According to the latest report by IMARC Group, titled “Smart Spaces Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026”, the global smart spaces market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 17% during 2021-2026.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Smart spaces are physical environments equipped with sensors and advanced technologies to provide insights regarding the activities and movements within an area. They are centrally automated and are managed through an integrated dashboard. Smart spaces utilize innovative technologies, such as vision tracking, gesture recognition, dynamic solution, facial expression identification and performance animation solutions. They provide enhanced safety, convenience, productivity and entertainment. Smart spaces also aid in reducing energy consumption through real-time adjustments of heating, cooling and lighting systems based on the changes in weather and building occupancy. As a result, they are extensively used across various industries, such as healthcare, education, manufacturing, retail and transportation.

The global smart spaces market is primarily being driven by rapid infrastructural development, especially in the developing economies. Smart spaces are widely being built to provide contactless access to individuals and improve the efficiency, safety, and security of residential and commercial complexes. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) and artificial intelligence (AI) to remotely monitor, manage and control ambient temperatures and lightings, are providing a thrust to the market growth. Other factors, including the increasing construction of sustainable green buildings, along with the implementation of favorable government policies, are creating a positive outlook for the market.

Smart Spaces Market 2021-2026 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global smart spaces market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • ABB Ltd
  • Cisco Systems Inc.
  • Coor Service Management AB
  • Eutech Cybernetic Pte. Ltd
  • Hitachi Vantara LLC (Hitachi Ltd.)
  • International Business Machines Corporation
  • Microsoft Corporation
  • Schneider Electric
  • Siemens AG
  • SmartSpace Software PLC

Key Market Segmentation:

The report has segmented the global smart spaces market on the basis of component, space type, application, end user and region.

Breakup by Component:

  • Hardware
  • Software
  • Services

Breakup by Space Type:

  • Smart Indoor Space
  • Smart Outdoor Space

Breakup by Application:

  • Energy Management and Optimization
  • Layout and Space Management
  • Emergency and Disaster Management
  • Security Management
  • Others

Breakup by End User:

  • Residential
  • Commercial

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Explore Full Report with TOC & List of Figure:

Key highlights of the report:            

  • Market Performance (2015-2020)
  • Market Outlook (2021-2026)
  • Industry Trends
  • Market Drivers and Success Factors
  • The Impact of COVID-19 on the Global Market
  • Value Chain Analysis
  • Structure of the Global Market
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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