The Asia Pacific Smart Space Market would witness market growth of 14% CAGR during the forecast period (2020-2026). Digital technologies like cloud computing, connected devices, Internet of Things (IoT), and Artificial Intelligence (AI) altogether transforming every single sector and part of the world. Adoption of digital technology is leading to change in manufacturing in factories, daily operations in cities, the work life of people in offices, and industries, and numerous things. Smart space is a key technology that will bring innovation and changes across numerous sectors by generating a smart and connected environment.
The internet of things (IoT) and artificial intelligence (AI) are two important advanced technologies that will propel the growth of the smart spaces market. In addition to it, increasing greenfield projects and rising environmental concerns is also anticipated to drive the market growth. However, the high cost of connected devices & other hardware, and increasing privacy concerns related to information manipulation are anticipated to hinder the smart space market in the coming years. Moreover, increasing smart city initiatives in various regions and the introduction of 5G technology are likely to provide key growth opportunities for the smart space market over the forecasted period.
Smart spaces are supported by intelligent devices are connected to the internet. With the adoption of IoT devices, enterprises can gather data on a massive scale, at the same time it creates vast repositories of real-time information. Technological advancements such as Internet of Things (IoT) and artificial intelligence (AI) and its integration in smart spaces reduced energy usage and maintenance costs. They are providing safer, and comfortable environments at the same time preventing equipment disruptions and breakdowns to occupants. Also, it escalates the productivity by familiarizing how people live and work.
Based on Component, the market is segmented into Solutions and Services. Based on Application, the market is segmented into Energy Management & Optimization, Emergency Management, Security Management and Others. Based on Premises Type, the market is segmented into Commercial, Residential and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: Smart Space Market in Asia Pacific is expected to register a CAGR of 14% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Cisco Systems, Inc., Siemens AG, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, Schneider Electric SE, Hitachi, Ltd., Nemetschek Group (Spacewell International), SmartSpace Software PLC and Avnet, Inc. (Softweb Solutions, Inc.)
By Component
By Application
By Premises Type
By Country
Companies Profiled
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