.2.2 Key industry insights 21
2.2 MARKET BREAKUP AND DATA TRIANGULATION 22
2.3 MARKET SIZE ESTIMATION 22
2.4 MARKET FORECAST 23
2.5 MICROQUADRANT RESEARCH METHODOLOGY 24
2.5.1 VENDOR INCLUSION CRITERIA 24
2.6 ASSUMPTIONS FOR THE STUDY 25
2.7 LIMITATIONS OF THE STUDY 25

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Christophe Rude
Christophe Rude
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