Smart office materials have huge demand from various industries such as retrofit offices and new construction offices, which is projected to drive growth of the global smart office market significantly over the forecast period.
The global smart office market report has been segmented on the basis of end-use industry, and region.
On the basis of component, the global smart office market has been segmented into product, software, and service. The segment is further categorized into smart lighting and controls, security systems and controls, HVAC control systems, energy management systems, and audio-video conferencing systems. The product segment is expected to account for major share in the global smart office market in terms of revenue, owing increasing demand from new infrastructure development in construction industries. Increasing deployment of cloud-based solutions in smart office solutions is also anticipated to fuel the target market growth positively.
On the basis of office type, the global smart office market has been segmented into retrofit offices and new construction offices. The new construction offices segment is estimated to account for major share in the global smart office market in terms of revenue, and also expected to register fastest growth over the forecast period.
On the basis of region, the global smart office market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Market in Asia Pacific is estimated to dominate the global smart office market, and is projected to register highest CAGR in terms of revenue in the years to come, owing to increasing demand from construction industry in this region. Increasing infrastructural expansion activities in emerging economies such as Brazil, India, China, and others are projected to offer new opportunities for major players in the market.
Key players operating in the global market include Siemens AG, Schneider Electric SA, Johnson Controls International PLC, Honeywell International Inc., ABB Ltd., Cisco Systems, Inc., United Technologies Corporation, Lutron Electronics Co. Inc., Crestron Electronics, Inc., and Philips Lighting Holding B.V.